The Váci utca was the first street in downtown Budapest to be pedestrianized, but it was one of the best places for shopping long before this change. The street was formed in the 18th century but most houses date back to the 19th and early 20th century. It quickly became the shopping centre and later the esplanade of the Pest side. As the mid-day or evening promenade in Váci Street slowly became a fashionable leisure activity for the "well-to-do" in the last century, shops grew more and more expensive and later only the most exclusive merchants could afford to open an outlet on the street. The street has been marked by a certain exclusivity ever since (just few steps away from the hotel).