A proposed $2 billion project may signal the end for the storied Century Plaza hotel in Los Angeles. The plan, which includes condominiums, stores, offices and a smaller luxury hotel, must first past muster with the city of Los Angeles.

Completed in 1966, the 726-room Century Plaza was once the cornerstone of an office, retail and residential development. Doormen wearing red Beefeater outfits welcomed such luminaries as Bob Hope, Andy Williams, Walt Disney, and Ronald and Nancy Reagan.

It was there, in 1969, that President Nixon hosted a state dinner for the Apollo 11 astronauts after their return from the moon. And, in 1995, Hollywood studio head and embezzler David Begelman committed suicide in one of the rooms.

Developer Michael Rosenfeld bought the property for $366 million in May and plans to build two 50-story towers, with 293 condominiums, 100,000 square feet of office space, 106,000 square feet of retail space and a 240-room luxury hotel. But the project faces resistance from its Westside neighbors who feel the area is overbuilt.

Woodridge Capital Partners, Rosenfeld's real estate investment company, has substantial hotel, residential and office assets in the U.S. and Canada. Last year, he sold the luxury Carlyle condominium tower on Wilshire Boulevard for nearly $150 million.

The existing hotel would continue to operate during city approval and planning process, which could take up to three years. The new Century Plaza project is scheduled to finish in 2015.