US hotel chain Marriott says it is teaming up with Swedish furniture giant IKEA to launch a new budget hotel brand in Germany and Europe, called Moxy Hotels.
Over the next 10 years, 150 low-cost hotels will be opened in 10 countries, Marriott chief Arne Sorenson told a news conference in Berlin.
In addition to Germany, hotels would be opened in Austria, Britain, Finland, Ireland, the Netherlands, Norway and Sweden.
The first Moxy Hotel would open in Milan at the start of next year, Sorenson said.
The new brand was targeted at a young, price-conscious, well-travelled clientele.
Separately, the US hotel group Starwood Hotels and Resorts said it planned to open 50 new hotels in Europe over the next five years, with particular emphasis on countries of the ex-Soviet Union and Turkey.
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