GreenRock Capital LLC has closed on a $103-million financing for the Ontario Airport Hotel and Conference Center in Ontario. National CORE owns the property, which is being renovated and repositioned into the Hyatt Regency Ontario.
The $103 million package pairs $26 million in tax-exempt C-PACE bonds with $77 million in tax-exempt mortgage revenue bonds, all underwritten by J.P. Morgan and placed with municipal bond investors. Financing proceeds will support the redevelopment of the existing 309-room hotel into a 295-room upscale Hyatt Regency destination featuring expanded suites, a redesigned lobby experience, upgraded food and beverage offerings, a new Club Lounge, more than 16,000 square feet of meeting space and fully renovated guestrooms and common areas.
“This financing reflects what is possible when a strong sponsor, creative capital partners and disciplined execution come together around a compelling project,” said Keaton Yellin of JLL Capital Markets, which arranged the financing.
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