In a dramatic turn of events, the Golden Key Hotel, owned by Ray Patel in Glendale, California, was sold for $16.25 million in 2011, significantly higher than the initial offer of $6 million made by developer Rick Caruso. The hotel, situated on a busy stretch of Colorado Street, had stood its ground amidst rapid urban development, including the $400 million Americana at Brand project that encircled it. Patel, who bought the property for approximately $5.2 million in the early 2000s, refused to sell due to his desire to preserve the business and the hotel's strategic location became an obstacle to the Americana's expansion plans. The city's redevelopment agency even considered employing eminent domain to force a sale, but negotiations eventually led to a settlement far exceeding the initial offer.