Although there is no documentation before 1822, when the Santa Fe Trail opened, tradition says that an inn, or tavern stood on that corner for hundreds of years before that time. Some suggest that the first inn was built there in 1609, when the city was first founded..
n 1846, when General Stephen Watts Kearny conquered New Mexico for the United States as part of the Mexican-American War, the fonda was taken over by Americans. For a few years it was known as The United States Hotel, but by 1850 it had changed its name to The Exchange.
As the only hotel in town, the Exchange was the site of many grand balls and receptions. John Fremont, Kit Carson, U.S. Grant, Rutherford Hayes, Lew Wallace and William Tecumseh Sherman are known to have stayed here.