Chipotle (CMG) climbs higher late Tuesday on Q2 earnings beat >>> READ MORE

IKEA Is Planning a Line of Budget Hotels

The first hotels will open in 2014, but they won't look like IKEA


Scandinavian retail giant Ikea is branching out into the hospitality industry.

The retailer’s property division has announced plans to open 100 budget hotels throughout Europe, The Associated Press reports.

The hotels won’t be filled with Ikea furniture, nor will they bear the chain’s world-famous moniker.

Harald Muller, a Brussels-based business development manager of Inter Ikea’s property division, told the AP that the hotels will have a “Scandinavian feel” and will adhere to Ikea’s philosophy of providing “good quality at a reasonable price.”

“Aside from that, guests won’t really recognize Ikea in it at all,” Muller said.

Two hotels are slated for a 2014 opening in Germany.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC