Ruby Announces Market Entry into Eastern Europe with New Hotel in Budapest
Ruby Hotels is thrilled to unveil its first project in Hungary, marking an exciting milestone with its market entry into Budapest.
Located within the iconic Corvin Palace, this project will transform the historic building into a vibrant hub for visitors and locals, alike. The project is being realised in partnership with the Balogh family, a prominent local developer renowned for innovative redevelopments and its dedication to preserving the city’s architectural heritage.
Above image: Corvin Palace, Budapest – future home of Ruby Hotel’s first Eastern European project.
Image credit: © Corvin Palace, Balogh Family
Under the leadership of founder and CEO Michael Struck, Ruby continues its expansion across Europe by introducing its first Hungarian property. 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-metre-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. Additionally, Budapest Ferenc Liszt International Airport is just 25 minutes away, providing convenient access for international travellers.
Renowned for its historic charm and vibrant cultural scene, Budapest continues to attract global adventurers, with growing demand for high-quality accommodations. Elena Günther-Jakobs, Associate Director Development Northern & Central Europe at Ruby Hotels, remarks: “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.”
Olivér Balogh, Co-Owner of Corvin Palace, comments on the partnership: “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.”
The Balogh family, a respected force in the local real estate market, is recognised 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.
About Ruby Hotels:
The Ruby Group under the leadership of founder and CEO Michael Struck is breaking new ground with its Lean Luxury philosophy. With a lean organisational structure and concentration on the essentials, Ruby succeeds in creating a contemporary, affordable form of luxury for modern, cost and style-conscious customers. Founded in 2013, the Group already operates 20 Ruby hotels across Europe, with a further ten hotels under construction or in the planning phase. In addition, Ruby is expanding into China via a joint venture with Delonix, headed by Alex Zheng, one of China’s most accomplished hotel entrepreneurs. Ruby also offers Ruby Workspaces in Munich, Hamburg, Dusseldorf, Amsterdam, Vienna, Stuttgart, Malta and Florence – perfectly equipped workplaces and a creative atmosphere with access to an inspiring office community. Financially strong partners support Ruby’s expansion. ECE Group; the Austrian Soravia Group; Franger Investment, a German family office; Ocean Redstone, a private equity fund; the entrepreneur Michael Hehn; and Michael Struck jointly hold the company shares.