POWDR selling Killington

[2planks2coasts]

Per Storm Skiing. Also offloading Bachelor and Eldora

https://www.stormskiing.com/p/powdr-to-sell-killington-pico-to

 

[Killingtime]

Its on Killington's website

Killington Insider Blog - Stay Current On News, Events & Community

The Killington Insider Blog provides information, news, and updates on everything about Killington Ski Resort. Read more here!

www.killington.com

 

[2planks2coasts]

This is a fairly massive development in the ski industry. Not just in the NE, but out west and in Canada too. Hopefully, Vail won't jump on Eldora or Bachelor

 

[joshua segal]

Any news on the sale price?

 

[djd66]

Any news on the sale price?

private sale, not disclosed.

 

[thetrailboss]

private sale, not disclosed.

I am sure that over the next few weeks/months there will be rumors and numbers thrown about, but officially it is indeed a private sale. The difference with the ASC sale was that, at least barely, ASC was still a publicly traded company and had to disclose the proceeds of its sale.

 

[2planks2coasts]

Any news on the sale price?

Price wasn't publicly announced. POWDR paid $83.5 million way back in 07 for it.

 

[thetrailboss]

This is a fairly massive development in the ski industry. Not just in the NE, but out west and in Canada too. Hopefully, Vail won't jump on Eldora or Bachelor

I'd be surprised if the DOJ allows Vail to buy Eldora. The logical suitor for Eldora is Alterra.

 

[2planks2coasts]

I'd be surprised if the DOJ allows Vail to buy Eldora. The logical suitor for Eldora is Alterra.

True. It's already on IKON and combined with the A-Basin acquisition still doesn't equal Vail's market share.

 

[thetrailboss]

True. It's already on IKON and combined with the A-Basin acquisition still doesn't equal Vail's market share.

Well, after hitting "reply" I realized that Alterra is also under the DOJ microscope. Maybe Boyne will enter the CO market?

 

[2planks2coasts]

Well, after hitting "reply" I realized that Alterra is also under the DOJ microscope. Maybe Boyne will enter the CO market?

Unlike A-Basin though, Eldora is already unlimited on IKON. This means there's zero change to the competitive landscape in CO with an Alterra purchase.

 

[jaytrem]

Silver Star also available. One of my favorite ski areas. Would be nice if the Big White family bought it back and it ends up on Indy. I think one part of the family inherited Big White and the other Silver Star (or something along those lines). Obvious one of them decided to cash out.

 

[thetrailboss]

Unlike A-Basin though, Eldora is already unlimited on IKON. This means there's zero change to the competitive landscape in CO with an Alterra purchase.

Maybe the A-Basin deal will require that IKON remain limited to alleviate anti-trust concerns.

 

[jimmywilson69]

I think A-Basin stays limited regardless. Parking and the "character" of that place really aren't synonymous with larger crowds. We'll see what Altera does with it over the next several years.

 

[tumbler]

POWDR still a minority owner so it wasn't a total sale of assets. The new majority owners get a 1 to 2 year grace period before the real complaining starts? I wish them luck and hope they have deep pockets.

 

[AdironRider]

Seems to be a trend brewing of rich guys buying ski resorts as a flex (and maybe indicates most of these places are making more money than some here argue they do). Jackson Hole just had a similar sale to a similar ownership group in structure, all the way down to the former owner retaining a minority stake and board seats. Throw is powmow and some others and these seem like the new playthings of the rich and famous.

 

[jimmywilson69]

Well these are the types of people who can afford to play at them so it makes sense. If a group of really rich passionate skiers want to own and operate a ski area, then more power to them. The problem becomes when no one wants to run it anymore. See Sugarbush. Win bought the place but when it was time to move on, he likely had few options to sell and cash out. Not a knock on Win, but just the reality is there aren't tons of people who can or want to buy ski resorts.

 

[raisingarizona]

It seems like a move to further privatize a lot of ski resorts or they are at least seeing that they are going to become places that only the wealthiest people can afford in the next handful of years.

 

[BenedictGomez]

seem like the new playthings of the rich and famous.

Why not? If I were a billionaire, I'd definitely buy a small ski resort like a Plattekill or a Sundance, and keep it somewhat affordable, small, Mom & Poppy and old-school. Frankly, I'm surprised this hasnt happened more often.

 

[Hastur]

hopefully the new owners lower the day ticket price, double the seasons pass price, and remove themselves from IKON.

It’s too late for 24/25 and maybe they have a multi year deal with Alterra so who knows what or when changes can be made.

The one guy runs a super secret hedge fund so maybe he’s a bit of an iconoclast. Let’s shake things up.

it’s funny to think that they may try to make K like upscale or whatever. Maybe my views are outdated, but I always thought K was like hunter in VT. In the sense that the skiers are like your NYC firefighter who lives in Yonkers and bought a mountain green condo in the 2000’s. Or like teachers from Long Island or some shit.

Probably a good thing long term for the skiing industry in general that Vail/Alterra didn’t buy them.