Located in the city centre, by the Plaza de Neptuno, this palace has become one of the most popular events venues in Madrid. It can hold up to 700 people and covers an area of 2074 square metres, making it an ideal place for gala dinners, congresses, exhibitions and conferences.

The site it occupies was part of the former Palace of the Duke of Medinaceli, built by the Duke of Lerma in the 17th century, which was popularly known among the locals as Prado Palace. King Philip V lived in there. The palace was abandoned after the death of the fiftieth Duke of Medinaceli in 1873 and was demolished in 1910 given its ruinous state. Several buildings were built on the site, including the Hotel Palace, inaugurated in 1912 as the largest hotel in Europe, as well as Neptune Palace.

Now fully restored, it has elegant rooms and a spectacular stained glass window, the work of Madrid artist Manuel Ortega, who also created the stained glass windows of La Almudena Cathedral.