The monastery of Panagia of the Crusaders is recorded as the seat of the Order in Crete from 1232. As early as 1228, a hospital operated in its southern sector, from which the adjacent street (Via dello Spedale) derived its name, while from the mid-14th century the monastery offered hospitality to pilgrims travelling to the Holy Land.

The church, a three-aisled basilica with arcades and a raised central nave, was repaired in the mid-20th century and now functions as an Orthodox church, with various later additions. On its northern side stood a vaulted cloistered courtyard, and on the south a vaulted portico, remains of which survived into the early 20th century.