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Luxury hotel chain Ritz-Carlton has entered an agreement with UAE-based Al Habtoor Group to open its first luxury hotel in Budapest, one of the most popular tourist destinations in Central Europe.

The hotel, which is currently owned by Al Habtoor Group is set to be renovated in the beginning of 2016, with work expected to complete in the second quarter of 2016.

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The 192-room hotel is located in the heart of Budapest, and overlooks St Stephen’s Basilica.

The announcement was made at the Arabian Travel Market 2015 in Dubai, and the agreement was signed between Al Habtoor chairman Khalaf Ahmad and Marriott CEO Arne Sorenson.

"The hotel, which is currently owned by Al Habtoor Group is set to be renovated in the beginning of 2016, with work expected to complete in the second quarter of 2016."

Al Habtoor Group previously teamed up with Ritz-Carlton’s parent company Marriott for the development of the Habtoor Grand Beach Resort and Spa in Dubai.

Al Habtoor Group CEO Mohammed Al Habtoor said: "We are delighted to be partnering with the Ritz-Carlton for such an exquisite property to build on our unique portfolio of hotels.

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"We are bringing together two of the best names in the business, both dedicated to offering world-class luxury and hospitality.

"We look forward to welcoming guests to experience the renewed property in early 2016."

The Ritz-Carlton is planning to expand its portfolio by opening 100 hotels by the end of 2016.

Ritz-Carlton COO Herve Humler said: "Hungary represents the next great international expansion opportunity for the Ritz-Carlton.

"We are especially pleased that our initial presence will be in Budapest, the country’s principal political, cultural, and commercial centre."

Image: Ritz-Carlton to open in Budapest. Photo: courtesy of The Ritz-Carlton Hotel Company.