W Hotels Worldwide, now part of Marriott International, will make an entrance into Hungary with W Budapest, a distinctive property that will reimagine the iconic Drechsler Palace.

Set to open in 2020, the new hotel will bring innovative design, luxury experiences and premier service to Hungary’s cosmopolitan capital.

Ideally located on Andrassy Avenue, a UNESCO World Heritage Site, and across the street from the State Opera House, the hotel will provide guests access to the best shopping, dining and cultural landmarks in Budapest.

“W Hotel’s bold and vibrant take on luxury continues to expand into some of the most exciting destinations in Eastern and Central Europe,” said Carlton Ervin, chief development officer, Europe, Marriott International. “The signing of this landmark hotel in Budapest matches the rising demand of luxury travelers and underpins our commitment to grow our portfolio in the region.”

The historic Drechsler Palace will be fully renovated to include 162 guestrooms and suites, including the luxurious Presidential Suite, a restaurant, bar and the signature W Living Room, the brand’s evolution of the traditional hotel lobby. It will also feature meeting and event spaces, a state-of-the-art spa, fitness center and pool.

W Budapest follows the opening of W Hotels in Istanbul, Barcelona, St. Petersburg, London, Paris and Amsterdam. The brand now boasts a worldwide portfolio of 50 properties around the globe and is on track to reach 75 by 2020.