The original Palace Hotel was built by San Francisco banker and entrepreneur William Chapman Ralston, who heavily depended on his shaky banking empire to help finance the $5 million project. The Palace Hotel is a member of Historic Hotels of America, the official program of the National Trust for Historic Preservation. Occupying most of a city block, the hotel's now more than century-old nine-story main building stands immediately adjacent to both the BART Montgomery Street Station and the Monadnock Building, and across Market Street from Lotta's Fountain.
The hotel was closed from January 1989 to April 1991 to undergo a two-year renovation and seismic retrofit. The present structure opened on December 19, 1909, on the same site as its predecessor. The hotel is also referred to as the "new" Palace Hotel to distinguish it from the original 1875 Palace Hotel, which had been demolished after being gutted by the fire caused by the 1906 San Francisco earthquake. The Palace Hotel is a landmark historic hotel in San Francisco, California, located at the southwest corner of Market and New Montgomery streets.
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