The hotel was built in 1926-28 and in 1990 UNESCO characterized the building as a shining example of “ArtNouveau” architecture in Europe. In 1973, during the Polytechnic revolt, this hotel was the basement for foreign correspondents, while worldwide famous photographs and films of the era were taken from its balconies. On January 9th, 2012 a major fire broke out at the historic building. It has recently become a shelter for homeless people.