[2] Located in Madrid's city center and steps away from the Puerta del Sol, the building was originally constructed from 1887 to 1891 as the headquarters of La Equitativa insurance company, but is better known as being the headquarters of Banesto from 1920 to 2004.

That same year, Santander sold the structure to construction company OHL, with plans to transform it into a luxury hotel.

[6][7] In late 2013, extensive repairs, restoration and renovations began to transform the neglected building into a hotel.

The building's protection status posed several challenges and caused construction delays.

The six smaller buildings eventually joined the Palace of La Equitativa to create an even bigger complex that not only includes the hotel, but also the luxury shopping mall La Galería de Canalejas.