Late-night host Jimmy Kimmel served as the emcee, and Grammy-winning singer Robin Thicke provided entertainment, as city leaders and the project's developers celebrated completion of the massive project.
"This is a project that had hundreds of thousands of dollars of public improvements to the rights of way and the sidewalks and the streets around here for all residents," said L.A. City Council President Eric Garcetti.
Officials believe the mixed-use development at Hollywood and Vine will play a major part in the revitalization of Hollywood.
"It creates and really anchors a vision that allows the whole area to expand and really in some ways become back to what it once was before, that whole renaissance of Hollywood," said Marty Collins, CEO of Gatehouse Capital.
The new hotel sits above a subway station, and officials are hoping people who live in the 143 residences to keep their cars parked.
The opening of the W Hotel also brings about 500 new jobs to the community.