Hungary: Luxury boutique brand Ruby Hotels will open its first property in Hungary, located within the Corvin Palace department store in Budapest.
Corvin Palace, a department store and listed building from 1926, is located at Blaha Lujza Square. The mixed-use conversion will feature a Ruby Hotel with 181 rooms alongside retail and F&B outlets.
The hotel will be spread across four floors of the building. Public areas, including a bar and lounge, will be located on the fifth floor.
Construction is set to begin in late 2025, with the hotel’s opening anticipated by the end of 2026.
Elena Günther-Jakobs, associate director of development for northern and central Europe at Ruby Hotels, said: “Budapest is a city of incredible energy and creativity, making it an ideal destination for our target group. The hotel market in Budapest shows sustainable growth and offers a lot of potential for our ‘Lean Luxury’ concept which we believe fills a gap in the market for stylish, high-quality, yet affordable hospitality options.
“We are excited to continue our great collaboration with the Balogh family to bring our unique blend of style, functionality, and affordability to Eastern Europe,” she added.
Olivér Balogh, co-owner of Corvin Palace, said: “We truly think that Ruby’s ‘Lean Luxury’ concept is the future of hospitality in a city like Budapest. With Time Out Market Budapest opening in Corvin Palace alongside Ruby, we believe we have found the perfect tenant mix for our heritage building to celebrate its 100th birthday in 2026.”