Ritz-Carlton Enters Hungary Market
- Apr 14, 2016
Budapest, Hungary—The Ritz-Carlton Hotel Co. LLC entered the Hungary hospitality market with the opening of The Ritz-Carlton, Budapest, a luxury hotel featuring 170 elegantly appointed rooms and 30 suites.
“It is an absolute privilege to open the first Ritz-Carlton hotel in Hungary,” Hervé Humler, The Ritz-Carlton president & chief operations officer, said in a prepared release. “The Ritz-Carlton service standards are globally recognized and we’re delighted to bring them to a new market. Budapest is an extraordinary city and perfectly placed to welcome the newest property in our portfolio.”
The Ritz-Carlton, Budapest, is housed within a protected historic building located on Elizabeth Square, with views over St. Stephens Basilica. Inside, The Ritz-Carlton Club Level is situated on its eighth and ninth floors, offering guests dedicated concierge, plus complimentary food and beverage presentations running throughout the day.
The property features a ballroom, situated on the lower ground floor, adjacent to five flexible meeting rooms, which combine contemporary interiors with state of the art technology.
According to the latest Horwath HTL Hungary Market Report, Budapest shows supply and demand growing hand in hand with average daily rate. Global interest in visiting Budapest has increased demand, not only during the typical peak periods (i.e. May to October) but also in off-season and shoulder periods.
“The Budapest hotel market is in a long awaited good shape with both occupancy and ADR figures on the rise,” Attila Radvánszki, Horwath HTL senior consultant, told Commercial Property Executive. “Hotels have managed to finally surpass both their pre-crisis ADR levels, which are still considered cheap compared to other capitals in the region like Vienna or Prague.”
The report cites that the Budapest hotel market recovery has been long overdue to follow such European capitals as Prague and Vienna. Additionally, the much-criticized, nevertheless continuous, promotional efforts of the Hungarian National Tourist Office, the constant infrastructure improvements in the city center and the advent of private-sector initiatives establishing quality attractions and entertainment hubs all have contributed to Budapest becoming a better overall tourism product.
“Major refurbishments have been completed in the downtown area which coupled with a booming restaurant and bar culture attract primarily leisure individuals who appreciate the still excellent price-value ratio of the destination,” Radvánszki said. “Also the increasing popularity of the annual events such as the Spring Festival or the Sziget Music Festival offer a fresh and more affordable alternative to many mainstream destinations.”
The Ritz-Carlton hotel in Hungary is located in the heart of the cultural and shopping district, literally on the doorstep of Budapest’s heralded historic sites and close by from the Danube River.
“The ‘Pearl of the Da nube,’ Budapest is perfectly located as the European gateway to travelers whether coming for business or leisure,” Humler said. “But not only are we looking forward to welcoming our guests and sharing our vision and service standards; we are also excited to become an integral part of the thriving, vibrant city itself.”
Image courtesy of the Ritz-Carlton Facebook page