Developer Rick Caruso has negotiated a deal to acquire the Golden Key Hotel as part of his bid to expand his 15.5-acre Americana at Brand.
Attorneys for both parties mentioned the deal during a Thursday Los Angeles County Superior Court hearing, but did not disclose a sale price. Golden Key Hotel owner Ray Patel estimated in earlier court filings that his 55-room inn was worth between $15 million and $17 million.
The deal would bring to close a three-month public conflict after Caruso announced his intent to expand his Glendale Americana complex onto two properties — the hotel and a vacant brick building. Patel rejected an earlier $6-million buyout offer and criticized the developer’s efforts to get the City of Glendale to condemn the property.
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