A big change is coming to Vermont’s largest mountain resort, as Killington Resort announced on Thursday that it is being sold to local owners later this year.Both Killington Resort and Pico Mountain will be sold to Vermont residents, including lead investors Phill Gross and Michael Ferri, according to an announcement from the resort.Currently, Killington and Pico Mountain are owned by Utah-based company POWDR. Officials did not disclose the financial terms of the deal, but said that the transference of ownership will allow the new owners to grow the resort with an increased focus on community engagement and sustainability.Gross, a Killington resident since 1986, is a board member of the U.S. Ski and Snowboard Association and the founder of several organizations including the World Cup Dreams Foundation, the Share Winter Foundation and the Killington World Cup Foundation.Ferri has been a Killington resident since 1970 and has served as a Killington Mountain School trustee since 2008, according to officials.According to the resort, day-to-day operations will continue as usual, and the Stifel Killington Cup will be held as scheduled from Nov. 30 to Dec. 1.Both Killington and Pico will also remain on the Ikon Pass and there will be no changes to the current leadership, management or front-line teams, the announcement confirmed.”Pretty much everything is going to stay the same for all our passholders,” president and general manager of Killington and Pico Ski Resorts Michael Solimano said. “We’re continuing to be on the Ikon pass. All the other products we have will be the same. The local investor group is really focused on us continuing to do what we’ve been doing.”Gross thanked POWDR for their investment into the resort and pledged to continue to expand the popular area over the coming years.”For our families, Killington is more than just a business or asset to own; it is our home,” said Gross and Ferri in a prepared statement. “We are thrilled to guide the mountain into a substantial investment phase.” “We believe that local ownership will allow us to be even more responsive to the needs and desires of our community and guests,” added Mike Solimano, president and general manager of Killington Resort in a prepared statement.Additionally, one local business along Killington Raod said the new purchase is a benefit to the resort and the workers that support it. “This is a really good opportunity for us as a community to have local investment, people that are committed to growing the product and know the resort,” The Lookout Tavern owner Phil Black said. “I think that’s hard being a Western company coming in, knowing Eastern skiing because those are different experiences.”The resort said it plans to release more details about the investments and sale following the closing, which is expected to happen sometime this fall.
A big change is coming to Vermont’s largest mountain resort, as Killington Resort announced on Thursday that it is being sold to local owners later this year.
Both Killington Resort and Pico Mountain will be sold to Vermont residents, including lead investors Phill Gross and Michael Ferri, according to an announcement from the resort.
Currently, Killington and Pico Mountain are owned by Utah-based company POWDR. Officials did not disclose the financial terms of the deal, but said that the transference of ownership will allow the new owners to grow the resort with an increased focus on community engagement and sustainability.
Gross, a Killington resident since 1986, is a board member of the U.S. Ski and Snowboard Association and the founder of several organizations including the World Cup Dreams Foundation, the Share Winter Foundation and the Killington World Cup Foundation.
Ferri has been a Killington resident since 1970 and has served as a Killington Mountain School trustee since 2008, according to officials.
According to the resort, day-to-day operations will continue as usual, and the Stifel Killington Cup will be held as scheduled from Nov. 30 to Dec. 1.
Both Killington and Pico will also remain on the Ikon Pass and there will be no changes to the current leadership, management or front-line teams, the announcement confirmed.
“Pretty much everything is going to stay the same for all our passholders,” president and general manager of Killington and Pico Ski Resorts Michael Solimano said. “We’re continuing to be on the Ikon pass. All the other products we have will be the same. The local investor group is really focused on us continuing to do what we’ve been doing.”
Gross thanked POWDR for their investment into the resort and pledged to continue to expand the popular area over the coming years.
“For our families, Killington is more than just a business or asset to own; it is our home,” said Gross and Ferri in a prepared statement. “We are thrilled to guide the mountain into a substantial investment phase.”
“We believe that local ownership will allow us to be even more responsive to the needs and desires of our community and guests,” added Mike Solimano, president and general manager of Killington Resort in a prepared statement.
Additionally, one local business along Killington Raod said the new purchase is a benefit to the resort and the workers that support it.
“This is a really good opportunity for us as a community to have local investment, people that are committed to growing the product and know the resort,” The Lookout Tavern owner Phil Black said. “I think that’s hard being a Western company coming in, knowing Eastern skiing because those are different experiences.”
The resort said it plans to release more details about the investments and sale following the closing, which is expected to happen sometime this fall.
