Rick Caruso cuts deal with Glendale hotel owner

The L.A. developer finally reached an agreement to buy the Golden Key Hotel, which is where he wants to expand his Americana at Brand shopping complex. Sale price was not disclosed; earlier hotel owner Ray Patel had been offered $6 million for the property, but he turned Caruso down for reasons that still aren't clear. Patel told Curbed L.A.'s Dakota Smith that the purchase was was "fair." The Golden Key will stay open until the end of the year. Caruso, who is among the more active local developers these days, says he's still mulling a mayoral bid in 2013.