STOCKHOLM, Sweden – Ikea is entering new territory literally and figuratively, announcing plans to build more than 100 budget hotels across Europe.
The budget furniture retailer, which is owned by Inter Ikea, is searching for an established hotel operator to help with the project. Inter Ikea is eyeing properties in U.K., Netherlands, Poland and Germany.
“We will announce within a few weeks the first location for our budget hotel in Germany, and we are in talks with hotel operators to rapidly implement our concept,” Harald Müller, a senior manager in Inter Ikea’s property division, told the Frankfurter Allgemeine Zeitung in Germany as quoted by CNN News.
The company is looking to cash in on the growing demand for stylish, yet affordable rooms from cash-strapped travellers.