Any recent news on the Killington Village Six Peaks Project?

[Mister Moose]

This sounds like very good news, but what does this really mean?

I'm going to guess it means developers aren't on the doorstep, and SP Land wants a third party recommendation on what to do with this piece of languishing collateral.

[rogman]

The firm they've engaged, Houlihan Lokey, does mergers and acquisitions. Wikipedia: "Its main service lines include mergers and acquisitions, capital markets, restructuring and distressed M&A, fairness opinions, valuations, and strategic consulting." My take is SP Land may have a buyer and Houlihan Lokey is representing the seller (SP Land) in this transaction. That said, I've no idea why they'd announce anything related to this. Usually that stuff is hush-hush until the deal is closed. So maybe no buyer, just getting desperate to move the property; my immediate take is this is the wrong firm for that.

[RENO]

Almost 2 years after announcing they were moving forward with finding a developer by the end of last summer, this is the only thing we've gotten? I agree with Rogman, they're looking to sell. Maybe POWDR will buy it and make it whole again...

[rogman]

Almost 2 years after announcing they were moving forward with finding a developer by the end of last summer, this is the only thing we've gotten? I agree with Rogman, they're looking to sell. Maybe POWDR will buy it and make it whole again...

POWDR has no experience with real-estate development. The only reason they would buy the land is if it were going cheap (and I expect it is), and they were going to sell the whole deal, land and resort. Certainly their 20% stake in SP Land makes any sale of the remaining 80% of SP Land difficult. I assume it significantly reduces the value of that 80% stake. However, owning both the mountain and the land changes everything. It even makes POWDR's 25 million investment make sense. Frankly, up until now, it hasn't.

[Seacoaster]

There is a banner at the K1, lol. Also, getting back to sqft cost, I picked up 1-2x6x8 spruce today, almost $10, new construction cost is getting crazy.

[yiddle on da fiddle]

Feel free to (continue) with tunnel parties and major cookouts wherever you see fit...aint no shovels going in the ground....and none seen on the horizon.....Rock Ridges new Sherriff....signing off....

[Bubba]

From the: Six Peaks Killington Welcomes Back the World Cup email from Selbo.....

SP Land Retains Advisory Firm,
Houlihan Lokey

SP Land Company, land developers of Six Peaks Killington, has completed a strategic engagement with global investment bank Houlihan Lokey to represent Six Peaks Killington as it moves forward on Phase I development for the Six Peaks project. Houlihan is the preeminent real estate and lodging investment banking practice focused on the ski and resort sector, with an extensive track record of advisory work with leading resorts and resort companies including Intrawest, Stowe, Camelback, Park City, Mammoth, Stevens Pass and more. Jeff Altman, managing director, said Houlihan Lokey was “excited to be associated with such a well-known industry leader and look forward to assisting SP Land in its plans for developing Six Peaks Killington." Steve Selbo, president of SP Land, said, “This is a natural and necessary strategic engagement and an important part of the process to build Killington Resort’s future. We are pleased to have Houlihan Lokey on board.”

SP Land recently received the US Army Corps of Engineers permit for Phase I of SIX PEAKS KILLINGTON and also received the renewals of the Vermont ANR Wetlands and Stormwater permits.

This sounds like very good news, but what does this really mean?

Exactly nothing in terms of actually starting village construction.

[rogman]

I suspect the purpose is to solve the underlying issue: the project isn't worth what its valued for on the books. I assume the holders accept this but need to placate/educate their investors. I also assume at this point overall their fund is successful enough that they can avoid investor lawsuits over this tiny hiccough. So it gets sold off at a loss, but at a price where subsequent development by the new owner makes financial sense. At the right price, it makes sense for POWDR to buy the project, and sell the entire business, land and ski area. The 80/20 split never made any sense, unless it was Cumming's way of leveraging back ownership of the land eventually. Kraft (Patriots) did that when he bought the stadium. I have no idea who the final customer would be. POWDR doesn't do real estate, would they start? Vail says they don't do real estate. The announcement, by itself, makes no sense: it amounts to nothing. It implies a lot, however.

