Access Point Financial (APF) and TMGOC Ventures have co-originated $120m in bridge financing and preferred equity to recapitalise a newly completed dual-branded hotel in New Orleans, US.
The financing was arranged on behalf of real estate developer Kailas Companies, which spearheaded the conversion of a 31-storey commercial office building into a dual-flagged hotel.
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Situated within the central business district of New Orleans, the mixed-use scheme includes a 250-room Fairmont by Accor and a 216-room Element by Westin hotels.
The property also features an Emeril’s Delmonico dining venue, and 150,000ft² of Class A office accommodation.
Russ Schildcrout of Ackman-Ziff brokered the transaction.
Kailas originally purchased the high-rise in 2014 with plans to repurpose the asset for hospitality use. Initial conversion works on the structure started in January 2024.
APF chief investment officer Dana Tsakanikas said: “Naveen Kailas and Kailas Companies are an ideal hotel partner with a strong and respected local presence that knows the New Orleans market intimately.
“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.”
APF was established in 2011. As a real estate private credit provider, the company offers financing solutions to hotel owners and franchisees across the US.
