German up-market hotelier, Ruby, has signed its first Hungarian property – part of a mixed-used conversion project in Budapest that will feature a 181-room hotel, alongside retail and gastronomic outlets.
The new Ruby Hotel will be spread across four floors of the building. Public areas, including a bar and lounge, will be located on the 5th floor in the building’s attic, which features over six-metre-high ceilings and offers stunning views of Budapest’s skyline and the iconic ’Lady on the Hill’ statue.
Corvin Palace, Budapest’s oldest department store and a listed building from 1926, is undergoing a transformation into a vibrant hub for both locals and visitors. Strategically situated at Blaha Lujza Square, one of the city’s main squares, the hotel benefits from excellent public transport connections, including metro, bus, and tram lines, ensuring seamless travel within the city.
Subscribe to LATTE’s free eNewsletter to keep up to date with everything in the luxury travel industry.
Elena Günther-Jakobs, Associate Director Development Northern & Central Europe, 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 truly think that Ruby’s Lean Luxury concept is the future of hospitality in a city like Budapest,” Olivér Balogh, Co-Owner of Corvin Palace said of the partnership.
Construction is set to begin in late 2025, with the hotel’s opening anticipated by the end of 2026.
