Whitbread, the owner of Premier Inn hotels, announced plans to eliminate 3,800 jobs as part of a comprehensive five-year restructuring program aimed at reducing costs and improving efficiency.

The job cuts represent more than 10% of the company's workforce of approximately 30,000 employees across the United Kingdom and Ireland. The reductions are part of a broader transformation initiative designed to streamline operations.

As part of the restructuring plan, Whitbread will remodel its 197 hotel restaurants to align with the company's updated operational strategy. The hospitality company is also pursuing a significant property restructuring that includes plans to sell and lease back approximately $2 billion worth of real estate assets.

The announcement triggered a decline in Whitbread's share price as investors responded to news of the extensive operational changes. The company's stock fell following the disclosure of the turnaround plan.

Whitbread's restructuring comes as the hospitality industry continues to adapt to changing market conditions and operational challenges. The five-year timeline suggests the company is planning for a gradual transformation rather than immediate wholesale changes to its business model.