Whitbread has told investors that the hotel market is “weaker than expected, particularly in London” and that concerns over terrorism, heightened by the attacks in Paris, had hit revpar, alongside caution ahead of the EU referendum.

In February the Whitbread board publicly backed the Remain vote and warned that uncertainty and lengthy negotiations “would be both unwelcome and potentially damaging to our business”.

Whitbread added 3,600 rooms in the final quarter of last year, and plans to open between 4,000 to 4,500 more rooms by 2017, but is marketing its flagship Hub by Premier Inn hotel in King’s Cross for a total of £80m to help finish the development.

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