Skiing

Killington Ski Resort, New England’s largest, to be sold to group of local investors

“Local ownership will allow us to be even more responsive to the needs and desires of our community and guests.”

With the sale, Killington is set to have ownership that is not a larger multi-resort operator for the first time in decades.

By Hayden Bird, The Boston Globe

August 22, 2024

2 minutes to read

Killington, New England’s largest ski area, is set to be sold this fall in what appears to be a move away from the trend of multi-resort ownership.

Killington and Pico Mountain are being sold by ski resort operator POWDR to a “group of local passholders,” it was announced Thursday.

The new ownership group is “deeply rooted in the Killington community,” per the announcement. Phill Gross and Michael Ferri are listed as two of the lead investors; both of whom say they own homes in the area. Gross, a co-founder of Adage Capital Management, has served as a board member of the US Ski and Snowboard Association along with other ski-related non-profit ventures (including the Killington World Cup Foundation).

Ferri, a trustee of the Killington Mountain School, is a partner and owner of a chain of Valvoline service stations.

“We believe that local ownership will allow us to be even more responsive to the needs and desires of our community and guests,” said Killington president and general manager Mike Solimano in the release.

Resort leadership stressed it will be “business as usual” under the new ownership, specifically noting a continued commitment to year-round activities and the tradition of trying to host “the longest winter season in the east.”

The Killington Cup, an FIS World Cup event which the ski area has hosted since 2016, will once again take place on Thanksgiving weekend (Nov. 30-Dec. 1).

The announcement also said the partnership with the popular multi-resort Ikon Pass will continue.

“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.”

POWDR, which will be the owner and operator of eight different ski resorts pending the result of the sale, acquired Killington in 2007 for $83.5 million from the now-defunct American Skiing Company. For the first time in decades, Killington is set to have ownership that is not a larger multi-resort operator.

“We are grateful to POWDR for their stewardship over the years, as Killington saw substantial improvements to infrastructure, snowmaking capabilities, and year-round growth,” Gross and Ferri said in a statement. “For our families, Killington is more than just a business or asset to own; it is our home. 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.”

The sale is expected to close in the fall, “pending standard closing conditions and necessary approvals.”