Built on the initiative of Knut Agathon Wallenberg, it was opened in 1893 by King Oscar II of Sweden.[1] The hotel was owned by the Wallenberg family until 1999, when it was purchased by Nordisk Renting who sold it in 2002 to Danish-Egyptian hotel owner Enan Galaly's chain Helnan Hotels.[2] On 20 December 1938, the Saltsjöbaden Agreement was signed at the hotel.