Full-year pre-tax profits at Millennium & Copthorne Hotels dropped by more than 36% to £188 million.

The 2014 decline came as the company was affected by the strength of sterling.

Total revenue dropped by £238 million to £826 million following the sale of a group of condominium units in Singapore under the Glyndebourne name which contributed a profit of £139 million in 2013.

Group revenue per available room (Revpar) rose by 2.8% to £71.55.

The US was the strongest performing region with revpar growth of more than 13%.

Group chief executive Wong Hong Ren is leaving this role at the end of February to be replaced by Aloysius Lee, previously at Singapore-based South Beach Consortium.

Chairman Kwek Leng Beng said: “The group continues to build strong foundations for further growth through a carefully executed asset management strategy.

“Results from this in 2014 included the completion of the guest room refurbishment at the Grand Hyatt Taipei, the acquisition of new properties in London, New York and Rome, as well as the opening of a newly constructed hotel in Tokyo’s Ginza district.

“Our results in 2013 were boosted significantly by the recognition of revenue and profit on the Glyndebourne development.

“Our hotel trading results were positive, despite revenue and profit being adversely affected by the strength of the pound sterling, especially during the earlier part of the financial year.”