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Flatpack furniture giant plans to open 50 hotels in major cities across Europe during the next five years
Ikea will team up with Marriott International Inc to open a chain of budget hotels across western Europe during the next five years.
The Swedish company, which announced last year it would launch the hotel chain, said Marriott – the operator of luxury hotels across the world – would be its partner.
They will develop 50 hotels with 150 to 300 rooms each in major cities. The first is scheduled to open in Milan next year.
Peter Andrews, head of inter-hospitality – part of Inter Ikea's property division – said the agreement allowed the group "to build a high-quality hotel property investment portfolio".
Ikea, the world's largest furniture retailer, already owns a handful of hotels. Marriott International has more than 3,700 properties in 74 countries and territories.
