After changing hands in a foreclosure sale, The Pad has now changed names.
The hotel and hostel in Silverthorne, which went bankrupt before being acquired by its lender in November, became The Block on April 28, according to Crestline Hotels & Resorts.
βWe thought that with the culmination of another great ski season in Summit County, it was an appropriate time to change the name,β said Chris Manley, a Crestline executive.
βWe wanted a name that would speak more towards the community, the commons, The Block,β Manley explained. The property is built to be communal, he said. βIt is such an inviting location and such a unique place where both guests to Summit County and locals come.β
Built in part from shipping containers, the building at 491 Rainbow Drive won awards and praise from travel outlets as The Pad. But it struggled to emerge from under the large and untraditional loans that funded its 20 months of pandemic-era construction in 2020 and 2021.
In August 2023, The Pad was sued by Broadmark Realty Capital, which had loaned it $12.9 million and not been repaid. A receiver was appointed to run the hotel as a result. Then came a bankruptcy, a sale for $10.1 million that was blocked, and the fall foreclosure.
Broadmark acquired the hotel through a credit bid, then hired Crestline to manage it. That firm also operates the AC Hotel in nearby Frisco and a Hampton Inn in Silverthorne.
βWe are still the same approachable property that we always have been and most of the employees are the same employees that greeted you,β Manley sid of The Block.
After changing hands in a foreclosure sale, The Pad has now changed names.
The hotel and hostel in Silverthorne, which went bankrupt before being acquired by its lender in November, became The Block on April 28, according to Crestline Hotels & Resorts.
βWe thought that with the culmination of another great ski season in Summit County, it was an appropriate time to change the name,β said Chris Manley, a Crestline executive.
βWe wanted a name that would speak more towards the community, the commons, The Block,β Manley explained. The property is built to be communal, he said. βIt is such an inviting location and such a unique place where both guests to Summit County and locals come.β
Built in part from shipping containers, the building at 491 Rainbow Drive won awards and praise from travel outlets as The Pad. But it struggled to emerge from under the large and untraditional loans that funded its 20 months of pandemic-era construction in 2020 and 2021.
In August 2023, The Pad was sued by Broadmark Realty Capital, which had loaned it $12.9 million and not been repaid. A receiver was appointed to run the hotel as a result. Then came a bankruptcy, a sale for $10.1 million that was blocked, and the fall foreclosure.
Broadmark acquired the hotel through a credit bid, then hired Crestline to manage it. That firm also operates the AC Hotel in nearby Frisco and a Hampton Inn in Silverthorne.
βWe are still the same approachable property that we always have been and most of the employees are the same employees that greeted you,β Manley sid of The Block.