One United Properties announced it has signed a memorandum of understanding with Ennismore, to open Mondrian Hotel in Bucharest. Ennismore is a global collective of entrepreneurial and founder-built brands with creativity and purpose at their heart. The partnership will focus on delivering Mondrian Bucharest, a unique lifestyle hotel in downtown Bucharest.

The partnership will focus on deliver Mondrian Bucharest, aunique lifestyle hotel in downtown Buch Bucharest. Mondrian Hotel opened first 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'sGold Coast and Hong Kong. Mondrian Bucharest will be located at 8-10 Georges Clemenceau Street, near the Romanian Athenee, where One United Properties has previously bought an unfinished building with the intention to transform it into a hotel. In December 2022, the company announced the acquisition of an unfinished building in downtown Bucharest, planning to reauthorize and complete the construction, and turn it into a luxurious lifestyle hotel (formerly announced as One Plaza Athenee).

The project is part of One United Properties' effort to contribute not only to urban regeneration, but also to making 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 Athenee after the complete renovation and will positively impact the whole area near the Romanian Athenee. 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 EUR million.