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Why Exactly Did Caruso Pay $16 Million for Golden Key Hotel?

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Holy moly, Golden Key Hotel owner Ray Patel made out like a freakin' bandit. Via the Glendale-News Press: "Caruso Affiliated paid more than $16 million to acquire the 55-room Golden Key Hotel on West Colorado Street, according to county records, $10 million more than developer Rick Caruso’s original offer for the property." As readers will remember, Caruso originally offered Patel $6 million for the hotel, a deal which Patel declined. A Nordstrom is planned for the site. But seriously? $16 million? The mind boggles.
· Caruso paid $16 million for Golden Key, nearly three times original offer [Glendale News Press]
· It's Over! Caruso Buying Patel's Hotel, Will Expand Americana [Curbed LA]

The Americana at Brand

889 Americana Way., Glendale, CA 91210