Ashish Parikh, chief financial officer with the New Cumberland,PA-based hotel firm, tells GlobeSt.com the off-market acquisitionof the 275 Norwood Park South hotel, which opened its doors July27, was a result of a long-standing relationship with developer KWHotel Corp. of Wayland.

The firm's latest acquisition comes just two months after itpurchased a three-building portfolio from KW consisting of a100-room Hawthorn Suites in Franklin, the 84-room Comfort Inn andthe 96 suite Residence Inn, both in North Dartmouth. As part ofthat buying spree, Hersha also closed on the 112-room Holiday InnExpress in Cambridge, which it acquired from an affiliated companyfor $12 million.

Parikh says the firm's appetite for properties comes at a timewhen the Boston hotel market is poised for recovery."With theBoston market somewhat lagging in recovery and its strong barriersto entry, we still think the market is strong," he says. "It has alot of corporate and leisure generators and we believe that marketis starting to recover." He says the property's strong locationnear both Routes 95 and 128 and its placement near the corporateoffices of Bayer Diagnostics, New York Life, Pepsi and GilletteStadium, home of the New England Patriots, makes it a solidinvestment choice for Hersha.