This plot facing Independence Square was gifted to conquistador Francisco Pizarro after the Spanish defeated the Incas in 1534. It was then purchased by Juan Diaz de Hidalgo, the leader of the new city. He built the first house in Quito. The mansion was named House of Mayors. Numerous affluent families owned the property for the next four hundred years. During the 1930s, it was rebuilt as the Majestic Hotel with a façade resembling a Venetian palazzo. After subsequent occupants, it reopened in 2007 as the Hotel Plaza Grande. The five-star, award-winning boutique accommodations has 15 very exclusive suites and three restaurants set in opulent décor and furnishings.