The church was built in 1724, during the reign of Nicolae Mavrocordat (Prince of Wallachia, 1719-1730), by archimandrite Ioanichie Stratonikeas. Within the precinct of his inn, Ioanichie built the church, and a monastery which was economically sustained with the incomes from the inn (a relatively common situation in those times). In 1726 abbot Ioanichie was elected metropolitan of Stavropole and exarch of Caria. Since then the monastery he built is named Stavropoleos, after the name of the old seat. On February 7, 1742 Ioanichie, aged 61, died and was buried in his church.