Aug 17, 2012
by Cheryl Tay
IKEA plans to enter the hotel sector by investing €1billion (S$1.5 billion) to open at least 100 hotels in Europe.
"We've been searching for property across Europe for a while and we'll announce in a few weeks where we'll open our own hotel," Harald Mueller, an IKEA Group Executive who is in charge of the project, told Swedish paper, Svenska Dagbladet.
The report also revealed that the "at least 100 hotels" will open across the Netherlands, Germany, Britain, Belgium and the Baltic states.
Although the construction of the hotel will be funded by IKEA's revenue, the properties will not bear the Swedish company's logo, nor be furnished with its furniture.
Mueller also said that IKEA aims to provide affordable hotels in central locations.
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