Kathie Lee GiffordandHoda Kotbjust had a sleepover.

And AARP The Magazine’s writer and photo team have just arrived for a visit.

“Who’s there?”

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hollers Gifford as she rounds the corner of a hallway and enters the foyer.

She’s wearing a beige furry bathrobe, black ruffled pajama bottoms and no makeup.

“You gotta watch Kath,” she says.

Kathie Lee Gifford and Hoda Kotb lounge at Kathie Lee’s Flordia home (Justin Stephens)

“You need something, she’ll give it to you.

I was looking for some earrings earlier and she said, ‘Take mine!’

“That’s a beach cover-up, right?”

Kathie Lee Gifford and Hoda Kotb (Justin Stephens)

asks Kotb, holding up a colorful but skimpy shift.

“It’s a dress!”

“For a far younger woman than Hoda!”

Kotb rolls her eyes, and Gifford smacks her on the backside.

Kotb ducks into the bathroom to try on a gown and emerges moments later, tugging on its straps.

“My boobs are sagging,” she moans.

(Check out page 6 for a photo of the kids today.)

“It was a bore,” says Kotb.

“It needed a spark plug.”

“It needed trouble!”

She introduced herself and invited Gifford to make a guest appearance on the show as cohost.

The day she guest-hosted with Kotb, sparks flew.

“She changed the room the minute she got there,” Kotb recalls.

“People were laughing.”

But whenTodayshow producers asked Gifford to consider cohosting permanently, she declined.

“It’s so hard to find magic the first time,” Gifford says.

“To think it could happen twice?”

I loved her!”

In April 2008, the fourth hour ofTodaywith Kathie Lee and Hoda launched.

From the beginning, the idea was for the women to be loose, candid and lighthearted.