The Élysée Palace (French: Palais de l'Élysée; pronounced [pa.lɛ d(ə) le.li.ze]) is the official residence of the President of the French Republic. Completed in 1722, it was initially built for Louis Henri de La Tour d'Auvergne. It was used as the office of the French President for the first time in 1848. The current building contains the presidential office and residency, as well as the meeting place of the Council of Ministers. It is located near the Champs-Élysées in the 8th arrondissement of Paris, the name Élysée deriving from Elysian Fields, the place of the blessed dead in Greek mythology. Important foreign visitors are hosted at the nearby Hôtel de Marigny, a palatial residence.