Golden Key Hotel owner Ray Patel says he is not interested in the $6 million offer he received from Americana at Brand developer Rick Caruso for the 55-room inn on the edge of the shopping and residential complex.
On Monday, Caruso sent Patel a letter asking for a response to the $6-million offer, which he said is $1.1 million, or 22%, higher than the assessed value of the site.
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.
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