The $45 million project, dubbed Homekey Bristol, includes a $4 million contribution from Costa Mesa and $3 million from neighboring Newport Beach.
The California Department of Housing and Community Development awarded the Project Homekey grant to the Midway City-based nonprofit developer to remodel the Travelodge by Wyndham.
Construction is expected to begin soon, according to a news release, with the conversion expected to take a year to complete.
Since 2020, the $3.6 billion investment in the Project Homekey has created 15,850 homes, aiming to serve an estimated 172,329 households.
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