Apparently it's the Wilshire Grand Hotel to be torn down, and replaced by a development with an office tower and a hotel tower. Here's the story from
blogdowntown:
Wilshire Grand to be Torn Down; Replaced with Office, Hotel Towers
By ERIC RICHARDSON
Published: Thursday, April 02, 2009, at 07:59PM
DOWNTOWN LOS ANGELES - Multiple sources confirmed tonight that the Wilshire Grand hotel is slated to be torn down, replaced by a new development featuring office space and a smaller hotel. The giant hotel opened in 1952 as the Statler, and has been showing its age despite recent renovations. It is currently owned by Korean Airlines.
Sources say that Downtown developer Thomas Properties Group will be a partner on the development, said to consist of a pair of towers: one office and one hotel.
The Downtown News sent out an email this afternoon teasing the story and saying that the project would cost $1 billion and break ground in 2011. Their email, which was posted on Curbed LA, said the paper's story would run at midnight.
The Downtown office market hasn't seen any additions since the building boom of the 1980s. Maguire Properties proposed a tower on 8th street, but plans for that project have not moved forward and the company has experienced financial troubles.
Before becoming the Wilshire Grand, the structure was the Statler, the Statler Hilton and the Omni Hotel. Sources say that the hotel will continue to operate for up to two years.
The hotel, at 930 Wilshire, occupies the block bounded by 7th, Figueroa, Wilshire and Francisco streets.