Millennium and Copthorne hotels has seen profit before tax fall 9.3% to £98m in the first nine months of 2015.
The group saw revenue increase in the period to £615m, but revpar dropped 2.3% compared to 2014.
It blamed the revpar decline on a 9.6% fall in Asia in the third quarter, while the closure of Millennium Bailey's hotel London also hit room revenue.
Average room rate increased by 2.5% to £98.91, but occupancy fell to 72.2% across the group.
Chairman Kwek Leng Beng said: "Revenue and profit were lower in the third quarter because of weaker performance by our hotels in Singapore and rest of Asia."
He added: "The long-planned upgrades of Millennium Hotel London Mayfair and Millennium Hotel London Knightsbridge are under consideration to commence in 2016 pending final approvals. These projects are designed to re-position both properties to appeal to higher yielding customers and, once completed, are expected to deliver considerable benefits to the group. The projects will require temporary removal of rooms from inventory."