Ruby Hotels has introduced its first Hungarian property and first Lean Luxury Hotel in Eastern Europe — in Budapest’s historic Corvin Palace.
According to Ruby, “this mixed-use conversion will feature a Ruby Hotel with 181 stylish rooms, alongside retail and gastronomic outlets, as well as a food and cultural market. The new 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 impressive attic, which features over six-meter-high ceilings and offers stunning views of Budapest’s skyline and the iconic ‘Lady on the Hill’ statue.”
Built in 1926, Corvin Palace is Budapest’s oldest department store. It is situated at Blaha Lujza Square, one of the city’s main squares, which is adjacent to the lively and scenic Jewish Quarter, home to some of Budapest’s hottest restaurants and bars.
“Budapest is a city of incredible energy and creativity, making it an ideal destination for our target group,” said Elena Gunther-Jakobs, Ruby’s Associate Director Development Northern & Central Europe. “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.”
Oliver Balogh, Co-Owner of Corvin Palace, was equally enthused. “We truly think that Ruby’s Lean Luxury concept is the future of hospitality in a city like Budapest,” he said. “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.”
Construction is set to begin in late 2025, with the hotel’s opening expected by the end of 2026.