Access Point Financial and TMGOC Ventures Co-Originate $120 Million Bridge + Pref Equity to Recapitalize the New Dual-Branded Fairmont/Element in Downtown New Orleans for the Kailas Companies

ATLANTA--(BUSINESS WIRE)--Aug 20, 2026--

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260820097655/en/

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

250-key Fairmont by Accor

WASHINGTON (AP) — Fewer people applied for U.S. unemployment benefits last week, another sign that layoffs remain low and that most Americans enjoy job security.

The Labor Department reported Thursday that jobless claims dropped to 206,000 last week from a revised 212,000 the week before. The four-week average of claims, which smooths out week-to-week ups and downs, ticked up to 204,000 last week from 199,750.

Claims for jobless benefits are a proxy for layoffs, and economists watch them because they can be a harbinger for where the job market is headed. For the past year, claims have been at a historically low range of around 200,000 to 230,000 a week.

“The labor market has yet to show any sign of wear and tear from the surge in oil prices since the start of the war with Iran and the global energy supply shock,” Carl Weinberg, chief economist at High Frequency Economics, wrote in a commentary.

The number of people collecting unemployment benefits the week that ended Aug. 8 rose to 1.8 million from 1.78 million the week before.

The U.S. unemployment rate is low at 4.1%, partly because the economy has proved resilient in the face of higher energy prices. But it’s also because President Donald Trump’s immigration crackdown and the ongoing retirement of baby boomers mean that fewer people are competing for jobs: More than 1.3 million people have dropped out of the U.S. labor force over the past year.

The job market is tough for those looking for their first job and for those who lost their jobs and are looking for new work. At the same time, companies, remembering the worker shortages that followed the end of COVID-19 lockups, are still reluctant to let go of staff; but they aren’t eager to take on new workers. Economists regularly refer to a “no hire, no fire″ job market.

In July, companies, government agencies and nonprofits together cut 23,000 jobs. So far this year, employers are adding 61,000 jobs a month. That is an improvement on the 9,700 they averaged last year — the weakest hiring outside a recession since 2002. The lingering effects of high interest rates and Trump’s erratic trade policies discouraged companies from hiring in 2025.

Hiring this year remains well below the 166,00 monthly jobs created, on average, in 2023 and 2024, let alone the 491,000 a month recorded during the 2021-2022 hiring boom that followed pandemic lockdowns.

FILE - A job seeker waits to talk to a recruiter at a job fair Aug. 28, 2025, in Sunrise, Fla. (AP Photo/Marta Lavandier, File)

FILE - Hiring sign for sales professionals is displayed at a store, in Vernon Hills, Ill., Wednesday, April 15, 2026. (AP Photo/Nam Y. Huh, file)