Ruby Hotels, under the leadership of its founder and CEO Michael Struck, continues its expansion in Europe with the opening of its first hotel in Budapest in 2026, which will integrate the brand’s Lean Luxury concept. This project marks the transformation of the Corvin Palace, the city’s oldest department store, into a Ruby hotel.
Ruby Hotels, under the leadership of its founder and CEO Michael Struck, continues its expansion in Europe with the opening of its first hotel in Budapest in 2026, which will feature the brand’s Lean Luxury concept. This project marks the transformation of the Corvin Palace, the city’s oldest department store, into a Ruby hotel.
The mixed-use building will include a hotel with 181 rooms, commercial and gastronomic spaces, as well as a food and cultural market. This new hotel will span four floors and offer views of the city from the public areas located on the 5th floor, in the building’s attic, with ceilings over six meters high.
The Corvin Palace, a listed historic monument since 1926, is located on Blaha Lujza Square, a dynamic area of Budapest, benefiting from excellent accessibility via public transportation. The hotel’s design, developed by Ruby’s team led by Matthew Balon, will respect the historic architecture of the Corvin Palace. The Balogh family is known for its innovative redevelopment projects and commitment to preserving architectural heritage.
Construction work is set to begin at the end of 2025, with an opening planned for the end of 2026.
“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.” – Elena Günther-Jakobs, Associate Director Development Northern & Central Europe
“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.” – Olivér Balogh, Co-Owner of Corvin Palace
