IKEA’s Parent Plans a Hotel Brand
WALL STREET JOURNAL: IKEA has made a booming business out of cheap, stylish prefabricated furniture, much of it designed for tight spaces. Now, an affiliate and Marriott International Inc. MAR +0.91% are looking to create hotels in the same mold—joining a race by hotel companies to saturate Europe with low-cost rooms.
Marriott on Tuesday is expected to unveil its designs for Moxy, a new hotel brand it is developing with a subsidiary of Inter IKEA Group, the parent company of the IKEA furniture brand.
Inter IKEA is investing around $500 million for around 50 budget hotels in Europe in the next five years, Marriott executives say, in a partnership with the Bethesda, Md.-based hotel company and a European hotel operator… (more)