It is a great question, and there are probably many answers to this question. If you click the link you will find a similar article posted by Budablogger a while back, and our answer will probably reflect his answer as well.
In general it can be said that the hotel in Budapest said to be the most luxurious hotel is the Corinthia Grand Hotel Royal. However, due to its location we are a bit reluctant to giving it the highest score. But, if luxury is the thing, that is your hotel.
If you want more modern, big and beautiful five star hotel with view towards the Danube, just between the Chain Bridge and the Elisabeth bridge, then Marriott is the number one option. The Marriott hotel also has a very good restaurant inside named Peppers!, so combining the luxury, the location and the restaurant on the inside, it might be that we would actually book a room in Marriott if we came to Budapest ourselves and we were looking for a beautiful five star hotel!