PHILADELPHIA-One of the nation's biggest student-housing firms is venturing into the hospitality business. Locally based Campus Apartments is building a $50-million Homewood Suites by Hilton here near the University of Pennsylvania in University City.

David Adelmen, the firm's chief executive, tells GlobeSt.com that the company decided to take on the venture because of the strong demand close to the university for an extended-stay hotel. The development, which just broke ground, is also close to Penn Medicine and the Children's Hospital of Philadelphia. Plus, management can keep it under close watch, being based in the same city.

And it might not be the last one that Campus Apartments undertakes. "It's certainly a project we'd consider doing in the future for universities," Adelman says.

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