So how much is Rick Caruso willing to pay Ray Patel so he can obtain the Golden Key Hotel site for an Americana expansion, and more importantly, avoid a possibly messy eminent domain situation? Curbed has obtained a letter sent yesterday by Caruso to Patel, a document that shows the developer is willing to pay $6 million for the .67 acre site. There's also a helpful appraisal: Caruso says the site is worth $4.9 million, so his offer adds a 22% premium. Will the hotel owner cash out, perhaps start over? Golden Key Hotel Barbados has a nice ring to it. Or will Patel lawyer up and go to battle against Caruso Inc.? We'll all know by the next city meeting, expected to take place in January.
Meanwhile, Patel has said previously he bought the hotel in 2001 for $5.3 million.Public records don't show the sale price.
· Blight-O-Meter: Just How Run Down is Glendale's Golden Key Hotel? [Curbed LA]
· Caruso, Golden Key Hotel Owner Patel Have Some Face Time [Curbed LA]