Ruby enters Eastern European market with new hotel in Budapest

Ruby Hotels is pleased to announce its first project in Hungary. Its entry into the Budapest market is an important milestone. Located in the iconic Corvin Palace, the project will transform this historic building into a vibrant meeting place for visitors and residents. The project is being realised in collaboration with the Balogh family, a respected local property developer known for innovative reuse and its commitment to preserving architectural heritage.

Led by founder and CEO Michael Struck, Ruby continues its expansion in Europe with the launch of their first location in Hungary. This multifunctional project includes a Ruby Hotel with 181 stylish rooms, retail and hospitality spaces and a food and culture market. The new hotel occupies four floors of the building. Public spaces, including a bar and lounge, are located on the building's impressive top floor with ceilings over six metres high. From here, guests have breathtaking views of the Budapest skyline and the iconic 'Lady on the Hill' statue.

The venue, the Corvin Palace, is Budapest's oldest department store and a landmark building from 1926. This historic building is being transformed into a vibrant hub for residents and visitors alike. The hotel is strategically located on Blaha-Lujza Square, one of the city's most important squares, with excellent public transport links, including metro, bus and tram lines, ensuring smooth mobility around the city. The hotel is also adjacent to the lively and atmospheric Jewish Quarter, where some of Budapest's trendiest restaurants and bars can be found. Guests thus have easy access to the city's rich cultural and recreational opportunities. Budapest Ferenc Liszt International Airport is just 25 minutes away, making the hotel ideal for international travellers as well.          

Budapest, known for its historical charm and vibrant cultural scene, continues to attract adventurers from all over the world. The demand for high-quality accommodation in the city is therefore growing. Elena Günther-Jakobs, Associate Director Development Northern & Central Europe at Ruby, said: "Budapest is a city full of energy and creativity, making it the perfect location for our target market. The hotel market in Budapest is growing steadily and offers plenty of opportunities for our Lean Luxury concept, which we position as a stylish, high-end but affordable option. We look forward to continuing the successful cooperation with the Balogh family and bringing our unique concept of style, functionality and affordability to Eastern Europe."

Olivér Balogh, co-owner of the Corvin Palace, adds: "We are convinced that Ruby's Lean Luxury concept is the future of the hotel industry in a city like Budapest. With the opening of Time Out Market Budapest in the Corvin Palace, next to the Ruby Hotel, we believe we have found the perfect mix of tenants to celebrate the 100th anniversary of our historic building in 2026 in a special way."   

The Balogh family, an established name in the local property market, is known for their progressive renovation projects and their unbridled commitment to preserving architectural heritage. Ruby's in-house design team, led by Matthew Balon, will be responsible for the hotel's interior design. This will seamlessly combine Ruby's signature blend of functionality, style and comfort with the historic character of the Corvin Palace.

Construction is scheduled to start in late 2025, with the hotel expected to open by the end of 2026.