GreenRock Capital LLC has closed a $103 million financing package to support the renovation and repositioning of the Ontario Airport Hotel and Conference Center in Ontario. The hotel, owned by National CORE, is being transformed into the Hyatt Regency Ontario as part of a comprehensive upgrade program.
The capital stack combines two types of tax-exempt instruments. The structure includes $26 million of tax-exempt C-PACE bonds alongside $77 million of tax-exempt mortgage revenue bonds. Both components were underwritten by J.P. Morgan and placed with municipal bond investors, targeting long-term, fixed-income capital sources for the project.
Financing proceeds will be used to redevelop the existing 309-room hotel into a 295-room Hyatt Regency-branded property. The room count reduction is part of a broader repositioning aimed at elevating the asset into an upscale hospitality destination while refining the mix of accommodations.
Planned upgrades include expanded suites, a redesigned lobby experience and upgraded food and beverage offerings. The project will also deliver a new Club Lounge, more than 16,000 square feet of meeting space, and fully renovated guestrooms and common areas, aligning the asset with Hyatt Regency brand standards.
JLL Capital Markets arranged the financing for the transaction. In discussing the execution, JLL’s Keaton Yellin noted that the structure demonstrates how a strong sponsor, creative capital partners and disciplined execution can align around a compelling repositioning opportunity.
The recapitalization and renovation are intended to reposition the Ontario Airport Hotel and Conference Center as a refreshed, branded conference and hospitality option under the Hyatt Regency flag, supported by tax-exempt bond financing and municipal investor demand.
