Inter IKEA, the parent company of famed home furnishings purveyor IKEA, will be joining forces with luxury hotel chain Marriott to form Moxy, a range of reasonably priced hotels. According to The Guardian, development of the brand is due to take place over the next five years, with a target of 50 establishments, each featuring 150-300 to be built across Western Europe. The first is planned for Milan, Italy, and the total cost to Inter Ikea is projected to be about $500.
Designs for Moxy are to be unveiled today, Tuesday March 5, and a selection can be seen in the gallery below.
Although Marriott International already boasts an impressive 3,700 properties in 74 countries and territories, it is not IKEA’s first foray into the hotel business, as it already owns a selection of properties. However, Peter Andrews, who runs Inter Hospitality, a segment of Inter Ikea’s “property division,” noted that the venture would permit the parent company to develop its “high quality hotel property investment portfolio.”
Peter Andrews, head of Inter Hospitality – part of Inter Ikea’s property division – said the agreement allows the group “to build a high quality hotel property investment portfolio.”