ATLANTA-A joint venture of Los Angeles-based Oaktree Capital Management LLC and Montclair Hotel Investors Inc. of Appleton, WI are the new owners of the 40-year-old, 284-room Ramada Inn and Conference Center in Downtown Nashville, TN.

Wyndham International Inc. of Dallas sold the property at 920 Broadway for $8.4 million or $29,577 per room. The hotel has 10,000 sf of meeting space in seven rooms.

Wyndham will use the sale proceeds to pay down debt, the Texas company says in a prepared statement. Wyndham classifies the Ramada as a “non-strategic asset.” The sale is the company’s 16th in the past two months.

“We are progressing with our plan to sell non-strategic assets and our team remains focused on operating proprietary branded hotels and resorts,” Wyndham chairman/CEO Fred J. Kleisner says in the same statement.

Wyndham operates two proprietary branded hotels in Nashville at Union Station and at the airport.

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