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, on behalf of Kailas Cos. 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 square feet of class A office space. The transaction was brokered by Ackman-Ziff.
TMGOC Ventures is a real estate development and private equity firm with more than 150 years of combined experience specializing in the hospitality and multifamily sectors.
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.
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