The university was founded in 1541 by the Bishop of Osma, Pedro Alvarez de Acosta (1539-1563), with faculties of arts, canon law, medicine and theology; it was authorised on 5 August 1550 by a canonical bull of Pope Julius III, and dedicated to St. Catherine of Alexandria.

It was moved to Soria until its final closure during the academic year 1841-1842 after El Burgo de Osma had supported the losing side in the First Carlist War.

The building later became a secondary school, a prison, a vocational institute, and is now the Hotel Termal Burgo de Osma.

On the lintel that frames the main door, the niche between columns contains the image of Saint Catherine of Alexandria, flanked by two coats of arms of Bishop Acosta.

[8] La Red de Hosterías Reales de Castilla y León, Castilla Termal y el Grupo Olmedo Hoteles transformed the former university into a quality hotel that includes a thermal area of 1,500 square meters on two basement floors and 62 rooms.