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.
Corvin Palace, Budapest’s oldest department store and a listed building from 1926, is undergoing a transformation into a vibrant hub for both locals and visitors. Strategically situated at Blaha Lujza Square, one of the city’s main squares, the hotel benefits from excellent public transport connections, including metro, bus, and tram lines, ensuring seamless travel within the city. Adjacent to the lively and scenic Jewish Quarter, home to some of the city’s hottest restaurants and bars, it offers guests easy access to the city’s rich cultural and leisure attractions.
Elena Günther-Jakobs, Associate Director Development Northern & Central Europe, explains: “Budapest is a city of incredible energy and creativity, making it an ideal destination for our target group. 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.”
“We truly think that Ruby’s Lean Luxury concept is the future of hospitality in a city like Budapest,” comments Olivér Balogh, Co-Owner of Corvin Palace, on the partnership. “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.”
In the local real estate market, the Balogh family is recognized for their forward-thinking redevelopment projects and unwavering commitment to protecting architectural heritage. Ruby’s in-house design team, led by Matthew Balon, will be responsible for outfitting the hotel with its signature blend of aesthetics and practicality creating spaces that 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 opening anticipated by the end of 2026.
