The structure was built between 1887 and 1891 by Spanish architect José Grases Riera to serve as the headquarters of La Equitativa insurance company, and was known as the Palace of La Equitativa.
From 1920 to 2004, it served as the headquarters of Spanish bank Banesto.
After Banco Santander purchased Banesto,  changed headquarters in 2004.
Afterwards, the building stood empty and abandoned for several years.

In 2012, the building was declared as a cultural heritage monument.
 That same year, Santander sold the structure to construction company OHL, with plans to transform it into a luxury hotel.
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 hotel eventually became part of a €530 million project that restored six additional buildings right next to the hotel.
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, all of which will open simultaneously as the new Canalejas Center.
The structure was built between 1887 and 1891 by Spanish architect José Grases Riera to serve as the headquarters of La Equitativa insurance company, and was known as the Palace of La Equitativa. From 1920 to 2004, it served as the headquarters of Spanish bank Banesto. After Banco Santander purchased Banesto,  changed headquarters in 2004. Afterwards, the building stood empty and abandoned for several years.
In 2012, the building was declared as a cultural heritage monument.  That same year, Santander sold the structure to construction company OHL, with plans to transform it into a luxury hotel. 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 hotel eventually became part of a €530 million project that restored six additional buildings right next to the hotel. 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, all of which will open simultaneously as the new Canalejas Center.
Four Seasons Hotel Madrid