Körszálló won a category-creating award – Hungary’s first “branded residence” development was recognized at the Real Estate Awards

At one of the most prestigious events in the domestic real estate industry, the Real Estate Awards, the professional jury presented Market Asset Management Zrt. with the award for the best planned project. The special award, which is also a category-creating one in its kind, confirms the value-saving and innovative efforts of the company group: in addition to preserving the architectural monument character of the cylindrical tower building known as the Round Hotel, completed in 1967, it is being reborn as a 21st-century, sustainable and exclusive residential property by Market Építő Zrt. The Icon by Marriott Residences Budapest includes 48 exclusive apartments, the sales of which began last year, with significant interest. The prices are also in line with the quality of the project, starting at 11 thousand euros per square meter.

What does “branded residence” mean?

The main special feature of the awarded project is that with this development, the Market Group is introducing the concept of “branded residence”, i.e. branded residential property, to the domestic market. The essence of the concept is that prospective homeowners are not just buying a premium property, but also the quality and service package guaranteed by the world’s largest hotel chain and branded residence operator, Marriott International.

This model combines the intimacy of a home with the comfort of a luxury hotel. Residents are provided with five-star services on a daily basis, such as 24-hour reception and concierge service, housekeeping, or full use of the wellness and fitness center. The brand name The Icon by Marriott Residences Budapest also guarantees the long-term value of the property on the international market.

“The recognition from the Real Estate Awards is an important feedback for us that the profession values ​​courage and innovation. The rebirth of Körszálló is more than a real estate development: it is a category-creating investment. With the branded residence concept, we prove that the Budapest real estate market is ripe for the highest level of international quality products. Our goal is to save the dilapidated architectural heritage in such a way that it meets the expectations of the future in terms of energy and functionality, while offering a sense of life that has been missing from the domestic palette so far”

– said Sándor Makra, CEO of Market Asset Management Zrt.

Sustainability and engineering excellence The development of The Icon by Budapest Marriott Residences will create 48 exclusive, panoramic homes on 14 residential floors. The technical content of the project reflects the maximalism that is customary from the Market Group: The building was designed in accordance with the requirements of the “near-zero energy building requirement level”. To this end, the most modern mechanical engineering (heat pump cooling and heating systems, heat recovery ventilation), building automation (smart home solutions) and architectural solutions (solar penetration testing, sustainable materials and layering) are used.

As part of the development, not only the building but also its immediate surroundings will be renovated: in the 2nd district location, the proportion of green surfaces will be significantly increased instead of the previous paved surfaces, thus improving the microclimate of the area. Demolition work on the construction has already begun, and the project is expected to be handed over in the summer of 2028.