Access Point Financial (APF) and TMGOC Ventures (TMGOC) announced the co-origination of a $120 million bridge loan and preferred equity investment to recapitalize the recently completed conversion of a historic office building to a dual-branded trophy hotel in downtown New Orleans, La., on behalf of Kailas Companies. The dual-branded project is anchored by a 250-key Fairmont by Accor, 216-key Element by Westin and Emeril’s Delmonico restaurant, as well as 150,000 sf of Class A office space. The transaction was brokered by Russ Schildcrout of Ackman-Ziff.
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250-key Fairmont by Accor
TMGOC Ventures is a real estate development and private equity firm with more than 150 years of combined experience specializing in the hospitality and multi-family sectors.
“Naveen Kailas and Kailas Companies are an ideal hotel partner with a strong and respected local presence that knows the New Orleans market intimately,” said Dana Tsakanikas, chief investment officer, APF. “With an established track record of 36 years, Kailas owns and operates a portfolio of office, multifamily and retail properties within and around The Crescent City, accounting for over two million square feet of building space. Access Point Financial looks forward to the project’s success and maintains its desire to work with best-in-class partners like Kailas Companies.”
“Sunju Patel and Glenn Alba at TMGOC are the perfect example of an ideal working relationship,” Tsakanikas added. “Between our two firms’ existing, long-standing relationship and substantial hospitality investment, ownership, operational and asset management experience, we are a natural fit together.”
Built in 1970 as a 31-story office building, the Skidmore Owings & Merrill-designed tower was acquired by Kailas in 2014 with the intention of being converted into hotel space. Initial conversion construction commenced in January 2024.
The property is located in New Orleans’ central business district, one block away from Canal Street and a few blocks southwest of the French Quarter, just a short walk from Caesars Superdome. The area houses several demand drivers, such as Tulane University, LSU Health Sciences Center, Caesars Superdome and the Biomedical District.
About Access Point
Founded in 2011, Atlanta-based Access Point Financial (APF) is a multibillion-dollar real estate private credit firm focused on the hospitality industry, offering bespoke investment and direct financing solutions (senior debt, construction debt, mezzanine and preferred equity) to experienced hotel owners and franchisees of all major hospitality brands and independent boutique hotels throughout the United States. For additional information and key contacts, please visit www.accesspointfinancial.com
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