In the past, on the corner of Mokhovaya and Tverskaya streets, there were stone flour shops, and in the mid-1890s, there was a tavern called "Balaklava". A few years later, the property passed to the Varvarinsky Joint-Stock Company of Landowners, which began construction of a first-class hotel in 1900, designed by architect Alexander Vasilyevich Ivanov. Ivanov, already known in Moscow, had previously built the office building of the Tver Manufacturing Partnership of the Morozovs on Varvarka and the building of the insurance company "Russia" on Lubyanka Square. The hotel, named "National", opened its doors to its first guests in 1903.

The building's facades are executed in a mix of styles: neo-Renaissance, neoclassicism, and Art Nouveau, giving them a unique character. Natural stone, ceramic tiles, stucco, and smooth plaster were used in the decoration. The corner attic was adorned with a majolica panel "Apollo and the Muses", created at the Moscow Butyrsky Ceramic Factory of S. I. Mamontov "Abramtsevo" by artists S. V. Chekhonin and A. Ya. Golovin. After the revolution, it was replaced with a panel on an industrial theme based on sketches by F. I. Rerberg, also made at the "Abramtsevo" factory.

The interiors of the hotel amazed with their luxury: marble staircases, mosaic floors, stained glass windows, figures of atlantes at the elevators, and painted ceilings. The furniture in the rooms was made from valuable wood species. The hotel was equipped with modern technical innovations: electric elevators, telephones, and a steam heating system. Many rooms had bathrooms and water closets.

Staying at the hotel was not cheap (up to 25 rubles per day), but it was popular among wealthy industrialists, merchants, and foreign diplomats. In 1913, the uncle of Nicholas II, Grand Duke Alexander Mikhailovich, lived here. The hotel was also visited by prominent figures of Russian culture, such as Fyodor Chaliapin, Ivan Bunin, Anna Pavlova, and Nikolai Rimsky-Korsakov.

After 1917, the fate of the hotel changed. During the October battles, the building was damaged by artillery fire. After the capital was moved from Petrograd to Moscow, members of the Soviet government temporarily settled here: Lenin, Sverdlov, Trotsky, and Dzerzhinsky. The hotel became the "1st House of Soviets", a dormitory for the functionaries of the new power. The status of the hotel was restored in the early 1930s, and it then became known as "National". A major renovation was carried out, changing its appearance: the lower floors were repainted to resemble granite, and oak window frames were replaced with aluminum ones. The hotel was furnished with furniture from the Anichkov and Tsarskoye Selo palaces.

In 1974, the ceilings of two halls on the second floor were decorated with plafonds painted by artist I. V. Nikolaev in a classical style with elements of the V. A. Favorov school. The ornaments of the plafonds show features of the aesthetics of the "World of Art", highlighting the connection with the works of the Benois-Lanser family of artists, to which the author also belonged.

In the same 1974, "National" was included in the list of protected monuments of history and culture. The hotel restaurant was a favorite spot for the intelligentsia and Soviet bohemia.

Despite numerous renovations in the 1950s, 1960s, and 1970s, the hotel deteriorated. In the late 1980s, a comprehensive reconstruction began. The general contractor was the Austrian firm "Rogner", and the restoration project was developed by architects from Austria V. Hoffelner and E. Survillo. Russian specialists from "Mosproject-2" also participated in the restoration. All work was completed in 1995, and the updated hotel reopened its doors to guests, including presidents, members of royal families, and prominent cultural figures.