Tonight’s People & Time party at the St. Regis is building to a feverish pitch. We’re already salivating about those gift bags. And we can’t wait to interview the celebs and journos who attend.

The decor will be “Hamptons Chic,” with muted neutral colors and contemporary beach furniture. The food: high-end American comfort is the description. New this year: A martini bar and a new photo experience that allows guests to take pictures and have them projected onto a wall.

Anticipated guests include “D.C. insiders, media influencers and Hollywood’s hottest stars.” Last year’s list included Matthew Morrison, Valerie Jarrett, Gayle King, the Queen of Mean Gabourey Sidibe, Chace Crawford and Tony Romo.

As an added bonus this year, both mags will be showing off their new royal wedding issue covers. Both are increasing their print runs and moving up their publication schedules next week to get copies on newsstands Monday. Typically, People hits stands on Thursday and TIME on Friday.

UPDATE: See TIME cover….