Produced by Drew Trachtenberg

Last year Ikea announced its intention to open a chain of economy hotels in western Europe; now comes news that the Swedish furniture merchant will be assisted in this venture by American hospitality company Marriott International (MAR).

The Associated Press reports that Ikea and Marriott plan around 50 hotels with 150-300 rooms each in major cities, beginning with Milan, Italy. The brand, aimed at attracting younger travelers, will be called Moxy, and represents Marriott's first foray into the European budget business, with projected average nightly room rates of about $78.

In other worldwide hospitality news, StreetInsider reports that Choice Hotels International (CHH) has inked a deal with online travel agency Booking.com, hoping to extend the reach of its brands.

And Starwood Hotels & Resorts (HOT) will open 50 new hotels in Europe over the next five years. Among the Stamford, Conn.-based company's brands are Westin, Sheraton and the St. Regis.

Photo Credit: Marriott International Inc.