American hotel chain Marriott and the Swedish giant furniture manufacturer IKEA have announced they are going into partnership to build a series of low cost hotels in Europe. The no-frills chain will be called Moxy. The hotels will be situated near airports and railway stations, rather than city centres, and will be constructed with new pre-fabricated techniques in order to keep costs low.

The first Moxy is to open in Milan in 2014, with rooms expected to be priced at around  60 per night. Final objective is to open 50 hotels in Europe over the next five years, with the possibility of arriving at a total 150 in ten years time.