In particular, he wants to call it BOB, for "Big Orange Building". I like this plan; part of the point of this post is to help advance Joel's campaign.
A variant has BOB standing for "Bright Orange Building". I like this one less because the color is more of a rust orange than a clown hair orange.
Addendum: A reader from another university suggests:
How about Butt-ugly Orange Building? May be that would [be] BUOB? Looks like a Hyatt and has the character of it. ... I guess the idea is to get the students ready for their future career of slogging around the country staying in charmless hotels.