HONOLULU -- Although many local companies are seeing their business dip into the red in this difficult economy, on Saturday night promoters of one local landmark said they were optimistic about a pink future.

There was a star-studded event in Waikiki Sunday night for the reopening of the Royal Hawaiian Hotel.

Six months and $60 million later, the historic Royal Hawaiian Hotel reopened its doors with a huge celebration.

"It kinda looks like one of those great hotels out of the movies where you have to go hide out somewhere, just kind of like one of those historic older hotels but with that class and that funk. It's really cool," actress Hayden Panettierre said.

Hollywood celebrities, athletes and dignitaries walked the red carpet as part of the grand reopening gala.

The star of the show was in pink.

"Love the color pink. Unfortunately, I forgot to wear it, but I'm just excited to be here," Pittsburgh Steeler Chris Kemoeatu said.

Former "The Bachelor" contestant Andrew Baldwin joked in front of the cameras about wearing pink underwear.

About 1,000 people paid $350 apiece to welcome the Pink Palace back into Waikiki. Sunday night's party was a fundraiser benefiting the Rehabilitation Hospital of the Pacific Foundation.

From the resort's entrance to its rooms, the hotel has been restored with emphasis on historical authenticity and luxury.

Interested in a stay in the newly renovated Kamehameha Suite, decked out with Louis Vuitton accessories? Be ready to shell out $5,000 a night.

Starwood Hotels and Resorts is optimistic the famed hotel will weather tough economic times because of loyal return guests.

"The Royal Hawaiian has opened very successfully," said Cheryl Williams, regional vice president for sales and marketing. "Our hotel is sold out this weekend and so we're very proud of that. And the demand for the Royal Hawaiian and coming back to the pink palace has been extremely good."