Pharrell's Goodtime Hotel Faces Foreclosure

0:00On April 3rd, Ferrell Williams' good time hotel in South Beach is hitting rough waters with lenders pushing for foreclosure. The seven-story spot with 266 rooms defaulted on a $152 million loan from CMMT, an arm of CM group out of. Los Angeles, court papers say the owners, Washington-squared owner, missed payments tied to the property's build-out. Ownership sits with dreamscape companies from New York, run by Eric Bernbaum, while Ferrell holds a minority stake and was the public face. Neither he nor Miami nightlife boss, David Grootman, faced the suit directly. They stepped back mid to late last year. The hotel launched in 2021 as a pastel vibe spot with rooftop parties to pump life into Washington Avenue. That strip was meant to rival busier Collins Avenue and Ocean Drive, drawing retail and bus. But locals like former Miami Design Preservation League head Daniel Sarado noted lean hard

1:00into the party scene instead. Tourism in Miami Beach has flatlined, occupancy dipped, and empty storefronts linger, hurting the revival dream. Lenders have fronted cash for payroll and even unpaid Florida sales taxes as losses piled up. Earlier clashes saw developers accuse the bank of exploiting a loan-wording glitch to hike their bill by at least $10 million in ops. Now the battle heads to court. Testing if this hospitality play can bounce back, or if South Beach's party pulls skips a beat.