Ikea and Marriott team up to open hotel chain across Europe - First Moxy Hotel opens early 2014 in Milan

US hotel chain Marriott says it is teaming up with Swedish furniture giant IKEA to launch a new budget hotel brand in Germany and Europe, called Moxy Hotels, AFP reports.

Over the next 10 years, 150 low-cost hotels will be opened in 10 countries, Marriott chief Arne Sorenson told a news conference in Berlin.

In addition to Germany, hotels would be opened in Austria, Britain, Finland, Ireland, the Netherlands, Norway and Sweden.

The first Moxy Hotel would open in Milan at the start of next year, Sorenson said.

The new brand was targeted at a young, price-conscious, well-travelled clientele.