Gresham Palace

The Gresham Palace (Gresham-palota) is a building in Budapest, Hungary; it is an example of Art Nouveau architecture. Completed in 1906 as an office and apartment building, it is today the Four Seasons Hotel Budapest Gresham Palace, a luxury hotel managed by Four Seasons Hotels. It is located along the River Danube, adjacent to Széchenyi Square and the eastern terminus of the Széchenyi Chain Bridge.

History

The site was once occupied by Nákó House, a neo-classical palace built in 1827. In 1880, the London-based Gresham Life Assurance Company bought the property, at a time when it was illegal for insurance companies in Great Britain to invest money in stocks, but rental income was an acceptable and legal 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 architects Zsigmond Quittner and Jozsef Vago to design the new structure, and in 1904, they began construction of the Gresham Palace, which was completed in 1906 and opened in 1907. It was named after the 16th-century English financier Sir Thomas Gresham, the founder of the Royal Exchange in London.

Originally, the palace served as an office building as well as a residence for senior staff of the Gresham company. During the occupation after World War II, the Red Army used the building as a barracks. Eventually, it became decrepit and was used as an apartment building during the People's Republic of Hungary. In 1990, following the end of the communist regime, the national government presented the palace to...