The project will see the complete transformation of the former Hotel Budapest—an iconic architectural landmark instantly recognizable for its unique cylindrical shape—into Hungary’s first-ever branded residence development.
Construction will be carried out by Market Építő Zrt., with work planned to commence this summer. The first residents are expected to move in during the fourth quarter of 2027. The project combines the hallmark outstanding service of Marriott with the legacy of a Budapest architectural icon, creating an unparalleled lifestyle for future homeowners.
According to leading property advisory Savills, a branded residence is “a residential property available for purchase on the open market that is affiliated, usually by design and servicing, to a well-known brand”.
“Several global companies competed for this opportunity. Marriott International ultimately won a highly competitive tender, and their stringent standards guarantee that the revitalized landmark building will represent the highest international level of premium experience and services,” said Maximilian Scheer, project leader at MAM Zrt., who led the negotiations which were brokered by Global Branded Residences.
He added, “A successful branded residence can only operate in a truly unique and exceptional building. The immense interest is therefore also an acknowledgment of the renewed building’s design and Market’s high-quality construction.”
Jaidev Menezes, regional vice president – Mixed-Use Development, EMEA at Marriott International said, “We are proud to sign this agreement with MAM marking the debut of branded residences in Hungary – this landmark scheme brings the legacy and trusted service of the Marriott brand to a limited number of private homes within this iconic cylindrical-shaped former hotel that will continue to be a definitive structure of the cityscape.”
In its new form, the building will offer 48 exclusive, panoramic residences to future owners. Managed by Marriott, the residential staff will provide a range of services, with amenities including a wellness and fitness area, concierge services, 24-hour security, cinema, meeting room, co-working space, and a private bar.
Optional a la carte services, such as housekeeping and private dining, will also be available. Ownership also comes with access to Onvia, an owner recognition platform by Marriott International, unlocking privileges including Marriott Bonvoy Elite status.
International experience shows that such properties typically sell at a 20-30% premium compared to similar, non-branded luxury properties.
“Unique, value-enhancing developments are at the core of Market Asset Management’s strategy. This project fits perfectly into our portfolio and further strengthens our position in the premium real estate market,” said Sándor Makra, CEO of Market Asset Management Zrt.
“We seek iconic projects like the former Hotel Budapest, where, similar to the BEM Center, we can once again prove our ability to create timeless value by combining historical heritage with world-class, modern quality. We are extremely proud to bring the Marriott Residences brand to Hungary. This collaboration with Marriott also reflects the growing international confidence in the Hungarian market and the appeal of Budapest,” added László Balassa, deputy CEO of Real Estate Development at Market Asset Management.
For decades, the former Hotel Budapest, famous for its distinctive cylindrical shape, has been a defining feature of the Budapest skyline. Market Asset Management’s investment aims not only to create a modern, premium residential building that honors this unique circular form, but also to rehabilitate the entire surrounding area, according to a press release sent to the BBJ.
The structure will regain its original architectural value while being equipped with the most advanced 21st-century technical and sustainability solutions. For instance, its energy supply will be provided by a geothermal heat pump system, eliminating the use of natural gas and enabling near-zero carbon emissions.
The neglected surface parking lot in front of the building will be replaced by a new public green park. Residents’ vehicles will be accommodated in a new underground garage, increasing the proportion of green space and contributing to the neighborhood’s prestige and property values.
Sales will be managed by Market Asset Management, with pre-registration for the residences opening in September 2025.
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