In 2024, the top 20 hotel companies in Montenegro achieved a combined profit of €39.5 million, marking a 15.95% increase compared to €34.1 million in 2023. Their total revenues reached €294.4 million, growing by 14.7% from €256.6 million in 2023. Operating expenses for these hotels amounted to €256 million, an increase of 14.65% from the previous year. Despite this growth, the number of employees slightly decreased from 3,997 in 2023 to 3,971 in 2024, a drop of 0.65%.
The highest profits in 2024 were recorded by companies such as Recreatours Biserna Obala, Belvi, CUE (now Crowne Plaza), Maestral, Budvanska Rivijera, Bepler & Jacobson, Hilton, Montenegrina, Tara, Poto Novi, Vile Oliva, Carine, Slavija, Nemesis, Uniprom Hotels, Karisma, and Porto Montenegro. These companies also had the highest total revenues, with Dukley and Luštica Bay also ranking among the top 20.
Recreatours Biserna Obala Čanj achieved a record profit increase of 13.72%, reaching €5.27 million in 2024, up from €4.63 million in 2023. Their revenues rose by 10.89% from €9.55 million to €10.59 million, with expenses increasing by 4.4% to €4.48 million. The number of employees grew by 4.4%, from 89 to 93. The company is part of the Montehos group, which includes Pearl Beach Resort, Monte Mare, Hotel Vile Oliva, and Montenegrina.
Bellevue Hotels Group ranked second in profit, with a 3.46% increase to €4.79 million in 2024. Their total revenue grew by 8.82% from €17.35 million to €18.88 million. The company employs 216 people, up 5.88% from 204 in 2023, and manages the Bellevue Hotel in Bečići in collaboration with the Iberostar group.
TCP Hotel OPCO, which operates the CUE Hotel in Podgorica, rebranded as Crowne Plaza in December 2024, saw a dramatic rise in revenues, up 133.9% from €4.16 million to €9.73 million. Their profit soared by 3,783% from €120,000 to €4.66 million. The number of employees remained stable, increasing from 99 to 100, while expenses rose by 12.9%.
Other notable performers include Maestral Hotel and Casino, which saw a 222.8% profit increase, and Budvanska Rivijera, which had over double the profit of the previous year, growing by 108.4%.
Some companies, however, reported losses. Dukley Hotel Budva posted a loss of €400,000, despite a revenue increase of 54.47% to €13.81 million. Similarly, LB Hotels Management Tivat (Luštica) experienced a €1 million loss, worsening from €920,000 in 2023, despite a 6.94% increase in revenues to €8.47 million.
Overall, Montenegro’s hotel industry in 2024 demonstrated strong growth in revenue, with a few companies experiencing significant profits, while others faced challenges, including increasing expenses and some losses.
