Ikea already runs a bank and sells electronics, as well as furniture and meatballs. Photo: Fredrik Sandberg/Scanpix.

Ikea plans to open 150 budget hotels

Ikea is getting into the hotel business, in partnership with US chain Marriott. The plan is to offer budget accommodation for younger guests, under the brand name "Moxy Hotel", reports news agency TT.

The first hotel is expected to open in Milan in 2014, with 150 more in Europe to follow.

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