History
The site was once occupied by Nako House, a neo-classical palace built during 1827. During 1880, the London-based Gresham Life Assurance Company bought the property, at a time when it was illegal to invest money in stocks, but rental income was a wise investment. The company later decided to build its foreign headquarters on the site, and decided that they needed a grander setting for them. They commissioned local architect Zsigmond Quittner to design the new structure, and during 1904, they began construction of the Gresham Palace, which was completed during 1906.
Originally, the palace served as an office building as well as a home for wealthy British aristocrats associated with the Gresham company. During the occupation after World War II, Soviet soldiers resided in the extravagant palace. Eventually, it became decrepit and was used as an apartment building during the People's Republic of Hungary. When democracy was restored, the national government presented the palace to the city of Budapest. During 2001, it was bought by the Four Seasons hotel company, and was activated soon after as a luxurious hotel. Original details restored by Quinlan Private include a large staircase, stained glass, mosaics, ironwork and wintergardens.
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