The film, based on the novel The Invention of Hugo Cabret by Brian Selznick, has been in theaters since late November, with Paramount choosing a slow-build platform release.  That would seem to have paid off, as Hugo just racked up eleven Oscar nominations, more than any other film, even the odds-on favorite The Artist. 

So is it any coincidence then, that the Academy Awards ceremony is held on Sunday, February 26th, and now Hugo will drop on Blu-ray and DVD on Tuesday, February 28th?  If Hugo wins some big awards, it could most certainly benefit from that fortuitous timing.  Even if it doesn't, the home entertainment release will benefit from the attention of the Oscars regardless.

Here's the official press release from Paramount:

Renowned director Martin Scorsese's groundbreaking and original adventure HUGO makes its highly-anticipated debut on Blu-ray 3D, Blu-ray and DVD, all with UltraViolet™, On Demand and for Digital Download on February 28, 2012 from Paramount Home Media Distribution. Recipient of more Academy Award nominations than any other film, HUGO was honored with 11 total—including Best Picture and Best Director—and has already won Martin Scorsese the Golden Globe for Best Director, was named the best film of 2011 by the National Board of Review, and was cited by more than 150 critics as one of the top 10 films of the year including writers for Associated Press, New York Times, Rolling Stone, Time, Entertainment Weekly, New Yorker, New York Daily News and The Hollywood Reporter, among others. Called "magical and enchanting" (Roger Ebert, Chicago Sun Times) and "one of the wonders of the world you need to see" (David Edelstein, New York Magazine), HUGO is bursting with dynamic action, sumptuous imagery and a heartwarming and magical story that audiences of all ages can enjoy.

HUGO will be available in a three-disc Blu-ray 3D/Blu-ray/DVD combo pack, as well as a two-disc Blu-ray/DVD combo pack, each of which boast nearly an hour of behind-the-scenes special features including an illuminating making-of featurette, a retrospective on the extraordinary genius of filmmaker Georges Melies, a look at the mechanical man at the heart of HUGO, plus interviews with the cast and crew and more. The film will also be available as a single-disc DVD. All Blu-ray and DVD releases available for purchase will be enabled with UltraViolet, a new way to collect, access and enjoy movies. With UltraViolet, consumers can add movies to their digital collection in the cloud, and then stream or download them – reliably and securely – to a variety of devices.

HUGO Blu-ray/DVD Combo Pack

The HUGO Blu-ray is presented in 1080p high definition with English 7.1 DTS-HD Master Audio, French 5.1 Dolby Digital, Spanish 5.1 Dolby Digital, Portuguese 5.1 Dolby Digital and English Audio Description and English, English SDH, French, Spanish and Portuguese subtitles. The DVD in the combo pack is presented in widescreen enhanced for 16:9 TVs with Dolby Digital English 5.1 Surround, French 5.1 Surround, Spanish 5.1 Surround and English Audio Description and English, French, Spanish and Portuguese subtitles. The combo pack includes access to a digital copy of the film as well as the following:

Blu-ray
-Feature film in high definition
-Shoot the Moon (The Making of Hugo)
-The Cinemagician, Georges Melies
-The Mechanical Man at the Heart of Hugo
-Big Effects, Small Scale
-Sacha Baron Cohen: Role of a Lifetime

DVD
-Feature film in standard definition

HUGO Blu-ray 3D/Blu-ray/DVD Combo Pack
The HUGO Blu-ray 3D/Blu-ray/DVD combo pack includes all of the above, plus a Blu-ray 3D presented in 1080p high definition with English 7.1 DTS-HD Master Audio, French 5.1 Dolby Digital, Spanish 5.1 Dolby Digital, Portuguese 5.1 Dolby Digital and English Audio Description and English, English SDH, French, Spanish and Portuguese subtitles. The Blu-ray 3D includes the feature film presented in high definition and 3D.

HUGO Single-Disc DVD
The single-disc DVD is presented in widescreen enhanced for 16:9 TVs with Dolby Digital English 5.1 Surround, French 5.1 Surround, Spanish 5.1 Surround and English Audio Description and English, French and Spanish subtitles. The disc includes the feature film in standard definition and Shoot The Moon (The Making of Hugo).