Bridlie will invest the funds on behalf of the private equity firm, pursuing acquisitions of upscale, full-service and selected premium-branded hotels and resorts in major metropolitan and urban markets throughout the United States. Deals will range from $14 million to $75 million.

Bridlie declined to name its capital partner. "One of the non-negotiable issues we faced when arranging this joint venture was to invest their capital while ensuring the group remained anonymous," says Shelley Rapier, vice president of sales and marketing for Bridlie Hospitality Management. "This particular group does not wish to be pursued by other organizations who are also seeking JV funding at this time, so our agreement with them includes a non-disclosure of their identity on a public level."

Bridlie, which provides full management oversight services for Carefree Resort & Conference Center in Carefree, Ariz., will target its investment capital on distressed, neglected assets, but will also consider assets that are distressed because of debt issues.