Downtown Nashville hotel sells for $109m

Choice Hotels International has sold 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, 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 Eighth Avenue and McGavock Street in Nashville's popular South of Broadway 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 severa