{"id":1004798582,"date":"2026-05-13T02:28:06","date_gmt":"2026-05-13T10:28:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004798582"},"modified":"2026-05-13T06:44:13","modified_gmt":"2026-05-13T14:44:13","slug":"national-core-lines-up-103m-for-inland-empire-hotel-revamp","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/national-core-lines-up-103m-for-inland-empire-hotel-revamp\/","title":{"rendered":"National CORE Lines Up $103M for Inland Empire Hotel Revamp"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0608433bcde&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"753\" height=\"565\" data-attachment-id=\"1004798584\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/national-core-lines-up-103m-for-inland-empire-hotel-revamp\/national-core-hotel-redevelopment\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/National-CORE-Hotel-Redevelopment.jpg\" data-orig-size=\"753,565\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"National-CORE-Hotel-Redevelopment\" data-image-description=\"&lt;p&gt;Image obtained from GreenRock Capital&#8217;s press release here: https:\/\/www.citybiz.co\/article\/845067\/greenrock-capital-and-j-p-morgan-close-103-million-tax-exempt-financing-for-ontario-hotel-and-conference-center\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;: The redeveloped hotel will feature slightly fewer, but larger suites. Rendering courtesy of GreenRock Capital&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/National-CORE-Hotel-Redevelopment.jpg?w=753\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/National-CORE-Hotel-Redevelopment.jpg\" alt=\"Rendering featuring the exterior of the renovated Ontario Airport Hotel and Conference Center in Ontario, Calif.\" class=\"wp-image-1004798584\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/National-CORE-Hotel-Redevelopment.jpg 753w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/National-CORE-Hotel-Redevelopment.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 753px) 100vw, 753px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The redeveloped hotel will feature slightly fewer, but larger suites. <em>Rendering courtesy of GreenRock Capital<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>National CORE has obtained a $103 million financing package for the renovation and repositioning effort of the Ontario Airport Hotel and Conference Center<strong>,<\/strong> a hospitality property in Ontario, Calif., within the Inland Empire.<\/p>\n\n\n\n<p>The debt includes tax-exempt funds in the form of $26 million in C-PACE bonds and $77 million in mortgage revenue bonds, all underwritten by JP Morgan and placed with municipal bond investors. GreenRock Capital and FGS Realty Advisors assisted the developer in securing the financing package.<\/p>\n\n\n\n<p>National CORE, a nonprofit affordable housing developer based in Rancho Cucamonga, Calif., acquired the hotel in 2024 as part of a bankruptcy sale for just $20.7 million. Morgan Holding Group was the previous owner.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-mortgage-lenders-and-brokerage-firms\/\">Largest Commercial Lenders<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Currently a 309-key hotel, the Ontario Airport Hotel and Conference Center will undergo an extensive redevelopment process, transforming it into a 295-key Hyatt Regency property. New features are set to include expanded suites, a revamped lobby, improved food and beverage offerings, as well as a new lounge and more than 16,000 square feet of renovated common areas.<\/p>\n\n\n\n<p>The property is located at 700 N. Haven Ave., more than 1 mile from the Ontario International Airport and roughly 3 miles from the Ontario Convention Center. The 225,000-square-foot, 11,000-guest Toyota Arena can be accessed within walking distance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-layering-the-capital-stack-of-a-hospitality-project\">Layering the capital stack of a hospitality project<\/h2>\n\n\n\n<p>Although hotels aren\u2019t typically eligible for tax-exempt financing, nonprofit or public owners may still tap into this source of funds. Another notable example consists of Signia by Hilton, an 800-key hotel project in Indianapolis, which obtained $436.8 million in tax-exempt revenue bonds in 2023 and is set to open next year.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/capital-ideas-why-c-pace-lenders-remain-resolute\/\">C-PACE funds<\/a>, on the other hand, are more commonly layered within the capital stack of hotel projects. Just last month, Realberry and Proper Hospitality closed on a $298 million debt package, which included $223 million in C-PACE financing for the redevelopment of a historic hospitality property in Lake Tahoe, Nev.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The debt package comprises multiple tax-exempt funding sources.<\/p>\n","protected":false},"author":3471,"featured_media":1004798584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21751,34027,21742,15],"tags":[36969,52352,32972],"class_list":["post-1004798582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-hotel","category-inland-empire","category-latest","category-west","tag-c-pace","tag-greenrock-capital","tag-jp-morgan-chase-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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Rendering courtesy of GreenRock Capital"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/national-core-lines-up-103m-for-inland-empire-hotel-revamp\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"National CORE Lines Up $103M for Inland Empire Hotel Revamp"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66","name":"Claudiu Tiganescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/06\/Claudiu_Tiganescu.jpg?w=54","caption":"Claudiu Tiganescu"},"description":"Claudiu Tiganescu is an Associate Editor with Multi-Housing News and Commercial Property Executive. 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