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.
More by Mark Lacter:American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Politics stories:Obama meets with victims of LAX shooting*
Maria Elena Durazo profile names a key name *
President Obama's arrival timed to rush hour (again)
Obama will visit DreamWorks Animation, Magic's home
Some USC students wish they were invited to Bush speech
Previous story: New California population numbers from Census Bureau
New at LA Observed
On the Politics Page
Go to Politics
Sign up for daily email from LA Observed