Historical masonry structures constitute a fundamental part of the built cultural heritage but are characterized by an intrinsic vulnerability to ageing and natural hazards, in particular to earthquakes. The related need to assess their current health condition and to ensure their future conservation is giving rise to increasing efforts in scientific research. The combined employment of health monitoring systems and structural modelling is widely adopted in this field, either to better interpret the effects of age-related degradation or to reliably predict the structural response to earthquakes. Both scenarios can leverage experimental measurements for the model calibration, thus reducing epistemic and aleatory uncertainties in the assessment phase. Among the available modelling strategies, refined Finite Element (FE) models represent the most common choice in the SHM perspective for monumental URM structures. Nonetheless, the computational effort required by the assessments in the nonlinear fieldunavoidable in seismic evaluationsis often unfeasible, especially in practice engineering. In the case of palaces, an alternative is the employment of more computationally efficient formulations such as Equivalent Frame (EF) models. Within this framework, the paper firstly deals with the equivalent-frame modelling and model updating of the Consoli Palace, a historic masonry building in Gubbio (Italy) investigated through ambient vibration tests. The peculiar aspects of the buildinge.g. the unusually high inter-storey height, the presence of vaulted floors, the irregular distribution of the openingsmake the equivalent-frame idealization a challenging task. The comparison with a detailed finite element model developed in previous research points out the differences and limits of the two approaches, providing some suggestions to benefit from their integrated use.