Celebrity-hyped Goodtime Hotel faces $149M foreclosure by CIM

CIM Group escalated its legal war with Goodtime Hotel’s owners, filing a $149.3 million foreclosure complaint to seize the Miami Beach property.  On Jan. 27, an affiliate of Los Angeles-based CIM sued an entity managed by Eric Birnbaum and Michael Fascitelli, who lead New York-based Imperial Companies, for allegedly failing to live up to forbearance agreements since 2024 when the entity stopped making regular interest payments on a $152 million loan. The developers also allegedly did not pay off the debt when it matured the same year.  Birnbaum, Fascitelli and Jeffrey Gilbert, the attorney for CIM’s affiliate, declined comment.  The […]This article originally appeared on The Real Deal. Click here to read the full story.