Whoa. Killington sold.

[Benny Profane]

POWDR to Sell Killington, Pico to Group of Locals; Seeks Sale of Bachelor, Eldora, Silver Star

POWDR to retain Snowbird, Copper, Woodward brand; Killington to return to independence after 40 years of conglomerate ownership; will remain on Ikon Pass

www.stormskiing.com

POWDR to Sell Killington, Pico to Group of Locals; Seeks Sale of Bachelor, Eldora, Silver Star
POWDR to retain Snowbird, Copper, Woodward brand; Killington to return to independence after 40 years of conglomerate ownership; will remain on Ikon Pass

POWDR, owner of 10 ski areas in the U.S. and Canada, will sell its Killington and Pico ski areas in Vermont to a small group of local investors, the company announced today. Both ski areas will remain on the Ikon Pass. The sale price will remain private. POWDR will retain a minority ownership stake in the two mountains and will hold a board seat, but will no longer operate the resorts.

The sale is the first in what will likely be a large sell-off of resorts by POWDR, company officials confirmed to The Storm. The company will put Mt. Bachelor, Oregon; Eldora, Colorado; and Silver Star, British Columbia for sale “over the coming weeks,” company representatives confirmed. The Mt. Bachelor sale will include the Sun Country Tours rafting outfit.

“We'll look for the best possible owner and steward of these great mountains,” said POWDR Vice President of Communications and Government Affairs Stacey Hutchinson, who confirmed that other multi-mountain ski companies were welcome to bid on the three resorts. JP Morgan Chase will manage the sales process.

POWDR plans to retain Snowbird, Utah (which the company manages but does not fully own); Copper Mountain, Colorado; and the Woodward brand, which includes the Woodward Park City, Boreal, and Soda Springs ski areas, a massive terrain park complex at Copper, scaled-down (often pop-up) terrain parks throughout its portfolio, and several non-ski facilities scattered across the United States.

 

[Campgottagopee]

Locals = WAY better than corporate

 

[Benny Profane]

Well, two long term Killington skiers is good, but, that ain't locals money. They both have homes there, but, doubtful they live there.

Unfortunately, they are committed to the village and WC.

 

[tirolski]

 

[Benny Profane]

The future looks bright for the 20 dollar apres beer.

 

[tirolski]

Locals = WAY better than corporate

Locals???
A Hahvard educated hedge fund billionaire & a Valvoline oil change icecoast franchiser.
& POWDR still involved as a minority. Are Massachusetts & Connecticut in Vermont?

If MTN hadn’t pissed megamillions away buying up it’s own stock itta'd have more $ for the other POWDR bumps...

 

[Benny Profane]

Well, this is the company that lost Park City to Vail due to a clerical error, and then closed down the bump fest parking lot party at Bear mountain using state troopers first season of ownership. So, not the brightest bulbs in the industry. Looks like they're being forced into selling a lot of stuff. Or, just cashing in.

They were running the place really well at the end. Lifts maintained well, tons of snowmaking and grooming into late March. Since this is a private to private sale, we may never know the final transaction cost.

I hope these new owners aren't A h***s.

 

[TheGreatAbyss]

I've seen CEOs give this kind of pep talk before, a week later you're packing up your shit.

 

[idratherbskiing]

The one guy Phil is big money...yellow stone club membership, but seems to be a diehard skier.

 

[jasonwx]

Not to be a wise ass.
Did you think a bunch of local lawyers and deli owners got together.
Wasn’t the past owner of sugarbush a ex wall str guy.
How do you make a small fortune in the ski bizz? Start with a large one.