The monastery complex is on the way to Hainboaz Pass, 14 km from Veliko Târnovo and 5 km from Kilifarevo, on the banks of the Belitsa River. It was founded between 1348-1350, by Theodosius Turnovski, a prominent representative of the literary school in Târnava, assisted by Tsar Ivan Alexander (1331-1371). The monastery was transformed into a literary center, with about 460 clerics, including Patriarch Eftimie of Târnova, Romul Vidinski and others. After the fall of Târnovo fortress in 1393, it was completely destroyed by the Turks. It was rebuilt in 1718, and destroyed again between 1793-1798. It was rebuilt in 1842, by Kolyu Ficheto, who builds the new church with the dedication to St. Demetrius and the residential buildings. The old church dedicated to the “Birth of the Virgin Mary” has become a chapel. There are interesting old frescoes and the icons are made by masters from the painting school in Tryavna. The iconostasis of St. John of Rila is worth seeing and admired.  Today it is a monastery for nuns.