Ruby Hotels: New Hotel Corvin Palace in Budapest
Ruby Hotels is thrilled to announce its latest hotel project, marking its debut in Hungary and officially entering the Eastern European market.
Set within the iconic Corvin Palace in Budapest, the company will transform this historic landmark into a vibrant hub for both tourists and locals. The collaboration between Ruby Hotels and the Balogh family aims to preserve the city’s architectural heritage while introducing an innovative revitalization of the building.
CORVIN PALACE
Corvin Palace, built in 1926, is Budapest’s oldest department store and stands in one of the city’s main squares, Blaha Lujza Square. This prime location offers excellent transport connections via metro, bus, and tram. Budapest Ferenc Liszt International Airport is just 25 minutes away, and the lively, picturesque Jewish Quarter—home to some of the city’s trendiest restaurants and bars—is just around the corner.
Olivér Balogh, co-owner of Corvin Palace, commented on the partnership: “We truly believe that Ruby’s Lean Luxury concept represents the future of hospitality in a city like Budapest. With the opening of Time Out Market Budapest at Corvin Palace alongside the Ruby Hotel, we believe we have found the perfect tenant mix for our historic building as it celebrates its 100th anniversary in 2026.”
Ruby Lotti Amburgo
Ruby Mimi Zurich
The project will include a Ruby Hotel featuring 181 stylish rooms spread across four floors, alongside a variety of retail food outlets and a cultural food market. Public spaces, including a bar and lounge, will be located on the fifth floor within a stunning penthouse featuring six-meter-high ceilings and breathtaking views of Budapest’s skyline and the iconic Lady on the Hill statue.
Under the leadership of founder and CEO Michael Struck, Ruby Hotels continues its European expansion, particularly into Hungary. Budapest, renowned for its historic charm and dynamic culture, attracts tourists from all over the world, creating an increasing demand for high-quality accommodations.
Elena Günther-Jakobs, Associate Director Development Northern & Central Europe at Ruby Hotels, stated: “Budapest is a city full of incredible energy and creativity, making it an ideal destination for our target audience. The city’s hotel market offers great potential for our Lean Luxury concept, which we believe fills a gap for stylish, high-quality yet affordable hospitality options. We are excited to continue our strong collaboration with the Balogh family to bring our unique blend of style, functionality, and affordability to Eastern Europe.”
Ruby Hotels
The Balogh family is well known for its forward-thinking redevelopment projects and steadfast commitment to preserving architectural heritage in the Hungarian real estate market. The hotel’s distinctive blend of aesthetics and practicality will be crafted by Ruby’s in-house design team, led by Matthew Balon, who will ensure the spaces reflect Ruby’s Lean Luxury philosophy while honoring the historic character of Corvin Palace.
Construction is set to begin in late 2025, with the hotel’s grand opening expected by the end of 2026.
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