Nov. 24 (Bloomberg) -- The world’s largest hotel companies, stung by the industry’s biggest declines since the Great Depression, are trying to do for lodging what Ikea did for furniture: Offer fashionable products at low prices.
Starwood Hotels & Resorts Worldwide Inc., the third- biggest U.S. lodging company, is developing boutique hotels for frugal travelers that cost about $119 a night. That’s a far cry from the $399 to $639 at the company’s upscale W Hotels. InterContinental Hotels Group Plc is following a similar strategy with its boutique chain Hotel Indigo.
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