Choice Hotels Disposes of Cambria Property in Nashville for $110M
Rockville, MD-based Choice Hotels International, Inc., has sold the Cambria Hotel Nashville Downtown for $109.5 million. In addition, the company entered a new long-term franchise agreement with the buyer, and the hotel will now be managed by Pyramid Global Hospitality.
“The sale of the Cambria Hotel Downtown Nashville and execution of a long-term franchise agreement aligns with our long-term asset-light strategy and continues our history of recycling capital utilized to grow our brands,” said Scott Oaksmith, SVP, real estate and finance, Choice Hotels.
The 255-room hotel is located at 8th Avenue and McGavock Street in Nashville’s South of Broadway SoBro neighborhood and a short distance from many Nashville attractions, such as the Music City Center, Bridgestone Arena, Nissan Stadium and Historic Broad Street. The property is also near national and regional corporation including Nissan North America, Bridgestone Americas, Inc., HCA Holdings, Randstad and Electrolux.
- ◦Sale/Acquisition