The engaged pair, who spent Thursday dining, shopping and ice-skating in New York City to celebrate Holmes turning 27 on Dec. 18, arrived in Miami on Friday afternoon. Also in town: Will Smith (in the city to perform at the Y 100.7 Jingle Ball on Saturday) and wife Jada Pinkett Smith, Cruise's costar in the 2004 movie Collateral.
Early Friday evening, sources say, Cruise watched Will Smith rehearse at the BankAtlantic Center in Sunrise, Fla.; later, Cruise, Holmes and the Smiths dined at Miami Beach eatery Barton G. The Restaurant.
At about 1:20 a.m., the two couples hit the South Beach rock club Snatch, where they chilled for nearly an hour in a roped-off area on the second floor. (Also partying at Snatch was baseball slugger Sammy Sosa.) Holmes, who is expecting her first child with Cruise, kept her arms around her fiancé, even hugging him from behind as they all left through a back door. (The next night, says a source, when a well-wisher asked why Holmes hadn't ridden the club's mechanical bull, Cruise joked, "If she wasn't pregnant, she would have been on the bull.")
On Saturday, the four friends spent the afternoon on a private yacht touring the bay off the Florida coast, and stopped for lunch on the exclusive Fisher Island. Later, Cruise and Holmes headed to the BankAtlantic Center for the Jingle Ball. As they hung out backstage waiting for Will Smith's performance, they took photos with all who asked.
More on Tom & Katie
As the crowd exploded in applause, the couple walked out hand in hand. "How's it going?" Cruise asked the audience. "This is my first time in Miami and I love it. Is it always like this?" Smith replied, "It is every time I come here."
"Then I can see why you keep coming back," Cruise said. Before he and Holmes left the stage, he added, "I'd like to wish you all a happy holiday and Merry Christmas and just a great year."