The first Academy Awards honored the best films of 1927 and 1928 and were presented at a private dinner on May 16, 1929 at the Hollywood Roosevelt Hotel. Named for President Theodore Roosevelt, the hotel opened in 1927 and was financed by a group that included Douglas Fairbanks, Mary Pickford and Sid Grauman. The ceremony was held in the hotel's Blossom Ballroom, where 270 guests each paid five dollars per ticket to attend the dinner and watch the presentation. Winners were announced three months before the ceremony, which was not broadcast on radio or television. The event was hosted by Academy President Douglas Fairbanks, who presented all of the golden statuettes in fifteen minutes.