Indeed, the owners had to declare bankruptcy, and the building was left to the elements. By itself, Monte Palace was losing 16,000 escudos per month. The following weeks and months were embarrassing for Portugal.

San Francisco has its fair share of fancy hotels, but none quite hit the mark like the historic Palace Hotel on the corner of New Montgomery and Market Street. Originally built in 1875, the Palace Hotel was the first luxury hotel in San Francisco and, at the time, one of the largest luxury hotels in the world.