Los Angeles chiefs voiced relief after a man alleged to have mounted a four-day arson spree in Hollywood over New Year was arrested, and charged along with another suspect. Authorities said the public should remain vigilant, but said they believe the latest arrest had put an end to the string of more than 50 deliberately-set blazes over four nights. \"Our long four-day nightmare is over,\" said Zev Yaroslavsky, a member of the LA Board of Supervisors representing West Hollywood. \"I haven\'t had a good night\'s sleep since last week, and I\'m looking forward to one tonight.\" The suspect, named as 55-year-old Alejandro Pineta, was arrested in the early hours, following the detention of a 22-year-old, identified as Samuel Arrington, shortly after the attacks started last week. The two men were both charged with arson and held in custody, Pineta in lieu of $50,000 bail and Arrington in lieu of $75,000, said Los Angeles Police Department (LAPD) commander Michael Moriarty. In all the 53 deliberately-set fires in Hollywood and surrounding parts of Los Angeles caused more than $2 million in damage, added an LA Fire Department spokesman, Jaime Moore. LAPD chief Charlie Beck said: \"I feel very good that we\'ve got the right guy .. The suspect had the right stuff in his van, and we are very confident we found our man.\" LA County Sheriff Lee Baca also voiced confidence that the arrest would put a stop to the attacks. \"The residents of Hollywood and the city of West Hollywood may now resume the peace and safety they deserve ... A serial arsonist, I believe, has been caught. My partner in chief Charlie Beck and I are relieved,\" he said. The announcements came after 16 new fires during a roughly two-hour period in the early hours of Monday, following nearly 40 over the previous three nights. \"To date, these fires have caused well in excess of $2 million in damage to vehicles and to structures,\" Moore said, adding: \"Fortunately there has been no loss of life.\" Federal investigators have been called in to help the probe of the string of arson attacks, one of the worst crime sprees in the city since the 1992 race riots. A suspect caught on camera after a blaze in a parking lot near Hollywood\'s main tourist area was believed to be in his late 20s to early 30s, with a receding hairline and dark hair worn in a ponytail, police had said. Amateur video caught the blaze in the basement of the Hollywood and Highland center, near Grauman\'s Chinese Theatre, where tourists flock to see celebrity handprints and the Walk of Fame stars. The suspect arrested in the early hours of Monday was shown in news footage as he was being detained, with a ponytail and smiling as officers discussed what to do with him. Most of the arson attacks targeted cars either outside homes on in car ports under buildings, which then caught alight. No serious injuries have so far been reported, although one firefighter was injured. Damaged property included a Hollywood Hills home where singer Jim Morrison of The Doors -- whose hits include \"Light My Fire\" -- once lived, and where he wrote the legendary band\'s \"Love Street.\" City and county officials, along with the federal Bureau of Alcohol, Tobacco, Firearms and Explosives (BATF), posted a reward of $60,000 for information leading to the arrest of those responsible.