Hotel owner turns down Caruso offer

Ray Patel says the Golden Key is not for sale - at least not for the $6 million being offered by Rick Caruso. The developer of Glendale's Americana at Brand wants the Golden Key property as part of an expansion plan (Caruso says the $6 million offer is 22 percent higher than the assessed value of the site). Patel is already suing the city and the center for alleged damage to the hotel during the mall's construction. From the News-Press:

Caruso Affiliated Vice President Matt Middlebrook said Patel had yet to formally respond to the offer, but added that if "he's not going to sell, the question is, what is Mr. Patel going to do to renovate his property?" Caruso wants to expand the 15.5-acre Americana by acquiring Patel's hotel and vacant building next door. He told the City Council last month he would replace the structures with 60,000 to 140,000 square feet of new retail space that would generate an estimated $800,000 in annual tax revenue for the city.