A new player is set to enter the Hungarian hotel market: the international hospitality brand Julius Meinl Living has purchased a historic, protected property in Budapest’s 6th district. Following a major renovation, the building will reopen as a luxury hotel named The Julius Budapest in 2029, according to a statement from the law firm Schoenherr, which advised on the project.
The development will take place on Hegedű Street
The investment is located in the heart of Terézváros, on Hegedű Street, close to Andrássy Avenue and the Hungarian State Opera, EQS News reports. Julius Meinl Living acquired the building from Longbridge Group. After a complete reconstruction, the hotel will feature 118 rooms and serviced apartments. With an average size of 34 square metres, the rooms will be considered spacious for the luxury hotel category, Portfolio notes based on the statement.
The total gross floor area of the property will be 9,910 square metres. The developer will preserve and transform the existing building, while adding new wings on the remaining part of the plot.
A room at The Julius Prague. Photo: Facebook/The Julius Prague
Prague’s The Julius has been a major success: Budapest will adopt a similar concept
Julius Meinl Living is already well known in Central and Eastern Europe. The brand opened its first The Julius property in Prague in 2022, and it has since become a favourite among guests. The hotel has a 9.6 rating on Booking.com and recently received a Michelin Key, a prestigious international recognition for luxury accommodation.
Screenshot: Booking.com
In 2024, the Prague hotel generated EUR 12.2 million in revenue and EUR 6.4 million in EBITDA*, resulting in a 52% profit margin – considered particularly strong in the hotel industry.
The Budapest property will be the company’s third hotel under this brand; The Julius Bucharest is expected to open around 2027.
(*Earnings Before Interest, Taxes, Depreciation, and Amortisation)
Budapest remains a highly attractive destination for luxury tourism
The company highlighted that Budapest has seen significant growth in tourism in recent years. In 2024, Budapest Airport handled 17.5 million passengers, representing a 19% increase compared to the previous year. The city now offers the highest proportion of luxury accommodation in the region.
The Julius Budapest is planned to achieve at least LEED Gold sustainability certification, recognising environmentally conscious, modern hotel operations.
Illustration. Photo: depositphotos.com
When will it open?
Construction work is expected to begin within a year and last for more than two years. The hotel is projected to welcome its first guests in early 2029.
