The Ritz-Carlton Hotel Company, L.L.C. has signed a deal with Al Habtoor Group, the UAE based conglomerate, which will see the opening of the first property from the luxury brand in the Hungarian capital.
Located in the heart of Budapest, the 192 room hotel overlooks Erzsébet square with commanding views of St Stephen’s Basilica. The property will undergo an extensive renovation set to commence at the beginning of 2016 and is due for completion in the second quarter.
Budapest is home to some of Europe’s most impressive historical architecture, such as the Buda Castle, the Chain Bridge, Heroes’ Square, the Parliament and St. Stephen’s Basilica. It is widely known as a popular tourist destination in Central Europe; home to a number of World Heritage Sites such as the banks of the River Danube, the Buda Castle Quarter, Andrassy Avenue, Heroes Square and the Millennium Underground Railway (the second oldest in the world).
The Ritz-Carlton Hotel Company adds another European capital to the growing portfolio of destinations in which global travellers will find the luxury hotel company’s award winning service, due to reach 100 hotels by the end of 2016.
The announcement of a new luxury hotel in Budapest comes as a surprise given the downturn of the overall economy but also its tourism industry. After its national airline Malev went bankrupt 3 years ago, Budapest has been emerging as a low cost, groups destinations. Four Seasons Gresham Palace, the direct competitor of the future Ritz Carlton has been one of the worst performing properties in Europe for the Canadian chain.
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