How do I do this with WordPress? Taxonomies

Hi,

I have 2 Custom Post Types called ‘Places’ and ‘Events’.

I’d like to be able to create a ‘Place’ post and associate multiple ‘Events’ to this.
So perhaps inside an ‘Event’ post, I can select a ‘Place’ post from a list to associate that ‘Event’ with that ‘Place’.

Can someone explain how I would achieve this?
Would I have to look at Taxonomies?

Many thanks for any advice.