raisingarizona
Well-known member
- Joined
- Aug 4, 2020
The ski industry sucks now, I'm taking a time out to go wander around the desert.
Whoa. Killington sold.
- Thread starter Benny Profane
- Start date
gorgonzola
Well-known member
- Joined
- Jul 21, 2020
I wish it still snowed, I’d just romp around in the woods
Ripitz
Well-known member
- Joined
- Dec 23, 2020
This is all I really want.
Peter Minde
Well-known member
- Joined
- Jul 19, 2020
Local Vermont article . . .
The links for the lead investors go to articles in the Mountain Times about them.
August 22, 2024
"
What does independent ownership mean for Killington resort, community? - Mountain Times
By Polly Mikulamountaintimes.info
Phill Gross and Michael Ferri are the lead investors buying Killington Resort and Pico Mountain, according to the Aug. 22 announcement. An undisclosed number of additional minority investors will be joining them in the newly created Killington Independence Group, LLC.
The purchase and sale agreement was signed on Wednesday, Aug. 21, 2024, with the deal expected to be finalized by the end of September, pending standard closing conditions and necessary approvals.
So what does this mean for Killington Resort and its community?
“For starters, everything you love about Killington and Pico is staying the same,” stated Killington Resort on its Insider Blog post titled “A new era of independence begins at Killington Resort.”
“Killington season pass offerings will have no changes and we will remain on the Ikon Pass. 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 Killington Cup, Nov. 30-Dec. 1, 2024. Killington Resort, the town of Killington and Great Gulf’s partnership will continue to build out the new mountain village. There will be no changes to the leadership, management or front-line teams, ensuring continuity and stability in our operations,” the blog post continued.
“Both of these investors have been in the community for decades,” said Mike Solimano, president and CEO of Killington Resort and Pico Mountain in resort video. “What does this mean for the community? I would say it’s all positive. The staff stays the same, the management team stays the same. Whether you’re a business owner in this community, a season pass holder, or an employee, we’re going to have the resources to continue to improve the resort… we’re going to continue to open early and have really long seasons. We’re looking to have a really smooth transition and the future is bright!” Salimano concluded.
. . . "
"No private equity." That's yuuuuge.
Benny Profane
Well-known member
- Joined
- Jul 25, 2020
Nope. This is a private transaction, so, neither side has to state it.
Benny Profane
Well-known member
- Joined
- Jul 25, 2020
Wow. Vail paid 100 million for Seven Springs? I'm telling you, if I was a big short seller, I'd be all over that company. Unfortunately, when the cracks start widening, they're going to leave a lot of dead and dormant ski areas behind.
Something is fishy about this sale. Something tells me Powdr was/is in financial difficulty. Doesn't make much sense that they would dump K and also announce that two other popular hills were on the market all of a sudden, and then announced that they were diversifying into NP concessions, of all things. I guess that's a good business these days, but, really? Maybe they're getting out while they can. So, anyway, my guess is on the low end of those three, with provisions. Fire sale time.
Something is fishy about this sale. Something tells me Powdr was/is in financial difficulty. Doesn't make much sense that they would dump K and also announce that two other popular hills were on the market all of a sudden, and then announced that they were diversifying into NP concessions, of all things. I guess that's a good business these days, but, really? Maybe they're getting out while they can. So, anyway, my guess is on the low end of those three, with provisions. Fire sale time.
snoloco
Well-known member
- Joined
- Jan 1, 2021
Over the last 15 years, Vail Resorts has largely set the price that ski resorts sold for. If they pivot from buying to selling, then they will be upside down on a lot of resorts they acquired with debt. Worse yet, it may affect other owners who purchased during that time.
With regard to 7 Springs selling for 100M, Hunter was sold to Peak Resorts for only 35M back in 2015. I see both resorts as comparable, and if anything, Hunter being more profitable. Hunter was sold before Vail Resorts made their first northeast acquisition. Once they came to the east, prices went up. Everything happened so fast.
