Yours truly doubts that most faculty are aware of the scale of the business enterprises that operate at UCLA. Below you can take a look at the 2008 strategic plan for UCLA Housing and Hospitality. Among other things, on page 9 you will find that the hotel/conference center that was slated to replace the Faculty Center is not so recent. It was first surfaced to faculty about a year ago. But it goes back at least to 2008-09.
These guys are hard to resist!
Yes, and it's already identified as an 'executive conference center', which might explain why the rooms are too expensive for commoners.