Los Angeles-based investment firm CIM Group has officially taken ownership of South Beach’s prominent Goodtime Hotel following a Miami-Dade County foreclosure auction. Through an affiliate entity, CIM Group utilized its right to credit bid, securing the 266-key property with a nominal $100 bid. The maneuver follows a massive $204.7 million foreclosure judgment obtained by the lender in May 2026 and allows the firm to drastically reduce its local property transfer and documentary stamp taxes.
The hotel originated as a venture from Dave Grutman and Pharrell Williams and boasted the Strawberry Moon pool venue that has played host to Miami Music Week pool parties.
The auction marks a stark financial turnaround for the seven-story property located at 601 Washington Avenue. Originally opened in 2021 with significant industry ballyhoo and high-profile creative partners—including musician Pharrell Williams and hospitality mogul David Grutman—the venue has been mired in escalating economic instability. Records confirm that both Williams and Grutman cut ties with the operation in 2024…