Marriott International’s W Hotels Worldwide chain agreed with QPR Properties, part of Luxembourg-based Constellation Hotels Holding, to open W Budapest in 2020.
The hotel will be located on Andrassy Avenue, a UNESCO World Heritage Site, lined with luxury retailers, across from the State Opera House in the Drechsler Palace building.
The W chain opened its seventh hotel in Europe in October 2015 in Amsterdam and it has 50 hotels globally. It plans to add 25 more hotels to its global portfolio by 2020. Marriott shares rose 0.5% on Wednesday afternoon in New York.