Mikaela Shiffrin, center, celebrates her win in the slalom at the 2023 Killington Cup. Killington photo.
Longtime Killington Skiers Commit to Preserving and Enhancing Vermont’s Largest Ski Area
by Timothy McQuiston, Vermont Business Magazine Killington Resort, the largest mountain resort in Eastern North America, today announced Killington Resort & Pico Mountain are being sold from POWDR "to a passionate group of local passholders." In a statement, the sale was described as a landmark purchase that represents a commitment to keeping Killington and Pico in the hands of those who know and love it, with plans to increase capital investment while preserving the mountains’ unique character and community.
Financial terms were not released. for comparison, Jay Peak was sold in 2022 for $76 million and the ski-only operations of Stowe Mountain Resort was sold in 2017 for $41 million. Killington would likely go for a higher price than either of those transactions if the deal includes the entire properties.
In recent years the giant ski resort companies of Vail and Alterra/Aspen have been gobbling up properties from California to Canada to Vermont. POWDR is a comparatively smaller resort company.
Vail now owns Mount Snow, Okemo and Stowe, while Alterra has acquired Stratton and Sugarbush. Universal ski passes like Vail's Epic and Alterra's Ikon have made more resorts to more skiers across North America. This has also created traffic problems in the typically small ski villages.
Killington and Pico are both off Route 4 east of Rutland.
See video announcement below.
Killington and Pico will remain on the Ikon Pass and there will be no changes to the leadership, management or front-line teams, ensuring continuity and stability in our operations.
"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."
The new ownership group, deeply rooted in the Killington community, plans to focus on capital investment, community engagement and sustainability to ensure the resort can continue to enhance the operational excellence and hospitality Killington and Pico are known for.
“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 Phill Gross and Michael Ferri, two of the lead investors. “We are thrilled to guide the mountain into a substantial investment phase. Mike 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.”
Phill Gross has a long history in the winter sports community serving as a board member of the U.S. Ski and Snowboard Association and the World Cup Dreams Foundation and as a founder of Share Winter Foundation and the Killington World Cup Foundation. Phill and his family have been Killington homeowners since 1986.
Michael Ferri has been involved in skiing and ski racing since he was a boy coming up to Killington in the winter. Michael and his family have owned a home since 1970 in the town of Killington. Michael is a partner and owner of Valvoline Instant Oil Change Franchises on the East Coast and has served as a Killington Mountain School trustee since 2008. The unique background of the new ownership group will allow the Killington brand to embrace its local roots and further cement its place as the Beast of the East.
Guests can expect daily operations to be business as usual, with a continued focus on offering unsurpassed year-round mountain adventure grounded in hosting the longest winter season in the east and hosting the Stifel Killington Cup, November 30-December 1, 2024. Killington Resort, the Town of Killington and the Great Gulf partnership will continue to build out the brand-new mountain village.
“We are proud of all that we have accomplished with the team at Killington over the last 17 years to enhance the skier experience with investments in new lifts, tunnels, and snowmaking, all while delivering the best customer service in the industry. Over the years Killington celebrated the opening of two lodges: the Peak, and most recently the K-1 Base Lodge,” said Justin Sibley, CEO of POWDR, “We will miss the entire team there, but cannot wait to see the amazing things that lie ahead.” POWDR retains a minority ownership stake in the new entity and will have a seat on the board of directors, reflecting the company’s continued belief in the future of Killington.
Further details about capital investments will be announced after the closing, which is expected to occur this fall pending standard closing conditions and necessary approvals.
About Killington Resort:
Killington Resort is a four-season destination sitting on 3,000 acres in the heart of Central Vermont’s Green Mountains. The Beast of the East boasts 92 miles of diverse snow sports terrain spread across six peaks, including Pico Mountain, served by the most expansive lift network and snowmaking system in Eastern North America. After the snow melts, Killington features an 18-hole championship golf course, the family-friendly Snowshed Adventure Center, 30 miles of mountain biking trails with expansion underway with Gravity Logic, plus 15 miles of hiking trails. The seemingly infinite après, dining, and lodging options have made Killington a world-class destination for East Coast skiers and riders for over 65 years. Visit www.killington.com for more information and be social with #beast365.
Source: Killington, VT – August 22, 2024 Killington Ski Resort - Ski, Snowboard, Mountain Bike & Golf Vermont
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