The project is being realized in partnership with the Balogh family, a local developer known for innovative redevelopments and its dedication to preserving the city’s architectural heritage.

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 fifth 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. Strategically situated at Blaha Lujza tér, 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 scenic Jewish Quarter, home to some of the city’s hottest restaurants and bars, it offers guests easy access to the city’s cultural and leisure attractions.

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.”

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.