Sale to local owners closed without debt
Vermont Business Magazine Vermont’s Killington Resort, the largest ski and snowboard destination in Eastern North America, today announced the closure of its sale to local, independent ownership on September 27, 2024. 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,” says 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:
- A two-year, low-energy snowmaking investment: 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.
Left to right is Phill Gross, Mike Solimano, Michael Ferri. Killington photo.
“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,” says 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,” says 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 says.
Great Gulf, the developer of the upcoming one-of-a-kind master-planned village at Killington, also announced its minority investment in the new ownership group.
"We are pleased by the announcement of the successful sale of the Killington Resort and Pico Mountain to a new ownership group, with local ties to Vermont. Led by Phill Gross and Michael Ferri, the new owners are comprised of long-time Killington passholders and devoted winter sports enthusiasts, with ambitious plans to invest significant capital into winter and summer infrastructure over the coming years. To support these efforts and further reinforce our commitment to the mountain, Great Gulf is announcing a minority investment in the new group," says Michael Sneyd, President of Great Gulf Resort Residential.
The new group's existing connections to Killington align perfectly with Great Gulf's goal of creating a community that is deeply rooted in the Vermont ethos. Great Gulf's plans for a new four-season resort-style residential community and village, offering innovative modern architecture, transformative amenities, and stunning landscape design, continue to progress.
"We look forward to collaborating with the new owners to create a world-class destination that will enhance the Killington experience for residents and visitors alike," adds Sneyd.
Great Gulf's plans for the first phase village, once completed, include:
- Over 650 ski-in/ski-out condominiums and townhomes, along with a collection of single- family lots on Ramshead
- A vibrant, pedestrian-oriented village featuring more than 111,000 square feet of retail and dining space
- Two public squares and an 84,000-square-foot iconic lodge designed by Moshe Safdie, replacing the current Snowshed and Ramshead lodges
- Dramatic waterfront improvements to snowshed pond including a retail promenade
Great Gulf has been working closely with the Town of Killington, state officials, the resort, and the new ownership team and remain dedicated to ensuring the success of the 'Killington Forward' initiative, which includes key road and water infrastructure improvements to support the village's development.
Together, these collective efforts will bring this monumental development to life, further strengthening Killington's position as the premier mountain destination in the Eastern United States while continuing to positively impact the local and state economy.
For more information about Great Gulf's Killington Village development, please visit www.greatgulf.com/killington.
About Great Gulf
Established in 1975, the Great Gulf Group including Great Gulf, an international award-winning, low-rise and landmark high-rise residential developer; Ashton Woods Homes, the largest private builder and 15th largest in the U.S.; Beacon Residential, a U.S.-based Built-to-Rent platform; First Gulf, an innovative market leader in sustainable, accessible and transit-oriented commercial developments and large scale design-build industrial facilities; Tucker HiRise, a leading construction management company, specializing in the construction of high-density, mixed-used projects; H+ME Technology, a precision engineering panelization manufacturing facility; and Taboo Muskoka, one of Canada's top-ranked golf courses, is one of North America's premier real estate organizations. With major projects in Canada and the United States, the company's fully integrated activities span the entire real estate spectrum. Learn more at greatgulfgroup.com.
About Killington Resort
Located in the heart of Vermont’s Green Mountains, Killington Resort has earned its moniker “The Beast of the East” with four seasons of adventure spread across six peaks, plus Pico Mountain. With the most expansive snowmaking and lift system in Eastern North America, Killington offers more than 200 trails and 92 miles of diverse snow sports terrain, including a world-class terrain park network and the longest season in the East. During the summer, Killington features a destination bike park with 30 miles of mountain biking trails, an 18-hole championship golf course, the family-friendly Snowshed Adventure Center, plus 15 miles of hiking trails. With elevated on-mountain dining, a plethora of après options and a commitment to investment, quality and the environment, Killington is a can’t miss destination for the whole family. Killington is locally and independently owned and looking forward to a bright future including the forthcoming Great Gulf Village and more. Visit www.killington.com for more information and be social with #beast365.
SOURCE: KILLINGTON, VT, Sept. 30, 2024 /PRNewswire/ - Great Gulf Group
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