First quarter pre-tax profits at Millennium & Copthorne Hotels slumped by almost 28% to £13 million on the back of political tensions in Korea and intensified competition in Singapore.

The company also suffered a poor performance in the US in the three months to March 31.

However, increased tourist numbers to London on the back of the weak pound helped boost revenue per available room in the capital by 14.5%.

The group’s total revpar improved by 17.7% to £70.66 with revenue up by 16.1% to £223 million.

M&C chairman Kwek Leng Beng said: “Group revenue improved during the first three months of 2017, particularly in London and New Zealand.

“Singapore revpar continues to be under pressure as a result of increased room supply and uncertain economic conditions.

“Performance in rest of Asia was negatively affected by geo-political tensions impacting inbound tourism into Seoul and Taipei.

“Poor performance in the US region especially New York, remains a concern.

“We are addressing the issues contributing to the under-performance in this region and our immediate focus is on the US management structure, which is currently under review.”