Celebrities Celebrate L.A. Live's New Ritz-Carlton, JW Marriott

California Gov. Arnold Schwarzenegger, Magic Johnson, Jon Bon Jovi and Gene Simmons of KISS were among the celebrities on hand last week to celebrate the grand opening of L.A. Live's new Ritz-Carlton hotel-condo tower in downtown Los Angeles.

The 54-story tower, which is downtown Los Angeles' first five-star hotel and its new skyscraper since the early 1990s, will officially open for business next month, but was inaugurated on Jan. 13 with its first events: a massive tower-wide lighting ceremony, a fundraiser in its ballroom and a VIP party on its pool deck.

The tower — which also houses a JW Marriott that's set to open in March — is expected to be a big draw for meeting and convention attendees. In fact, groups already have booked more than 250,000 room nights there through 2024, according to BusinessWeek.

Together, the Ritz-Carlton and the JW Marriott — which combined have 1,001 guest rooms and 77,000 square feet of meeting space — are expected to generate up to $30 million in revenue every month for the city of Los Angeles.