One Address, Three Contracts
Okan Tower stacks three products. Wikipedia, citing Florida YIMBY, places the 316 Hilton keys on floors 11 to 30, office on 31 to 35, the 236 Hilton-managed condo-hotel units on 36 to 50, and the 163 Sky Residences from 51 up. Each tier carries a different owner, a different contract and a different exposure.
The Sponsor Sells Two Thirds of the Building
The hotel keys carry the flag and the operating risk. The other 399 units are sold. That split is the engine of the model. The sponsor converts construction cost into a sales book and keeps a hotel to anchor the address.
Okan Group ran that engine alone for years. Wikipedia records a 2019 estimate of $300 million, self-financed. Bayview PACE closed $200 million in January 2026 with the tower at 40 floors. Commercial Observer reported 62 percent of units presold at that close.
What Hilton Collects
Hilton takes a 316-key hotel and a 236-unit managed pool under one address. Bayview describes the hotel as five-star and the condo-hotel units as managed by Hilton. One development agreement and one management relationship deliver 552 rentable units.
The amenity stack is shared. The 2022 release describes the rooftop pool, the 12th-floor lap pool and clubroom, the fitness centre, the spa and the children’s room for the building. It attaches “exclusive owners-only amenities” to the 163 Sky Residences alone.
What a Unit Buyer Owns
A condo-hotel buyer owns a room inside a flagged hotel. The rental programme governs income, use and wear. None of the 2022 release, the Bayview notice or the 2026 progress reports publish the split, a minimum stay, an owner-use cap or a furnishing obligation.
Michael Sadov, sales director at Okan Tower, told Florida YIMBY in April 2026 that purchasers “increasingly view Downtown Miami condos as an asset class of their own.” That describes buyer intent. The contract terms stay unpublished.
The Presale Number Decides the Loan
Commercial Observer reports 62 percent presold at the January 2026 close. CoStar calls the $200 million a late arrival for a project that broke ground in 2022.
The lender arrived after the sales book was largely filled. Deposits fund the build through the sales schedule, and the debt lands on an asset with 62 percent of its units sold. The loan closes the stack at a stage where a conventional construction lender was not lending.
The Market the Tower Opens Into
Miami Herald reporting with CoStar data measured the market this tower enters. Miami-area hotels lifted revenue per room 37 percent on World Cup game nights and eves. Occupancy fell about four points to 73 percent. Average daily rate was $268. The gain came from price.
A 236-unit rental pool on a 2028 target sells into that market. The pool competes with the 316 hotel keys in the same building and with every other condo-hotel in the district.
The Verdict
The model works for a sponsor in a market with buyers. It hands the brand inventory it does not own. It hands the buyer a room bound to a management contract.
Two facts outside the model explain this tower. The sponsor held the asset through a pandemic on its own balance sheet. A C-PACE lender closed the stack in 2026 at a 40-floor stage.
The structure is a sales and management arrangement. The project rests on sponsor capital and a sales book at 62 percent. The structure then decides how the returns are divided once the building opens.
Four Disclosures and a Date to Watch
Four disclosures would turn the argument into a measurement. Publish the rental programme terms for the 236 units. Publish the hotel management agreement for the 316 keys. Publish the share of the 236 that has closed rather than reserved. Publish a total development cost against the $300 million of 2019.
Delivery is the second test. The sources place it in 2026, 2027 and 2028, and 2028 is the latest published target. Watch the August top-out, then the first certificate of occupancy.