[Highway Star]

The firm they've engaged, Houlihan Lokey, does mergers and acquisitions. Wikipedia: "Its main service lines include mergers and acquisitions, capital markets, restructuring and distressed M&A, fairness opinions, valuations, and strategic consulting." My take is SP Land may have a buyer and Houlihan Lokey is representing the seller (SP Land) in this transaction. That said, I've no idea why they'd announce anything related to this. Usually that stuff is hush-hush until the deal is closed. So maybe no buyer, just getting desperate to move the property; my immediate take is this is the wrong firm for that.

[yiddle on da fiddle]

I can JUST imagine...( God forbid)......the very image...of MyWayStahh at home....whipping his lil Skippy to a bloody pulp over this 'toon. What really IS the sound...of one hand clapping?

[hillbangin]

It's a good time to sell anything. Rates going up, etc.

Visits numbers will tell the story of the 'improvements' to the hill.

If mother nature cooperates unlike last year for the holiday periods - numbers should be great this year.

[XKillerEliteX]

So what happens if they build this village?? Does that mean they have to give back more terrain/trails ?? Think about it to put a new South Ridge Lift they had to permanently close Juggernaut. To interconnect with Pico for years they been trying to do that meant half the Sunrise trails and half the lift was abandoned they use to go down to Rt. 100. Anyways Its just a thought that just crossed my mind guys. Always like to hear peoples input

[eagle628]

I thought the Juggarnaut closure was thrush habitat mitigation. I would think there are very few thrushes living around the access road. To get the Interconnect land they swapped the undeveloped Parkers Gore...was lower Sumrise part of the same transaction?

[Big Bob]

So what happens if they build this village?? Does that mean they have to give back more terrain/trails ?? Think about it to put a new South Ridge Lift they had to permanently close Juggernaut. To interconnect with Pico for years they been trying to do that meant half the Sunrise trails and half the lift was abandoned they use to go down to Rt. 100. Anyways Its just a thought that just crossed my mind guys. Always like to hear peoples input

Act 250 permit is already approved for the village as far as I know and no trails had to be closed to get it. I wonder if anybody has ever seen these birds on Killington's upper elevations? A friend of mine had to monitor the Sturgeon fish in a local river during bridge construction and was told they have never been in that river, but was part of the environmental assement and had to be done, waste of $$$$.

[Highway Star]

So what happens if they build this village?? Does that mean they have to give back more terrain/trails ?? Think about it to put a new South Ridge Lift they had to permanently close Juggernaut. To interconnect with Pico for years they been trying to do that meant half the Sunrise trails and half the lift was abandoned they use to go down to Rt. 100. Anyways Its just a thought that just crossed my mind guys. Always like to hear peoples input

Act 250 permit is already approved for the village as far as I know and no trails had to be closed to get it. I wonder if anybody has ever seen these birds on Killington's upper elevations? A friend of mine had to monitor the Sturgeon fish in a local river during bridge construction and was told they have never been in that river, but was part of the environmental assement and had to be done, waste of $$$$.

The interconnect is ACT 250 permitted for 4 lifts and 110 acres of trails, including two lifts in line directly north of rams head up from the access road (would probably be continuous lift if built today), another lift north of those, and the Pico south east side lift. The Pico lift is the only one absolutely critical for the interconnect.

The Village lands were acquired in a land swap for the Parkers Gore lands south of the mountain. Sunrise and Juggernaut were gateways into that area, which was the focus of the mountain's thwarted expansion plans in the 80's. When ASC bought Pico in the 90's, the focus shifted to connecting to Pico and building the Village, hence the swap. There were no concessions for the Interconnect aside from the usual studies.

Sunrise was shut down for various reasons. The first sign of the end was the Skyeship, which made the NEP (sunrise) far less desirable as an access point. Once the land swap happened and the interconnect plans were laid out, it was just a matter of time before Sunrise was declared irrelevant and shut down. Killington or SP Land still own lower Sunrise (Cherry Knoll), they could throw in a lift and a bunch of megabuck home sites if they wanted.