KW Development LLC has sold its 121-room Best Western Plus Hotel on Alewife Brook Parkway in Cambridge’s Alewife neighborhood to Philadelphia-based HHM Hospitality.

The purchase price was $29.8 million. The 4-story hotel was redeveloped and expanded in 2009 and currently contains Hotel Tria Bar 220, Starbucks, a business center, fitness room and two meeting rooms totaling 1,014 square feet.

HHM, formerly known as Hersha Hospitality Management, plans to extensively renovate the property with upgrades to the guest rooms, public areas and the exterior façade. The company operates 115 hotels nationwide including eight hotels in Greater Boston including the Boxer in Boston’s North End, the Courtyard Brookline and the Holiday Inn Express Cambridge.

HFF’s Denny Meikleham and Alan Suzuki marketed the property on behalf of the seller. Shawn Tuli, vice president of acquisitions and development, represented HHM.