After roughly five years and $200 million, the Goodtime Hotel is almost open.
The Washington Avenue hotel, developed by Imperial Companies’ Michael D. Fascitelli and Eric Birnbaum, opens Thursday. The developers brought on star talent to deliver and operate the property: Pharrell Williams, hospitality mogul David Grutman and designer Ken Fulk.
The 266-key hotel, at 601 Washington Avenue, features about 100,000 square feet of public spaces, Grutman’s 30,000-square-foot Strawberry Moon restaurant and pool club, 45,000 square feet of ground floor retail, a gym and library, according to a release.
The project marks the first hotel for Grutman, founder of Groot Hospitality. The developers paid $36 million for the entire Washington Avenue block in 2015, records show. The project was partially financed with a $45 million loan from Bank OZK in early 2018.
“This area of Washington Avenue was in deep need,” Fascitelli said. “It took a lot of money to bring it to this point.”
Fulk said it “feels like the perfect moment” to open the hotel, with so much attention focused on South Florida. The Goodtime is hosting InterMiami’s soccer season launch on Friday and will have pool activations this weekend to celebrate the opening, Grutman said.
The hotel and property were designed by architect Morris Adjmi, Fulk and landscape architect Raymond Jungles. Hotel rooms range from about 200 square feet to 1,000 square feet, Birnbaum said.
The partners, who referred to the hotel as “approachable luxury,” said they’re open to developing more Goodtime hotels. Birnbaum and his firm, Dreamscape Companies, are buying hotels across the country. He said he is also looking for new development sites in the Miami area.
“The key is to get this one right and make it a success,” Birnbaum added. “When and if we do that, opportunities will arise.”
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