ORLANDO-CNL is making some bold management moves. The boards of CNL Lifestyle Properties and CNL Properties Trust have named Tom Sittema CEO and Steve Mauldin as president and COO of the companies. Joe Johnson was named CFO.

The new appointment is a vote of confidence for Sittema, who already serves as CEO of CNL Financial Group. In 2009, he brought his 25 years of real estate investment experience to the firm, including tenures with Bank of America Merrill Lynch.

"Both of these REITs are in new, but different, stages of their lifecycles," Sittema tells GlobeSt.com. "For CNL Lifestyle Properties, our primary goal is to continue to maximize the value of the company's assets in preparation for a successful liquidation event that will return capital to shareholders. For CNL Properties Trust, our goal is to invest the capital that we are successful in raising in assets that will provide investors with current income as well as the potential for capital appreciation in the future."