Which makes it all the more exciting that Killington and Pico Mountain, a popular resort in southern Vermont, is bucking the trend. The resort’s purchase by a group of local investors from its current owner, Utah-based adventure lifestyle company Powdr — which has yet to be finalized — marks the beginning of an experiment in independent ownership as more East Coast resorts find themselves reporting back to companies out west like Alterra Mountain Co. and Vail.
Phill Gross, a cofounder of Adage Capital Management and philanthropist who has skied at Killington since the 1980s, was approached by Powdr in January. He teamed up with Michael Ferri, a business owner in the automotive industry who has skied at Killington since the 1970s, to put together “a pretty broad group of Killington residents and skiers to raise enough capital to get this done,” Gross said in an interview. Powdr, which owns a handful of other resorts and outdoor businesses, will maintain a minority stake and a board seat.
It will be the first time in decades the resort, which the current owner bought in 2007, isn’t part of a larger multi-resort operation.
Many skiers are stoked about the news. “Who knows the mountain better than a local owner? Who knows what the priorities should be for the maintenance? And they know what a visitor to the resort wants,” said Susan DuPlessis, owner of Mountain Real Estate Company in Newry, Maine, and a lifelong Maine and Vermont skier. “They’re going to have the community’s interest at heart, which not all corporate ski area owners have.”
Others have a few reservations. Sydney Stegman, a lifelong Killington skier from Quechee, Vermont, says that some locals see Gross and Ferri as another round of “rich dudes” rather than true locals. Stegman herself hopes that the new owners don’t stray too far from Powdr’s record. “I like the changes that Powdr made, like getting the World Cup [competition], increasing mountain biking trails and accessibility, as well as improving the lodges.”
The good news is that Gross and Ferri plan to maintain the same management that operated the resort under Powdr, which both men praised for its investments in Killington. Mike Solimano, president and general manager of Killington and Pico, said in an interview that the current owners always gave a lot of leeway for local control, but new ownership will take things “to the next level.”
“Phill and Mike said ‘you guys know what to do we’re just going to get you the resources,’” Solimano said. Plans to build a new mountain village will continue, and the resort will still host women’s World Cup races.
Over the next decade, the new owners intend to follow Powdr’s tracks. “We’re going to reinvest the earnings that the mountain produces to enhance the ski experience, as opposed to having to go out to Colorado or Utah or wherever it would go,” Ferri said in an interview.
That’s not to say companies like Vail and Alterra have been all bad for New England resorts — in many cases they have been game changers. They’re brought big investments for much-needed enhancements to lifts, operations, and more.
But their multi-resort passes also might be bringing big crowds. Solimano explained that ski resorts have to balance “profitability with traffic,” an uphill slog in such a weather-dependent sport. It could be especially tricky on the East Coast where trail space is at a premium.
Because it’s so popular among New England resorts, that’s a balance that Killington is well-placed to achieve with independent ownership. “[Killington] does generate enough cash flow to reinvest in the mountain and enhance operations, which is what we’re going to do,” Gross said. It’s the biggest resort in the East and Vermont is the fourth largest ski destination in the country.
Gross and Ferri say their purchase, which they call Project Independence, allows them to avoid the parts of corporate ownership that might exacerbate overcrowding. Killington plans to stay on Alterra’s multi-resort Ikon Pass, which currently includes an option to ski at Killington for seven days or five days, depending on what level of pass you purchase. Gross fears that if Killington had been acquired by a larger corporation, it would risk ending up on an “unlimited” pass from one of the skiing giants. “Either of the conglomerates coming in and purchasing Killington, if that were to happen, almost for sure, they would go to an unlimited pass.”
Major props to Powdr for taking a chance on the local guys. And happy trails to Killington’s new owners. Owning a New England ski resort isn’t easy. But if it takes as much skill as skiing at one, East Coasters already have a leg up.
Editorials represent the views of the Boston Globe Editorial Board. Follow us @GlobeOpinion.
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Publish date : 2024-09-01 13:00:00
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