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…