IKEA plans hotels and student accommodation

IKEA plans to construct budget hotels and student accommodation in university cities across Western Europe, according to a report in Immobilien Zeitung. LandProp Holding, the IKEA real estate development arm behind the London Strand East project, will develop accommodation under the brand Ulito. Harald Müller, Managing Director at LandProp and Business Development Manager at Inter IKEA said the developments would be on plots not smaller than 2,500 square metres (26,900 square feet) with 500-700 rooms of 17.5 square metres (190 square feet) spread across several buildings. Müller also indicated that the firm sees potential for hotels “in all major German cities” on areas of land around 2,500 square metres, and that further announcements about the initiative could be expected soon.

Planet Retail