Golden Key Hotel owner Ray Patel is rejecting Rick Caruso's $6 million offer, reports the Glendale News Press. In an email to the paper, Patel writes: "The hotel is not for sale. I recommend if Caruso feels he needs to expand his mall, to do it across the street on Brand and purchase an existing mall. I am sure the Glendale Redevelopment Agency will give him the air rights to connect the mall with a bridge." A Caruso exec responds by asking what Patel will do to redevelop the property. As previously covered, Patel was basically given two choices: Sell to Caruso or present a plan for redevelopment for the site. (Amid all of this, there's the threat of eminent domain.) Last week, Caruso re-iterated his offer of $6 million for the hotel. Complicating matters is the fact that Patel also has a lawsuit against the city and Caruso, which was filed back in 2008, over lost revenue Patel says was caused by the construction of Americana.
· Patel rejects $6 million buyout [GNP]