Rick Caruso coughs up a lot more money for Glendale hotel

The L.A. developer originally offered $6 million for the Golden Key Hotel and wound up paying more than $16 million, the Glendale News-Press reports, citing county records. The property' was appraised at $4.9 million, so it looks like hotel owner Ray Patel did quite nicely for himself.

In total, Caruso spent more than $20 million to buy land to expand his 15.5-acre mixed-use development, including $16.25 million for the Golden Key and $4.1 million for an empty former recording studio next door. Caruso plans to demolish the buildings and erect a structure to house Nordstrom, which has agreed to leave its 140,000 square-foot site inside the neighboring Glendale Galleria in 2013 and move into the Americana at Brand.