Sale to local owners closed without debt
Vermont’s Killington Resort, the largest ski and snowboard destination in Eastern North America, announced the closure of its sale to local, independent ownership, Monday, Sept. 30. The closing ocurred on Friday, Sept. 27. The new ownership group, led by Phill Gross and Michael Ferri, is committed to reinvesting all profits into capital improvements for the foreseeable future, with this being the first of many phases of capital improvements.
“We are all looking forward to a bright future of independence, which would not be possible without many successful years under the Powdr umbrella,” said Killington President and Chief Executive Officer, Mike Solimano. “Powdr’s investment and management set the tone for the great years to come.”
With the sale’s closure, which is notably completed with zero net debt, the resort will begin to undertake several projects to improve the guest experience. Planned capital investment projects for the next two seasons, totaling over $30 million, include:
- Snowguns: A two-year, low-energy snowmaking investment with 1,000 new low-energy HKD Tower & Fan Guns. About 500 new guns are in the process of being installed at Killington and Pico ahead of the 2024-25 season, with the remainder being installed summer 2025. Four new fully automated fan guns will be installed at the bottom of the Superstar trail ahead of this season.
- Superstar lift replacement: Replacement of the Superstar Express Quad to a high-speed six-pack with installation of the lift expected to happen summer 2025.
- Skyeship Gondola revitalization: All new gondola cabins (116 in total) expected to be installed summer 2025 and a new gondola storage barn in Northbrook to be constructed in future years.
- Summer investment including mountain bike trail expansion.
“The timing of what’s going on here is really exciting: the timing of the village and the new housing in conjunction with investment in the mountain itself. I think it’s really going to be great to see over the next several years,” said Michael Ferri.
Details of the sale, including the complete list of 16 investors and final sale price will not be disclosed, however, Great Gulf and POWDR will remain involved as minority investors.
“The successful sale of Killington Resort represents a significant milestone for the mountain, and we are excited to play a role in its future. With the new ownership group’s deep-rooted passion for Killington and the significant investments planned in the coming years, together with our vision for a four-season village, Killington will become the world-class destination for residents and visitors alike,” said Michael Sneyd, president of Great Gulf Resort Residential.
Guests can expect the same high level of quality and service from the new ownership group in the coming seasons. The resort will also have a new Board of Directors, including influential local businessman and director of Casella Waste Management John Casella, owner of the Snowed Inn Carolyn Kepcher, and long-time local and KMS Board Member Mike Hone.
“We are happy to leave operations in the capable hands of the management team at Killington,” said Phill Gross. “The third party we used to help vet Killington told us they were ‘one of the best in the business.’ And this tells us to basically leave them alone and let them do what they do to continue to make the customer experience and operations of Killington and Pico the best they can possibly be.”
Additional details on each capital improvement project are forthcoming. It should be noted the Superstar lift replacement will affect spring skiing this season and potentially the 2025 Stifel Killington Cup.
“We do plan to make more snow in the North Ridge and Canyon areas to offer late-spring skiing and riding and are working with the lift manufacturer to finalize the construction plan for the lift before making the call on the 2025 Killington Cup and announcing firm details of our spring operations plan,” Solimano said.
For more information, visit www.killington.com.
