Loki is the largest patera and the most energetic hotspot on Jupiter's moon Io, in turn the most volcanically active body in the Solar System, but the nature of the activity remains enigmatic. We present detailed analysis of Galileo Near-Infrared Mapping Spectrometer (NIMS) and PhotoPolarimeter/Radiometer (PPR) observations covering the 1.5-100 μm wavelength range during the I24, I27, and I32 flybys. The general pattern of activity during these flybys is consistent with previously proposed models of a resurfacing wave periodically crossing a silicate lava lake. In particular our analysis of the I32 NIMS observations shows, over much of the observed patera, surface temperatures and implied ages closely matching those expected for a wave advancing counterclockwise at 0.94-1.38 km/day. The age pattern is different than other published analyses which do not show as clearly this azimuthal pattern. Our analysis also shows two additional distinctly different patera surfaces. The first is located along the inner and outer margins where components with a 3.00-4.70-μm color temperature of 425 K exist. The second is located at the southwestern margin where components with a 550-K color temperature exist. Although the high temperatures could be caused by disruption of a lava lake crust, some additional mechanism is required to explain why the southwest margin is different from the inner or outer ones. Finally, analysis of the temperature profiles across the patera reveal a smoothness that is difficult to explain by simple lava cooling models. Paradoxically, at a subpixel level, wide temperature distributions exist which may be difficult to explain by just the presence of hot cracks in the lava crust. The resurfacing wave and lava cooling models explain well the overall characteristics of the observations. However, additional physical processes, perhaps involving heat transport by volatiles, are needed to explain the more subtle features.