Ruby Hotels to debut in Eastern Europe within transformed department store
Ruby Hotels has unveiled plans to make its debut in Hungary, with a new opening in Budapest slated for the end of 2026.
The project – a partnership with prominent local developer the Balogh family – will see the listed Corvin Palace transformed, with construction set to begin in late 2025.
Brought to life under the leadership of Ruby Hotels’ founder and CEO Michael Struck, the mixed-use use conversion sees the group continuing its expansion across Europe. The property will comprise 181 guestrooms, alongside retail and gastronomic outlets, as well as a food and cultural market. Public areas, including a bar and lounge, will be located on the fifth floor in the building’s attic, which features over six-metre-high ceilings and sweeping views of the Budapest skyline.
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 honouring the historic character of Corvin Palace.
“Budapest is a city of incredible energy and creativity, making it an ideal destination for our target group,” says Elena Günther-Jakobs, Associate Director Development Northern & Central Europe at Ruby Hotels. “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: “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.”
