Rick Caruso reaches deal with hotel owner

Looks like the L.A. developer will buy the Golden Key Hotel as part of his expansion of the American at Brand shopping complex in Glendale. No specifics on price; Caruso had offered $6 million for the property, which owner Ray Patel had turned down. In court papers, Patel estimates the value of his 55-room hotel at between $15 million and $17 million. Its assessed value is $4.9 million. As the city of Glendale breathed down Patel's neck, some sort of settlement seemed inevitable. The only question was how much would Patel hold out for. (Glendale News-Press)