Too fun! This place is great. Teddy's Lounge is located right there in the lobby of the Roosevelt Hotel. This is a classic 1920's Hollywood hotel. In fact, the first Academy Awards were held here starting in 1927.
Get yourself a drink and relax at a table or on one of the lobby couches. You'll be surrounded by both tourists and locals having a drink before going on to a show at one of the three theaters just outside or taking a break from a banquet being held in one of the hotel's Hollywood-era style ballrooms. The first floor ceiling is open, allowing a view to the floor above. Or, you can go upstairs and walk around, looking down from the balcony.
Either way, people are welcome to cruise the place, looking at all the memorabilia and pictures of movie stars that line the walls. Its set up like a mini-exhibit, a way for the hotel to show off its rich history. They even, supposedly, have movie star ghosts that haunt the place. Ask about Room 928.
For sure, the best part of poking around is to go upstairs and peer in the cracks between the doors of the big ballroom - its usually locked.
As you get off the elevator, the doors to look through are on the opposite wall to the left. The interior is so old Hollywood. The chandelier is the size of a minivan and magnificent. I would imagine this grand room is where they used to hold the Academy Awards and, I must admit, when I first looked in, I found myself a bit awestruck.