Ikea to start chain of budget hotels

Posted at 5:43 PM, Aug 19, 2012
and last updated 2012-08-19 17:43:43-04

Popular furniture retailer Ikea is looking to make its mark in a new market.

The company says it is looking to get into the budget hotel business.

The Financial Times reports Ikea wants to build and develop at least 100 budget hotels across Europe.

The business news organization reports an executive says the hotels won’t bear the Ikea name and won’t be run by the company.

The Times says Ikea is also looking into building student residences in Europe.