Reports this morning suggest Swedish furniture giant Ikea is set to move into the hospitality sector, with plans in place to open at least 100 new hotels.

The Financial Times reports the budget retailer will consider sites across the European market for the new ‘budget design’ hotels.

While Ikea will not operate the hotels directly, they will employ the philosophy of the Swedish giant.

The Ikea brand will also not be associated with the project.

Inter Ikea – the group behind Ikea – confirmed it hopes to build the hotels in markets where it is already active in property.

This could include the UK, Netherlands and Poland, reported the FT.

It is thought the concept for the ‘budget design’ hotels will offer boutique styling at lower price points.

Last week Inter Ikea released financial statements valuing the Ikea brand at €9 billion.