Ennismore’s Mondrian bounds into Bucharest

Bucharest, Romania. Image © CrowN / Unsplash
Accor-affiliated Ennismore has signed a memorandum of understanding with Romanian developer One United Properties to bring the Mondrian brand to Bucharest.

Lifestyle hotel Mondrian Bucharest will be located near the Romanian Athénée, where One United Properties has previously bought an unfinished building with the intention to transform it into a hotel.

Significant milestone

Victor Capitanu, co-CEO, One United Properties, said: “The exclusive negotiations with Ennismore, the fastest-growing lifestyle hospitality company in the world, target the opening of Mondrian Bucharest, a stylish, modern and luxurious hotel, with chic design and vibrant social scene.

“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. This collaboration is a statement of our commitment to growing the attractiveness of Bucharest as a European capital.”

Mondrian through the years

The first Mondrian Hotel opened in 1985 in Los Angeles as the Le Mondrian by the L’Ermitage Hotel Group, and was later purchased by Ian Schrager and his Morgans Hotel Group in 1996 and renamed Mondrian Hotel Los Angeles. As of 2021, the Mondrian brand of hotels, including its flagship in Los Angeles, has been managed by Ennismore, following a joint venture with Accor, which holds a majority shareholding.

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.

Bucharest regeneration

In December 2022, One United Properties announced the acquisition of an unfinished building in downtown Bucharest, planning to reauthorise and complete the construction, and turn it into a luxurious lifestyle hotel (formerly announced as One Plaza Athénée).

The project is part of the company’s effort to contribute to urban regeneration and to make Bucharest an attractive destination for tourists and locals alike. On the same street, Georges Clemenceau, the company is currently restoring a historical building, the Braikoff House, which will be known as One Athénée after the complete renovation and is intended to positively impact the whole area near the Romanian Athénée.

Landmark restoration

In 2022, One United Properties expanded efforts in landmark restoration, with the acquisition of One Downtown, (including the former Hotel Muntenia), and the former Ford factory, located within One Floreasca City, which is currently undergoing restoration and will be transformed into a retail space, called One Gallery, positioning itself as one of the largest individual investments in restoring a protected building in Romania.

In total, the gross development value for the restoration portfolio of the company is estimated at €189 million.