R.I.P.

Downtown's Wilshire Grand Hotel is liquidating $2,000,000 worth of assets from plates to chairs, tvs to beds in preparation for its summer demolition. Korean Air and architect A.C. Martin Partners Inc. will build a 70-story $1-billion luxury hotel in its place to open January 2017. Many design details are still in the planning stages, but the LAT reports that the new property will become the second tallest structure in SoCal, with a 70th floor lobby, restaurant, bar, and infinity pool. Lower floor spaces will be filled by shops, restaurants, and ballrooms. [LAT]