The 24-story luxury hotel will feature 640 elegantly appointed rooms, including 89 luxury suites, 120 junior residential suites, a 25,000 square foot grand ballroom and a fitness center.

The hotel is a topped off by a 2,000 square foot rooftop Presidential Suite with a spectacular 270-degree panoramic view of Hollywood.

To the south, hotel guests can bask in the California sun on the exclusive pool deck, featuring private cabanas and a trendy bar, just steps away from the dramatic Babylon Gate and the Kodak Theatre.

The new hotel should provide a place to stay for some of the 20 million people expected to visit the new Hollywood & Highland center each year, as well as some of the celebrities preparing for the annual Academy Awards presentations.

Since there will be a direct connection between the Kodak Theatre and the hotel, I wouldn't be surprised to see some of the Oscar Night parties move here.