This complex was founded in 1364, by Cardinal Egidio Albornoz, to host Spanish students enrolled in the famous university town. The construction was done by Matteo da Gubbio Giovannelli, known as Gattapone, the author of the fortress of Spoleto. Protected by high walls, the impressive building has a transitional style, mixed between Gothic and Renaissance.
The coats of arms, of the crown of Spain and founder, appear on the wall of the corner of the Cervantes house. The portal was built by Bernardino da Milano (1525), and carved in sandstone. It leads to a fifteenth century loggia and also to the courtyard in fourteenth-century brick Gothic decorative paintings appear in the upper gallery at times, including a Madonna scattering flowers (Biagio Pupini) in a Raphaelesque manner.
The cloister is dominated by the facade of S. Clemente Church and is crowned by a belfry. On the altar is an altarpiece by Marco Zoppo. It depicts the Virgin and Child with Saints, which were also in the school's fourteenth-century frescoes by Vitale da Bologna and Andrea di Bartolo.