World renowned Swedish furniture company IKEA and US based, global hotel chain Mariott plan on launching a new budget hotel brand, Moxy Hotels.

At a recent news conference in Berlin, Arne Sorensen, executive, Marriott  said the partnership will see 150 budget hotels open in 10 European countries over the next 10 years.

The first hotel will open in Milan at the beginning of 2014, and Moxy hotels are also planned for Germany, Finland, Britain, Norway, Sweden and Ireland and the Netherlands, reports The Australian.

The new brand will focus its efforts on young, price conscious travellers, a move that highlights its desire to capitalise on its ability to offer affordable accomodation.