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New England’s largest ski resort announces closing of sale to local group and $30 million in improvements

Posted on by angelo
New England’s largest ski resort announces closing of sale to local group and million in improvements

New England’s largest ski and snowboard destination recently announced the closing of its sale to a local independent ownership group and revealed planned capital projects valued at more than $30 million.

POWDR’s sale of Killington Resort and Pico Mountain in Vermont to a group led by Phill Gross and Michael Ferri is officially on the books.

Gross and Ferri said this week they are committed to reinvesting all profits in capital improvements for the foreseeable future, marking the first of a long phase of capital improvements.

With the closing of the sale, complete with zero net debt, the resort will begin undertaking several projects to improve the guest experience, according to Killington President and CEO Mike Solimano.

Capital investment projects planned for the next two seasons include:

  • A two-year investment in low-energy snowmaking: 1,000 new low-energy HKD tower snow guns and fans.

  • Approximately 500 new guns are being installed in Killington and Pico ahead of the 2024-25 season, with the remainder installed in the summer of 2025.

  • Four new fully automated fan machines will be installed at the base of the Superstar trail before this season.

  • Superstar Elevator Replacement: Replacing the Superstar Express Quad with a high-speed six-pack with elevator installation planned for summer 2025.

  • Skyeship Gondola Revitalization: All new Gondola cabins (116 total) are expected to be installed by summer 2025 and a new Gondola storage barn at Northbrook will be built in the coming years.

  • Summer investment including the expansion of the mountain bike trail.

“The timing of what’s happening here is really exciting: the timing of the village and the new housing in conjunction with the investment in the mountain itself. I think it will be really great to see over the next few years,” Ferri said in a press release.

Details of the sale, including the full list of 16 investors and the final sale price, will not be disclosed. However, Great Gulf and POWDR will remain involved as minority investors, according to Solimano.

Additional details on each capital improvement project will be forthcoming.

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