Bridlie will invest the funds on behalf of the private equityfirm, pursuing acquisitions of upscale, full-service and selectedpremium-branded hotels and resorts in major metropolitan and urbanmarkets throughout the United States. Deals will range from $14million to $75 million.

Bridlie declined to name its capital partner. "One of thenon-negotiable issues we faced when arranging this joint venturewas to invest their capital while ensuring the group remainedanonymous," says Shelley Rapier, vice president of sales andmarketing for Bridlie Hospitality Management. "This particulargroup does not wish to be pursued by other organizations who arealso seeking JV funding at this time, so our agreement with themincludes a non-disclosure of their identity on a public level."

Bridlie, which provides full management oversight services forCarefree Resort & Conference Center in Carefree, Ariz., willtarget its investment capital on distressed, neglected assets, butwill also consider assets that are distressed because of debtissues.