In Brief: A dual-branded Fairmont and Element hotel project in New Orleans has secured $120 million in financing, enabling the development of a property that will combine luxury and extended-stay offerings within a single location.
-
Fairmont by Accor – Image Credit Accor
Access Point Financial and TMGOC Ventures co-originated a $120 million bridge loan and preferred equity investment for Kailas Companies’ dual-branded Fairmont and Element project in downtown New Orleans.
The financing will recapitalize the conversion of a 31-story office building into a dual-branded hotel property in New Orleans. Russ Schildcrout of Ackman-Ziff brokered the transaction.
The project includes a 250-key Fairmont by Accor and a 216-key Element by Westin, as well as Emeril’s Delmonico restaurant and 150,000 square feet of Class A office space.
Kailas acquired the Skidmore Owings & Merrill-designed tower in 2014 with the intention of converting it into hotel space. The building was constructed in 1970 as an office building, and initial conversion construction began in January 2024.
The property is in New Orleans’ central business district, one block from Canal Street and several blocks southwest of the French Quarter. Caesars Superdome is within walking distance.
The surrounding area includes Tulane University, LSU Health Sciences Center, Caesars Superdome and the Biomedical District.