Whitbread targets cut by UBS as hotelier 'plays long game when many wanted short'

Whitbread PLC's (LSE:WTB) new strategy has drawn a cautious response from UBS, which warned that the hotels group is “playing the long game when investors may want the short game”. The Premier Inn owner last week set out a new five-year strategy, which rejected a range of more aggressive suggestions, including a full sale and leaseback of its hotel estate, going asset-light, or selling its German business.