Tony Pierce / KPCC

Wilshire Grand hotel is liquidating its goods in preparation for demolition.

DOWNTOWN LOS ANGELES — The Wilshire Grand is selling off every last fork, pillowcase and candlestick in preparation for the demolition of the decades-old Downtown hotel -- making way for a new, expansive luxury structure expected to be completed in 2017.

The Los Angeles Times reports that the new $1 billion hotel being built by Korean Airlines will host 70 stories; it will include a top floor lobby, infinity pool, bar, restaurant and high-speed elevators that will transport guests up to the 70th floor.

The shape and design of the skyscraper is still being fully developed, but the hotel will be the second tallest building in Southern California, Yang Ho Cho, chairman of Korean Air, told the L.A. Times.

The new hotel is only three floors shy and a few blocks away from it's DTLA competitor the US bank building, which is the tallest building in Southern California.

The first seven floors of the new Wilshire Boulevard and Figueroa structure will include retail and restaurants, followed by 20 floors of office space and then 900 hotel rooms, the L.A. Times reports.

Original plans for the new development included building two separate towers; a 45-story hotel and a 65-story office space, in addition to a ground-floor retail and transportation complex.

The Wilshire Grand opened in 1952 and officially shut its doors for business on Dec. 23, 2011. Demolition is expected to begin this summer but there won't be any grandiose explosions. Because of its location in Downtown, the old hotel will have to be dismantled piece by piece, Mark Loge, the Grand's director of media relations, told blogdowntown last year.