National CORE Secures $103 Million Financing for Hyatt Regency Ontario Transformation Following Strong Investor Interest

Kim Anthony • July 10, 2026

(Illustration: Courtesy of National CORE)

National CORE, one of the nation’s largest nonprofit developers and property managers of affordable housing, has closed approximately $103 million in bond financing to support the transformation of the Ontario Airport Hotel & Conference Center into Hyatt Regency Ontario, an upper-upscale, full-service hospitality destination near Ontario International Airport.

The successful consummation of the bond offerings paves the way to a rapid renovation project that will reimagine the hotel, redefine hospitality in the Inland Empire and drive economic growth in neighboring communities.

“This project represents the rebirth of an iconic property that has long stood at the gateway to our community,” said Jeff Burum, chairman of the board of directors for National CORE. “This is an investment in Ontario and in economic growth that elevates the region for residents, businesses, travelers and the organizations serving this community.”

The project brings together the experienced team of Hyatt as franchisor, Manhattan Hospitality Advisors as hotel operator, M. Arthur Gensler Jr. & Associates, Inc. as architect and National CORE as owner and developer.

“Hyatt Regency Ontario near a major airport will bring a unique value proposition centered on connectivity, convenience, and elevated full-service hospitality. The brand is designed to serve as a dynamic hub for business and leisure travelers by offering expansive meeting and event space, premium food and beverage experiences, flexible gathering areas, and seamless access for travelers in transit,” said Patrick Schumm, senior vice president of franchise operations and owner relations, Hyatt. “Beyond stays, Hyatt Regency hotels are built to attract conferences, corporate meetings, and regional events that generate sustained economic activity and community engagement. We are excited by National CORE’s vision and the opportunity to create a destination that delivers long-term value for travelers, local businesses, and the broader community.”

The bond offerings also mark a major investment in the region and reflect confidence in the project team, the long-term vision for the property and National CORE’s financial strength.

Investor demand for the offering was strong and well in excess of the par amount offered allowing JP Morgan, who served as the sole underwriter, to reduce interest rates to a blended rate for the entire financing (CPACE + Revenue Bonds) of slightly more than 6%.

Robert Diaz, Executive Vice President and project lead with National CORE, noted that “Investors responded to the strength of National CORE’s balance sheet, our longstanding presence in the Inland Empire and our ability to execute complex development projects. This financing structure allowed us to align long-term community investment with a transformational hospitality project that will benefit the region for decades.”

“The highly innovative financing structure we were able to arrange for National CORE was the result of strong collaboration between a team dedicated to making a success out of this effort and was driven by strong partnership from Jones Lang LaSalle (JLL), GreenRock Capital, FrostBrownTodd Gibbons, Chapman and Cutler, Orrick and JP Morgan,” said Fred Schuster of FGS Realty Advisors.

“The complexity of structuring the first hospitality tax-exempt bond financing for JLL required creativity and a dedicated team of the best professionals in the business. National CORE’s A-plus credit rating, continued track record of improving the community through development, and National CORE’s vision and dedication to transform this asset were key factors in getting this transaction closed together,” said Marc Schillinger of JLL Capital Markets.

The financing package included approximately $27.3 million in Property Assessed Clean Energy (PACE) bonds supporting eligible energy-efficiency improvements and approximately $74.5 million in hotel revenue bonds supporting renovation, construction and project-related costs.

“It is great to work with the team at National CORE, which is a leader in building cost-contained, high-performance developments that minimize impact on natural resources and aligns perfectly with the purposes of PACE financing,” said Joe Euphrat, Co-Founder & Managing Principal of GreenRock.

National CORE views the hotel investment as part of a broader long-term strategy to diversify revenue sources and strengthen organizational stability to further fuel its efforts in furtherance of its mission of providing affordable housing and resident services.

National CORE also views the investment as part of a broader workforce development strategy through its “CORE Academy,” including future hospitality career pathways and training opportunities connected to the hotel industry.

“Our mission has always been about investing in communities in ways that create lasting impact,” Burum added. “This project reflects that same philosophy. We are building something that serves the region today while creating opportunities for the future.”

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For years, entrepreneurship praised the founder who could reinvent everything at a moment’s notice. The message was clear: stay flexible, pivot fast, change direction as often as necessary, and somehow the breakthrough would appear. Many people built survival on that skill. They learned to adjust when doors closed, when opportunities weren’t equal, when the plan didn’t work the first time. Reinvention became a way of staying afloat. But as we move through 2026, a different truth is beginning to emerge. The entrepreneurs gaining real traction are no longer the ones constantly starting over. They are the ones who stop scattering their energy and begin refining what already works. Instead of creating new lanes every few months, they choose one, strengthen it, deepen it, and let it mature. They discover that progress doesn’t always mean doing something new — sometimes it means doing something familiar with greater clarity, confidence, and excellence. Pivoting still has its place. Sometimes strategy really must shift. Conditions change, industries evolve, technology resets everything, and adaptation remains necessary. But pivoting as a lifestyle creates instability. When everything is always new, nothing ever has time to root. Every reinvention requires new branding, new storytelling, new systems, new audiences, and new emotional effort. Living in constant restart mode drains momentum. Eventually, the business feels like a collection of beginnings rather than a sustained journey toward mastery. In 2026, wisdom looks different than it once did. It is less about speed and more about steadiness. Instead of running toward every opportunity, focused entrepreneurs slow down long enough to ask whether the opportunity actually belongs to them. They recognize that not every trend deserves their attention. AI tools rise. Digital platforms expand. New marketing tactics promise instant success. And yet, the founders who are growing most meaningfully are not the ones chasing everything — they are the ones staying grounded in the work that truly aligns. Depth has become more powerful than distraction. There is something magnetic about a business that knows who it is and remains faithful to its identity. When a founder shows up consistently in the same lane, people begin to trust them. Over time, reputation forms. Word-of-mouth strengthens. Clients return because they recognize quality and commitment. What once felt narrow reveals itself as strength. The more deeply you plant, the wider your roots spread. This is why focus is not restriction — it is liberation. When you choose direction, your mind quiets. Decisions stop feeling chaotic. Messaging becomes clearer. Operations can finally stabilize. Instead of constantly rewriting your story, you allow your story to mature. Your calendar becomes intentional rather than frantic. Your identity as a business becomes recognizable, not blurry. Focus removes clutter and gives your effort a home. For many entrepreneurs, especially those who have had to operate in survival mode, narrowing feels risky. There is an instinct that says, “If I don’t do everything, I might miss something.” That instinct came from real experience. But 2026 invites a different kind of trust — trust that your work deserves depth, trust that commitment creates growth, and trust that excellence requires time. Mastery is not about doing more; it is about doing what matters with increasing skill and integrity. The future will not reward endless dabbling. It will reward builders — people who stay long enough to refine, improve, and evolve. Focus gives your business the stability needed to build legacy instead of just movement. It turns scattered effort into meaningful direction. It allows clients to recognize your voice, your values, and your contribution. And perhaps most importantly, focus allows you to breathe. When you stop chasing everything, you finally have the space to become who you are meant to be in business — grounded, confident, steady, and ready for the kind of growth that lasts. Because in 2026 and beyond, focus is not limitation. Focus is liberation.