UCLA: How about Buying Palomar?

No, not the observatory.  The Palomar Hotel on Wilshire, a short distance from UCLA.  Back in March, the Regents asked why UCLA didn't buy the W Hotel rather than build its own.  The W may not be for sale.  But the nearby Palomar Hotel is. See below.  And cheap, too.  Just a thought!

UPDATE: We could have bought the W Hotel but it would have been twice as much, although considerably less than the planned UCLA hotel (which comes with free land, unlike the W).
http://www.globest.com/news/12_423/losangeles/hotel/W-Los-Angeles-Hotel-Changes-Hands-for-125M-324549.html