Story highlights Paris awarded 2024 Games

Los Angeles awarded 2028 Olympics

Third time both cities will have hosted the Summer Games

(CNN) After three failed attempts and 12 years after the demoralizing and disheartening loss to the London bid in 2005, Paris has finally been awarded the Olympic Games it has craved.

On Wednesday, the International Olympic Committee (IOC) confirmed that the French capital would host the 2024 Olympics, while Los Angeles was awarded the 2028 Games.

Both campaign teams summarized their bids in presentations at the 131st IOC Session in Lima, Peru, before the IOC voted to formally confirm the announcements.

As part of the Paris presentation Wednesday, French President Emmanuel Macron spoke to the IOC members via video link.

"This is a win-win-win situation for Paris, Los Angeles and the entire Olympic Movement," said IOC President Thomas Bach.

Read More