One United Properties, Ennismore partner to open hotel in Bucharest

The new hotel, named Mondrian Bucharest, will be located close to the Romanian Athenaeum, on a development site previously bought by One United Properties, the company said in a press release.

The hotel will have a capacity of approximately 100 rooms and suites. The Bucharest location will be part of Ennismore's worldwide series of Mondrian hotels, developed as part of a joint venture with French hospitality company Accor.

"Mondrian is an iconic global brand, rooted in some of the most exciting destinations across the world. We’re delighted to be partnering with One United Properties to bring Mondrian to Eastern Europe for the first time," commented Chadi Farhat, Brand COO of Mondrian at Ennismore.

One United Properties and Ennismore signed their partnership on March 7 at One Tower, another project developed by the Romanian real-estate firm. The value of the project was not disclosed.

Established in 2009, One United Properties is a green investor and developer of residential, commercial and office real estate. In 2023, the Romanian real estate company booked a net profit of almost 443.2 million lei ($97.5 million/89.2 million euro) on a consolidated turnover of 1.516 billion euro, it said in an interim financial report filed last month with the Bucharest bourse.

Blue-chip One United's shares traded 0.1% higher at 0.995 lei as at 1640 CET on Friday on the Bucharest Stock Exchange.

(1 euro=4.9691 lei)