Americana at Brand developer Rick Caruso has offered $6 million for the Golden Key Hotel, one of two adjacent properties the billionaire is trying to acquire in order to expand the mega-mall to completely take over the Colorado Street block.
In a Dec. 20 letter, Caruso told hotel owner Ray Patel that the offer is 22% higher than a Dec. 10 appraisal commissioned by the developer that valued the property at $4.9 million — a figure also reflected in county records.
Patel could not be reached Thursday.
Caruso wants to expand the 15.5-acre Americana by acquiring the adjacent hotel and vacant brick 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, a plaza and upgraded pedestrian entry to the mall. Caruso estimated the new stores would generate $800,000 in annual tax revenue for the city.