One United Properties, Ennismore to open Mondrian Hotel in Bucharest

Mondrian will be located near the Romanian Athenaeum, where One United Properties previously bought an unfinished building with the intention to turn it into a hotel, the real estate developer said in a press release on Tuesday.

In December, One United Properties announced that it would invest 48 million euro ($52.2 million) in repurposing an abandoned building in the historic centre of Bucharest into a five-star hotel called One Plaza Athenee. The developer had acquired the building for 13.5 million euro.

“This will be a significant milestone in redefining luxury and the hotel landscape in Bucharest and marks our company’s debut on the hospitality market. Mondrian Bucharest will become for sure a landmark for the city and will help increase tourism to our capital and to our country,” Victor Capitanu, Co-CEO of One United Properties, said.

As of 2021, the Mondrian brand of hotels has been managed by Ennismore, in a joint venture with French hospitality group Accor. Mondrian is present in Los Angeles, New York, South Miami Beach, Doha, Cannes, London, Bordeaux, Singapore, Mexico City, Ibiza and Seoul, and will open soon in Australia’s Gold Coast and Hong Kong.

One United Property shares traded 0.1% higher at 0.985 lei ($0.2153/0.1981 euro) as at 1611 CET on the Bucharest Stock Exchange.

($=0.9203 euro)