Five years after its much-hyped South Beach debut featuring celebrity frontman Pharrell Williams, The Goodtime Hotel is in bad trouble.
A California real estate fund has filed a $150 million foreclosure action against the hotel’s owners in Miami-Dade Circuit Court, raising questions about its future, as well as Miami Beach’s broader efforts to revitalize Washington Avenue, where Goodtime occupies a full block.
The lawsuit by an affiliate of CIM Group, a prominent commercial real estate investor and developer, claims that Goodtime’s owner, Washington Squared Owner, is in default of a $152 million loan that financed the project. Washington Squared is controlled by a New York-based hospitality developer, Dreamscape Companies…