Now travelers can look forward to that budget-friendly trip to Europe. Marriott International is joining forces with IKEA's real estate division to jump-start a new economy-style hotel chain, Reuters reported.
The economy hotel sector in Europe which includes Ibis, Holiday Inn and Premier Inn in Europe is almost half of the total market and Marriott wants to get in on it.
"You're talking about 2.5 million rooms in this segment and we don't have anything yet," said Marriott Chief Executive Arne Sorenson in an interview with Reuters at a hotel fair in Berlin.
Reuters reported the team already established one of the rooms that span 17-square meters. The room is cream in color with dark furniture and flat screen TVs.
Marriott and IKEA are expecting to open the first Moxy hotel in Milan by early 2014. Marriott said the goal was to build 150 hotels across Europe in next 10 years and specifically secure 50 locations in the next five years, in Germany, Britain, Italy, the Netherlands, Belgium and Austria.
Rooms are going for €60 and €85, or $78 and $110 per stay.
"That would be 25,000-30,000 rooms, so that's a small segment of the market. It gives us hope at least that we could be a number of multiples of that size over time," Sorenson told Reuters.
Because the rooms will be on a budget, they will all assume the same size and décor. The rooms will also have USB ports and floor-to-ceiling wall art showcasing the city highlights. If you're in Berlin for example, you'll be sleeping under the Brandenburg Gate artwork.
Inter Hospitality, IKEA's subsidiary arm of Inter IKEA, is the developer and owner of the first Moxy hotel while Nordic Hospitality will be branding the franchise.
According to the head of Marriott's European division, Amy McPherson, the franchise will be staying in Europe for now, there's no plan to expand the chain, reported Reuters.
"Given the product we have, I believe the space is still wide open," Sorenson told Reuters. "There's room for a number of good competitors."
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