As the UCLA Grand Hotel is coming to completion, it might be useful to think about the impermanence of commercial construction - which is what the Grand Hotel essentially is. There are probably no buildings off limits for replacement on campus other than Royce and Powell. What does continue indefinitely is investment in human capital, e.g., properly endowed scholarships, research endeavors, and chairs for faculty.
Someday (who knows when?), the build and bond bureaucracy of the future will decide there is a better use of space on campus than the Grand Hotel: (Won't work in iPhone.)