The Palace Hotel first opened for business in August of 1879. The hotel was opened by James Knight and feautured eleegant , Victorian lodging. The Palace was designed by M.F. Bell and soon became the place for guests to stay when visiting Fulton. Legend has it that Civil War figure Cole Younger was a guest at the Palace, along with many other frontier settlers.  When Winston Churchill delivered his "Iron Curtain" speech the hotel transformed into the communications headquarters for Western Union. The hotel also hosted the first Kingdom of Callaway Supper in 1906.  The Palace has been owned by several people throughout the years. In 1990, Mike Doerhoff bought the building with co-investor William Backer. A stipulation in this purchase stated the outside of the building had to be restored to its original appearance. When David McDaniel bought the Palace from Doerhoff in 2004 he decide to restore the inside as well. The second and third floors have been renovated along with the lobby area, the elevator, and the staircase. Century 21-McDaniel Realty is located on the second floor. Other tenants of the Palace Building include Stingley Law Firm, Mid Missouri Property Management, and Tif's Ugly Mug.  "We're fortunate that historic downtown Fulton has these buildings that we can go in and fix up that were built in the 1870s, 80s, and 90s," David McDaniel states.

Information obtained by the Fulton Sun and The Kingdom of Callaway Historical Society.