Under the vision of founder and CEO Michael Struck, Ruby Hotels is making its debut in Hungary with an exciting project in Budapest. The Corvin Palace, one of the city’s most iconic landmarks, is being transformed into a dynamic destination that will house a 181-room Ruby Hotel alongside retail spaces, gastronomic outlets, and a vibrant food and cultural market.
Set to open its doors by the end of 2026, the new Ruby Hotel will occupy four floors of the historic building, while the top-floor attic-boasting soaring six-metre-high ceilings-will be home to public spaces, including a bar and lounge. Guests can look forward to breathtaking views of Budapest’s skyline, including the city’s beloved ‘Lady on the Hill’ statue.
A Landmark Reimagined
Originally built in 1926, the Corvin Palace is Budapest’s oldest department store and a listed heritage building. Its location at Blaha Lujza Square offers unbeatable connectivity, with metro, bus, and tram lines providing seamless access across the city. The lively Jewish Quarter, renowned for its eclectic restaurants, bars, and cultural attractions, is just a stone’s throw away. Meanwhile, Budapest Ferenc Liszt International Airport is a mere 25-minute journey, ensuring international visitors arrive with ease.
Elena Günther-Jakobs, Ruby’s Associate Director of Development for Northern and Central Europe, shared her excitement about the project: “Budapest has an energy and creativity that perfectly aligns with our vision. The hotel market here is on a sustainable growth trajectory, and our Lean Luxury concept fills a clear gap for stylish, high-quality, yet affordable hospitality. It’s a privilege to work with the Balogh family on this venture as we bring Ruby’s unique blend of functionality and design to Eastern Europe.”
A Visionary Partnership
The Balogh family, renowned for their commitment to preserving Budapest’s architectural heritage, is leading the redevelopment of Corvin Palace. Co-owner, Olivér Balogh expressed his enthusiasm for the collaboration, saying: “Ruby’s Lean Luxury approach represents the future of hospitality, especially in a city like Budapest. As we prepare to celebrate Corvin Palace’s 100th anniversary in 2026, we’re thrilled to combine the elegance of Ruby Hotels with the buzz of Time Out Market Budapest. It’s the perfect mix for this historic building.”
Matthew Balon, Ruby’s Head of Design, will oversee the interiors, ensuring the hotel seamlessly blends the brand’s signature style with the unique charm of Corvin Palace. Balon’s team will aim to honour the building’s rich history while incorporating modern elements that embody Ruby’s ethos of offering affordable luxury without compromise.
Anticipated Opening
Construction is scheduled to begin in late 2025, with the grand opening anticipated by the end of 2026. As Budapest continues to captivate travellers with its historic charm and cultural vibrancy, the new Ruby Hotel at Corvin Palace promises to become a key part of the city’s hospitality landscape, offering visitors an unforgettable stay in the heart of the Hungarian capital.
This project marks an exciting milestone for Ruby Hotels as it expands its footprint across Europe, bringing its unique hospitality concept to new audiences.
Subscribe to our newsletter below