Choice Hotels Announces Sale of Cambria Property in Downtown Nashville for $109.5 Million
Company enters new long-term franchise agreement and Pyramid Global Hospitality will manage the Music City hotel
Choice Hotels International, Inc. (NYSE: CHH) today announced the sale of 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. This latest agreement reflects the increased value for Cambria Hotels' modern, upscale accommodations in travelers' favorite urban destinations.
ROCKVILLE, Md. - Choice Hotels International, Inc. (NYSE: CHH) today announced the sale of 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. This latest agreement reflects the increased value for Cambria Hotels' modern, upscale accommodations in travelers' favorite urban destinations.
"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, senior vice president, real estate and finance, Choice Hotels. "We are pleased that this hotel will continue to be a flagship property for the Cambria brand for years to come."
The 255-room hotel is conveniently located at 8th Avenue and McGavock Street in Nashville's popular South of Broadway (SoBro) neighborhood and a short distance from many of Nashville's top attractions, such as the Music City Center, Bridgestone Arena, Nissan Stadium and Historic Broad Street. The property is also near several national and regional corporations, including Nissan North America, Bridgestone Americas, Inc., HCA Holdings, Randstad, and Electrolux.
The Cambria Hotel Downtown Nashville features upscale amenities and approachable indulgences that appeal to modern travelers, including:
- Multi-purpose indoor and outdoor spaces for productive work or relaxation, including a rooftop pool deck with an indoor-outdoor bar.
- Locally inspired design décor, reflecting the unique personality of the surrounding Nashville community.
- Contemporary and sophisticated guest rooms, complete with design forward fixtures, abundant lighting and plush bedding.
- Immersive, spa-style bathrooms with Bluetooth mirrors.
- True Music Room & Bar, a bar and lounge with local, live music.
- Onsite dining with freshly made food, local craft beer, wine and specialty cocktails, as well as to-go options.
- More than 6,000 square feet of multi-function meeting and event spaces.
- State-of-the-art fitness center.
There are currently more than 60 Cambria hotels open across the U.S. in popular cities such as Chicago, Los Angeles, New York, New Orleans and Phoenix, with nearly 70 hotels in the pipeline.
For more information on Cambria Hotels development opportunities, visit choicehotelsdevelopment.com/cambriahotels.
About Pyramid Global Hospitality
Pyramid Global Hospitality was formed by the 2021 merger of three hotel and resort management companies, creating the most owner-focused, experiential company in the industry and its best workplace. The organization's global portfolio spans more than 240 properties in the U.S., Caribbean and Europe. It maintains offices in Boston; The Woodlands, Texas; Cincinnati; and London. For more information, visit www.PyramidGlobal.com.