A real estate investment trust ( REIT ) that 's considering getting out of the snow business could end up making the largest single ski resort transaction in the sport 's history . CNL Lifestyle Properties owns more than a dozen ski resorts from Maine to California that are worth hundreds of millions of dollars . If CNL sells all of its 16 properties to one buyer , industry officials say it would be the biggest real estate transaction in the history of skiing . Scroll down for video . CNL Lifestyle Properties owns more than a dozen ski resorts like Sunday River in Maine ( pictured above ) The 16 resorts the trust owns stretch from Maine to California and they 're worth hundreds of millions of dollars . If CNL sells all 16 properties to one buyer , it would be the biggest real estate deal in the history of skiing . If the firm 's resorts - which include Sunday River and Sugarloaf in Maine , Bretton Woods , Loon Mountain and Mount Sunapee in New Hampshire , Okemo Mountain in Vermont , Crested Butte in Colorado , Brighton in Utah , and Northstar-at-Tahoe and Sierra-at-Tahoe in California - do sell , skiers might not even notice because the resort operators ' long-term leases will remain in place even if the properties change hands . REITs bring in revenue through rent paid by ski resort operators like Michigan-based Boyne Resorts , which holds long-term leases for Sunday River , Sugarloaf and Loon Mountain . A Boyne official said skiers need n't worry about the potential sale of their beloved ski mountains . Steve Kircher , president of eastern operations for Boyne , said : 'For the skier , it 's a nonevent . ' CNL Financial Group managing director Steve Rice said the trust will make decisions 'in the near future ' Boyne will remain the lease holder , regardless of ski resort ownership , for several more decades . Bob Rogowsky , who skies 70 to 80 days a year at Sunday Rive and recently bought a retirement home in the area , said most skiers are pleased with the investments that have been made since CNL bought the resort and Boyne began running it in 2007 . He said : ' I would n't have made that kind of financial commitment and lifetime commitment if I did n't believe there was stability and a good future . ' Ski resorts , which are at the mercy of weather and the economy , can be good investments as long the owners have a long investment horizon , said Michael Krongel from Mirus Resort Capital . The trust will evaluate options for its remaining properties 'in the near future ' , according to CNL Financial Group senior managing director Steve Rice . Besides selling its ski resorts , theme parks and marinas , alternatives include a private buyout or listing on a publicly traded exchange . Ideally , the remaining properties would be sold and CNL enlisted investment bank Jefferies LLC to help evaluate options . Rice said : 'We 're taking a studied and careful approach . ' If the resorts do sell , skiers might not even notice because the operators ' long-term leases will remain in place . REITs are an investment vehicle for a variety of properties including hotels , office buildings and malls , but they are new to the ski industry in the last 15 or so years . There 's only one other REIT that 's a big player in the ski industry besides CNL . CNL Lifestyle Properties was valued at as much as $ 3billion in 2012 with ownership of more than 100 water parks , ski resorts , marinas and senior housing developments . The trust 's value dropped in the aftermath of a real estate downturn . The REIT is nearing the end of its projected lifespan and anticipates having an 'exit strategy ' in place by Dec. 31 . In June , CNL agreed to sell 48 golf properties for $ 320million . Then it announced an agreement to sell its senior housing for $ 790million in December . Besides selling the resorts , alternatives include a private buyout or listing on a publicly traded exchange .
CNL Lifestyle Properties could sell off all the properties it owns in one deal . Firm owns resorts such as Sugarloaf in Maine and Brighton in Utah . Besides selling the resorts off in one deal , other options include a private buyout or a listing on a publicly traded exchange . The investment trust anticipates having an 'exit strategy ' by December 31 . Whether resorts are sold or not , skiing experience should remain similar .