Featured Image: Courtesy of Killington Resort | Location: Killington Resort, VT
In big news for our friends on the East Coast, POWDR Corp. has entered into an agreement to sell Killington Resort and the neighboring Pico Mountain to a group of local investors. While the sale has yet to be executed, both parties made public statements proclaiming their excitement regarding the deal. The purchase is set to be finalized this fall, and POWDR is expected to list three other major resorts in the coming months.
Killington is the largest resort in Vermont and one of the most iconic in North America. Fondly known as the Beast, it boasts some impressive and technical terrain. But the passionate following of skiers and the incredible local culture might be what truly set Killington apart. Upgrading the resort to world-class standards while maintaining this grassroots feel has not been an easy task, but it’s something that POWDR has managed to do. The company has made it clear that they going to remain committed to the Beast in more ways than one, as they will stay on as a minority investor after the sale, according to the press release.
During any time of change like this, there’s going to be uncertainty, but the team at Killington seems confident that this is a step in the right direction. Both parties have stated that the sale will not alter any staff or management personnel, keeping current individuals in place. “The Killington leadership team is excited about this opportunity to build on the strong foundation laid by POWDR,” said Mike Solimano, President and General Manager of Killington Resort. “We believe that local ownership will allow us to be even more responsive to the needs and desires of our community and guests.”
Pico Mountain, included in the sale, is the humble yet mighty neighboring resort to Killington. Pico is less well known than Killington, yet beloved by locals. Michael Ferri and Phill Gross, the two lead investors in the purchase, have both been homeowners in the town of Killington for over three decades. They intend to carry on both Killington and Pico’s high status in the community.
Gross has a decorated history in winter sports, serving as a board member with the U.S. Ski and Snowboard Team and the World Cup Dreams Foundation. He is also a founding member of the Share Winter Foundation and the Killington World Cup Foundation. Ferri has been visiting Killington for years, even ski racing at the mountain in his youth. He has been a Killington Mountain School trustee since 2008. To see a group of local skiers take charge of a mountain is refreshing, and hopefully it will enable Killington to grow to the delight rather than the dissatisfaction of the community.
“We are grateful to POWDR for their stewardship over the years, as Killington saw substantial improvements to infrastructure, snowmaking capabilities, and year-round growth. For our families, Killington is more than just a business or asset to own; it is our home,” said lead investors Gross and Ferri. “We are thrilled to guide the mountain into a substantial investment phase. Mike [Solimano] and his leadership team have done a great job, and we look forward to giving them the resources to up our game and continue to evolve Killington as a leader among world-class resorts with strong local roots.”
While both Pico and Killington will undoubtedly endure more change, much of what skiers love about the resorts will remain the same. Killington’s legendary season length will stay consistent to years past, with the resort pledging to once again open early, pursue snow-making as soon as possible and stay in operation late into the spring. Season passes won’t change, and Ikon pass holders won’t have any disruptions. Plus, the Stifel Killington Cup will be held from November 30 – December 1, 2024, as the greatest women in ski racing head to Killington to compete in slalom and giant slalom on the FIS Alpine World Cup Circuit.
In addition to the news out east, POWDR Corp. officials have confirmed that the company will be listing three other major resorts across North America; Eldora, Colorado; Mt. Bachelor, Oregon; and Silver Star, British Columbia. POWDR Vice President of Communications and Government Affairs Stacey Hutchinson said that the company is going to, “look for the best possible owner and steward of these great mountains.”
For us skiers, this is all exciting news. POWDR has grown mountain resorts with respect for the already established communities, and perhaps they will stay on as minority investors in future sales, just as they’ve done with Killington. However, this massive selloff of resorts begs the question; what’s in store for POWDR? Skiing is becoming a lucrative and competitive economy. With massive conglomerates like Vail Resorts and Alterra, (the parent company of the Ikon Pass,) buying up large shares of the resort market, it’s tough to say whether or not smaller owners will financially hold out.
Currently, POWDR operates 10 resorts across North America. The impending sale of Pico and Killington will lower that number to eight, and the confirmed future sales of an additional three resorts will lower the total to five. Essentially, POWDR is cutting its resort assets in half. But resorts aren’t the company’s only business. They also own Woodward, the iconic action sports training camps, along with two “Adventure Experiences,” as they call them; Powderbird Heli-Skiing in Utah and Sun Country Tours in Oregon. Perhaps what we’re seeing is the beginning of POWDR Corp. divesting from resort assets, and turning their attention to the ever-growing adventure tourism market. As for now, it’s unclear if these major financial moves are the result of pressure from outside the company, or from within.
As the ski industry continues to change, we can hope that future sales will be as promising as what we’re seeing with Killington. Combining local owners who know the mountain and community with passes that allow skiers from around the world to visit sounds like a winning formula. And while we at FREESKIER will remain optimistic, we will all have to wait and see what the future holds.
