Ruby is the latest international hotel brand to announce its market entry into Hungary, having signed an agreement to open in the nation’s capital, Budapest.
The brand makes a habit of enjoying the quirky and unique opportunities presented by conversions of existing buildings in many European city centres. And in Budapest, it will be following the same path, with the new 181 room Ruby to be delivered as part of a mixed use conversion of Corvin Palace, Budapest’s oldest retail department store.
Reusing a heritage asset
The listed property dates from 1926, and will be reinvigorated with a hotel across four floors of the building, plus retail and food outlets, and a planned cultural and food market. Exploiting the attic vaults of the top floor of the building, the layout of the hotel will place its bar and lounge on this top level, combining great interiors and providing unrivalled views across Budapest.
The Corvin Palace is owned by the Balogh family, well known in the local market for their property stewardship. Co-owner Oliver Balogh commented: “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.” Work will start on the project later this year, in expectation that the hotel and associated uses will begin within the refurbished structure before the end of 2026.
Currently Ruby has 20 hotels open across Europe, with a further half dozen in the pipeline. The brand is also testing the market for Ruby in China, and has built out workspaces in several European city destinations, providing inspiring office spaces.
Budapest is enjoying the attention of a growing number of international hotel brands, with a strong pipeline of hotel projects in planning or under construction. Mandarin Oriental is reimagining the landmark Gellert hotel and spa in the city, aiming to relaunch the refurbished property in early 2027 as a 143 room luxury hotel.
Accor and its Ennismore lifestyle division between them have a handful of projects across the city. These include Jo&Joe Budapest, due to launch in the coming months, as well as Movenpick and 25hours hotels in development.
International chains arrive in Budapest
At the city’s airport, Accor is adding a Tribe branded hotel alongside its existing Ibis, which has been trading successfully since 2018. Back in the centre of the city, the Sofitel Budapest Chain Bridge is also being substantially reconfigured, to emerge back on the market in 2026 as SO/ Budapest.
Marriott, too, is adding to its presence in Hungary. Before the end of 2025 it should be opening the 130 room Matild Palace, a hotel being added to its Luxury Collection. Elsewhere in the city, the 260 room Moxy Budapest Downtown is also under construction.
