Breaking - Killington sale announced

Geoff · Post by **Geoff** » Feb 20th, '07, 11:55

In poking around searching on Ski Partners LLC, I found this:

http://www.e2mpartners.com/properties/skipartners.html

It's stale since Centex has since backed out. The interesting thing is that SP Land was planning to sell 213 acres to Centex. As I thought, these guys are finance people. There's no telling how they came up with the cash to buy out ASC. At least it's unlikely to be 12% junk bonds.

Clutch · Post by **Clutch** » Feb 20th, '07, 11:55

Steve wrote:....

$83.5 million? they got it cheap.

I guess SP Land already owned half of the base areas, so this could be just an intermediate step before SP sells the whole kit n kaboodle [sp.?].

Geoff · Post by **Geoff** » Feb 20th, '07, 12:08

Clutch wrote:
Steve wrote:....

$83.5 million? they got it cheap.
I guess SP Land already owned half of the base areas, so this could be just an intermediate step before SP sells the whole kit n kaboodle [sp.?].

SP Land owned 75% of the base area land that was created in the land swap for Parker's Gore. Killington Ltd owned the other 25%. Now SP Land has 100% control of the land plus control over ski area operations. I think that's likely a good deal for SP Land since just selling off 200 slopeside house lots at $500K each pretty much gives them their investment back. The property transfer happened in 2004 so the 5-year State of Vermont tax implications for subdividing end in 2009.

newpylong · Post by **newpylong** » Feb 20th, '07, 12:09

As long as they have a decent ski area operation, which it seems they do, I can't see how this is going to be negative...

DrJeff · Post by **DrJeff** » Feb 20th, '07, 12:19

Anyone thinking that next ski season is going to see the marketing of Vermont skiing unlike anything we've yet to see with all the new players on board.

It will be just another plus for satellite radio so you'll be able to avoid all of the inevitable corny jingles that will inundate the airways

LarryAck · Post by **LarryAck** » Feb 20th, '07, 12:26

Help me understand.....why the negative spin on the village. I have been to Whistler and Tremblant. If they build a village like those two. It will give people many more restaurants, movies, niteclubs and shops. There will be more opportunity to spend their vacation dollars and give Killington a sense of identity, which has been lost over the years. People who have investments in real estate in the area will see their property values rise. Where is the negative?

In regard to the mountain, there is no doubt there will be improvements their. It will be part of the entire package.

johnny the jibber · Post by **johnny the jibber** » Feb 20th, '07, 12:27

where is everyone gonna park?

millerm277 · Post by **millerm277** » Feb 20th, '07, 12:37

LarryAck wrote:Help me understand.....why the negative spin on the village. I have been to Whistler and Tremblant. If they build a village like those two. It will give people many more restaurants, movies, niteclubs and shops. There will be more opportunity to spend their vacation dollars and give Killington a sense of identity, which has been lost over the years. People who have investments in real estate in the area will see their property values rise. Where is the negative?

Because a lot of the people here don't have the money to spend at the places that are typically installed in these villages, and don't like the clientel that they typically bring in.

Good for the ski area, bad for us.

Dr Z · Post by **Dr Z** » Feb 20th, '07, 12:37

johnny the jibber wrote:where is everyone gonna park?

In the mulit-level garage at $20 a day. But that gives you "free" shuttle service.

Highway Star · Post by **Highway Star** » Feb 20th, '07, 12:41

LarryAck wrote:Help me understand.....why the negative spin on the village. I have been to Whistler and Tremblant. If they build a village like those two. It will give people many more restaurants, movies, niteclubs and shops. There will be more opportunity to spend their vacation dollars and give Killington a sense of identity, which has been lost over the years. People who have investments in real estate in the area will see their property values rise. Where is the negative?

In regard to the mountain, there is no doubt there will be improvements their. It will be part of the entire package.

Well, the problem with the last 5 years is that ASC was trying to push forward on a village while basicly neglecting the mountain. That clearly beneifits the developer, ASC and high end real estate clients, at the expense of everyone else who uses the mountain.

However, with the Centrex pull out and now the sale, it's obvious that Killington as a Ski Area is not in good enough shape and run well enough to be a strong real estate draw. Nobody wants to buy a high end condo at a poorly run mountain.

I don't think many people object to the base village itself (aside from parking, and the exclusiveness issue). I don't at least...just the prioritization. Hopefully this will sale will allow them to run Killington well and make the on-mountain improvements needed, before (or at least during) the village construction.

I think they'll have to show at least several years of on-mountain improvements, better operation and ski experience, and a bit more exclusiveness, before starting the village.

BigKahuna13 · Post by **BigKahuna13** » Feb 20th, '07, 12:41

millerm277 wrote:
LarryAck wrote:Help me understand.....why the negative spin on the village. I have been to Whistler and Tremblant. If they build a village like those two. It will give people many more restaurants, movies, niteclubs and shops. There will be more opportunity to spend their vacation dollars and give Killington a sense of identity, which has been lost over the years. People who have investments in real estate in the area will see their property values rise. Where is the negative?
Because a lot of the people here don't have the money to spend at the places that are typically installed in these villages, and don't like the clientel that they typically bring in.

Good for the ski area, bad for us.

What kind of clientele is that?

millerm277 · Post by **millerm277** » Feb 20th, '07, 12:42

BigKahuna13 wrote:
millerm277 wrote:
LarryAck wrote:Help me understand.....why the negative spin on the village. I have been to Whistler and Tremblant. If they build a village like those two. It will give people many more restaurants, movies, niteclubs and shops. There will be more opportunity to spend their vacation dollars and give Killington a sense of identity, which has been lost over the years. People who have investments in real estate in the area will see their property values rise. Where is the negative?
Because a lot of the people here don't have the money to spend at the places that are typically installed in these villages, and don't like the clientel that they typically bring in.

Good for the ski area, bad for us.
What kind of clientele is that?

Rich People......

johnny the jibber · Post by **johnny the jibber** » Feb 20th, '07, 12:44

Clutch · Post by **Clutch** » Feb 20th, '07, 12:48

millerm277 wrote:
Rich People......

Nice, bring on the cougars. I need to find me a sugar-mama.

Highway Star · Post by **Highway Star** » Feb 20th, '07, 12:49

millerm277 wrote:Rich People......

New Yorkers ---> Stratton
Bostonians ---> Stowe

Seriously....? Killington seems to draw in a crowd from the NY area who can ski, because it's the closest place with real terrain. And people from Boston who can ski pretty well and are party animals.

Killington has a way to go before it becomes a trophy home hot spot again.