Choice Hotels International has announced the divestment of 255-room Cambria Hotel Nashville Downtown, Tennessee, US, for $109.5m.
Furthermore, Choice Hotels signed a long-term franchise agreement with the buyer.
The hotel will now be managed by Pyramid Global Hospitality.
Choice Hotels senior vice president for real estate and finance Scott Oaksmith said: “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 utilised to grow our brands.
“We are pleased that this hotel will continue to be a flagship property for the Cambria brand for years to come.”
The hotel is situated at 8th Avenue and McGavock Street in Nashville’s South of Broadway (SoBro) neighbourhood.
It is also a short distance from many of top attractions in Nashville, such as the Music City Center, Bridgestone Arena, Nissan Stadium and Historic Broad Street.
Furthermore, the property is close to many national and regional corporations, including Nissan North America, Bridgestone Americas.
Appealing to modern travellers, the Cambria Hotel Downtown Nashville features multi-purpose indoor and outdoor spaces for work or relaxation; contemporary guest rooms; immersive, spa-style bathrooms with bluetooth mirrors; True Music Room & Bar; onsite dining venue with freshly made; over 6,000ft2 of meeting and event spaces; and fitness centre.
Presently over 60 Cambria hotels are open across the US in cities such as Chicago, Los Angeles, New York, New Orleans and Phoenix. Another almost 70 hotels are in the pipeline.