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The Carlo IV was designed by the Austrian architect Wölf, in the same neoclassical style which characterises the National Theatre and National Museum. Its first resident was the Czech Savings and Loan Bank, as you can see from the inscription HYPOTECNI BANKA CESKA over the door. During the communist era the building became the headquarters of the Czechoslovakian Postal Service.

After years of neglect, it was restored by architects and designers including Maurizio Papiri, Adam D Tihany and Simone Micheli. Architectural features of the original building are complemented by contemporary additions in steel and glass, which lift the space and give it a luminosity. The rooms feature headboards that date back to the first half of the 19th century; and the period frescoes have all been artfully restored.