By Ted AYALA
In an announcement that had long been expected, Caruso Affiliated and Ray Patel of the much fought-over Golden Key Hotel finally reached a resolution on Friday, Feb. 25.
The announcement brought an end to a protracted point of contention that pitted the city and Caruso against Patel and detractors of eminent domain abuse. Terms of negotiations remain private.
Ray Patel will be allowed to continue running the Golden Key Hotel until the end of the year when it will then be closed and razed to expand the Americana.
Patel repeatedly refused Caruso’s initial bid of $6 million and it has been speculated that the settlement amount reached was in the area of $15 million.
It was also revealed that Caruso fired lawyer David Casselman just shy of a week before the settlement was announced. Casselman has alleged collusion between Caruso and Patel to obfuscate the true cost of the settlement.
Calls to Caruso Affiliated and Golden Key Hotel were not returned.