The 22-year-old Greek shipping heir called Hilton "the most incredible woman I have ever met in my life," in a brief statement released Monday through Hilton publicist Elliott Mintz.
"I respect her decision and appreciate the very kind and generous manner in which she is handling her very difficult decision," Latsis said. "This was the best experience of my life and I will always be grateful for it."
Hilton, 24, announced over the weekend that she had ended their four-month engagement because she's "not ready for marriage" and didn't want it to end in divorce.
There were earlier reports the two families had been concerned about Latsis' lack of a job and Hilton's busy social life.
Latsis' father, Gregoris Kasidokostas, declined Saturday to say why the couple had broken up, but earlier had called a wedding postponement "common sense," according to People magazine's Web site. Latsis "is young and he should wait (for marriage)," Kasidokostas told People last week.
The couple became engaged in late May. Latsis gave the hotel heiress/reality TV star a 24-carat, $5 million diamond engagement ring.
A private sex tape of Hilton and an ex-boyfriend surfaced in 2003 just before the start of her FOX reality series, "The Simple Life." She has said she was embarrassed and humiliated that the tape ever became public.