Ashish Parikh, chief financial officer with the New Cumberland, PA-based hotel firm, tells GlobeSt.com the off-market acquisition of the 275 Norwood Park South hotel, which opened its doors July 27, was a result of a long-standing relationship with developer KW Hotel Corp. of Wayland.

The firm's latest acquisition comes just two months after it purchased a three-building portfolio from KW consisting of a 100-room Hawthorn Suites in Franklin, the 84-room Comfort Inn and the 96 suite Residence Inn, both in North Dartmouth. As part of that buying spree, Hersha also closed on the 112-room Holiday Inn Express in Cambridge, which it acquired from an affiliated company for $12 million.

Parikh says the firm's appetite for properties comes at a time when the Boston hotel market is poised for recovery."With the Boston market somewhat lagging in recovery and its strong barriers to entry, we still think the market is strong," he says. "It has a lot of corporate and leisure generators and we believe that market is starting to recover." He says the property's strong location near both Routes 95 and 128 and its placement near the corporate offices of Bayer Diagnostics, New York Life, Pepsi and Gillette Stadium, home of the New England Patriots, makes it a solid investment choice for Hersha.

The company, which owns interests in 55 hotels in high barrier-to-entry markets along the East Coast, also owns five other hotel properties in the Greater Boston market in addition to the five purchased this year. They include two Courtyard by Marriott hotels in South Boston and Brookline, a Sheraton Four Points at Boston's Logan International Airport, a Marriott Residence Inn in Framingham and a Holiday Inn Express in South Boston.

Hersha's Boston buying spree may not be over. Parikh says the company will continue to look for hotel opportunities in the area.