A group of local investors has finalized its purchase of Killington Resort — the largest ski resort in Eastern North America — and neighboring Pico Mountain, the resort announced Monday. The new ownership group plans to invest more than $30 million into new snowmaking equipment, lifts and expanded summer offerings in the next two years.
The sale was finalized Friday, with zero net debt and for an undisclosed purchase price, a statement from the resort said. Utah-based company POWDR, Killington’s former owner, and real estate developer Great Gulf Resort Residential will remain involved as minority investors.
“The successful sale of Killington Resort represents a significant milestone for the mountain, and we are excited to play a role in its future,” Great Gulf president Michael Sneyd said in the statement. “With the new ownership group’s deep-rooted passion for Killington and the significant investments planned in the coming years … Killington will become the world-class destination for residents and visitors alike.”
The new ownership group, led by two Killington homeowners and businessmen Phill Gross and Michael Ferri, said it’s committed to reinvesting profits into capital improvement projects. The first phase of planned projects will take place over the next two seasons, totalling more than $30 million.
“For our families, Killington is more than just a business or asset to own; it is our home,” Gross and Ferri said in a statement last month. “This landmark purchase represents a commitment to keeping Killington and Pico in the hands of those who know and love it, with plans to increase capital investment while preserving the mountains’ unique character and community.”
Planned improvement projects include new snow guns — 1,000 new low-energy tower and fan guns will be installed at Killington Resort and Pico Mountain. Four fully automatic fan guns will be installed at the bottom of the Superstar trail ahead of this season.
Next summer, the resort plans to expand mountain bike trails, replace the Superstar Express Quad to a high-speed six-pack and install 116 new Skyeship gondola cabins.
The Superstar lift replacement will affect spring skiing and potentially the 2025 Stifel Killington Cup, Killington’s statement said. Killington president and CEO Mike Solimano said the resort plans to make more snow in the North Ridge and Canyon areas to offer some spring skiing at the resort, and operations plans must be finalized before it can make a call on the Killington Cup.
Killington will also have a new board of directors, including John Casella of Casella Waste Management and Carolyn Kepcher, owner of the Snowed Inn.
“We are happy to leave operations in the capable hands of the management team at Killington,” Gross said in the statement. “The third party we used to help vet Killington told us they were ‘one of the best in the business.’ And this tells us to basically leave them alone and let them do what they do to continue to make the customer experience and operations of Killington and Pico the best they can possibly be.”
