Ritz-Carlton is to assume management of the Elizabeth Park Hotel in Budapest, its first hotel in Hungary.

Joining the group as a "Ritz-Carlton Partner Hotel", it will undergo an extensive renovation and be re-launched as The Ritz-Carlton, Budapest in spring 2016.

Set on on St Erzsebet Square, work at the 198-room hotel will include the addition of The Ritz-Carlton Club, some new luxury suites and changed concepts at the hotel’s restaurants.

“It is an honour to bring The Ritz-Carlton experience to Hungary at the heart of this vibrant capital city," said Herve Humler, Ritz-Carlton’s president and chief operating officer. "We are looking forward to opening the newest European hotel in Budapest in 2016.”

The hotel was part of Starwood’s Le Meridien brand until September 1, but will now be available through the Ritz-Carlton system as part of the new deal with hotel owners, Al Habtoor Group.

Ritz-Carlton operates 90 hotels, with a further 40 hotel and residential projects under development worldwide.

The group is also opening its latest Reserve project in the Bali town of Ubud, the Mandapa, a Ritz-Carlton Reserve, with 35 suites and 25 pool villas. Other Reserves in the pipeline include Los Cabos in Mexico in 2016 and then Pearl Island, Panama in 2017.