Choice strikes deal with New York-firm to expand Cambria brand

Rockville-based Choice Hotels International has the makings of an investment deal with a New York firm to grow its Cambria upcale brand throughout the U.S.

With an additional investment of $250 million of its own, in addition to an undisclosed infusion from New York-based Oz Real Estate — an arm of Oz Management (NYSE: OZM) — Choice expects to add dozens of Cambria Hotels to its portfolio.

“The Cambria Hotels brand continues to drive success for Choice Hotels and, as evidenced by signing this LOI, we are attracting some of the largest institutional real estate investment groups in the world,” David Pepper, Choice’s chief development officer, said in a release. “The LOI with Oz Real Estate signals our companies’ commitment to the brand through a contemplated 50-50 joint-venture agreement that could result in building as many as 50 Cambria Hotels in strong corporate travel markets.”

Choice (NYSE: CHH) and Oz will enter into a definitive agreement once it identifies future…

Read the full story from the Washington Business Journal.