Hilton International showed an 11% decline in earnings measured by revenue per available room (revpar) in September and October compared with the same period last year, the group said last week.
Its London five-star hotels were particularly badly hit, with earnings down 31.7% in September and October compared with last year.
Hilton said that the tragic events of 11 September, combined with the slowdown in the world economy, had had a significant effect.
The effect was greatest in London, Paris and Amsterdam, where the hotels were more reliant on international business.
Hotels more dependent on local business, such as the UK outside London, Germany and Scandinavia, had been more resilient, it said.
Luxury hotels also did worse than their four-star counterparts. In the four-star London hotels revpar was still down by 14.7%, but this was half the fall in the five-star hotels.
In Europe the revpar fall was 17.7%, and in the Americas it was down by 10.7%.
The UK provinces and Australasia fared slightly better, with revpar down by 2.9% and 3% respectively.
The Middle East and Africa recorded an increase of 2% compared with the same period last year.
Hilton said that it expected revpar at its hotels in London, Paris and Amsterdam to be similar to that recorded in September and October for the next six months.
Despite limiting all capital expenditure other than maintenance until the economic situation becomes clearer, the group said it was confident that business would return.
by Samantha McClary