Montenegro’s top hotels report significant profit and revenue growth in 2023

At the end of last year, the 20 largest hotels and hotel groups in Montenegro reported a total profit of 34.16 million euros, marking a significant increase from 24.65 million euros in 2022. This growth is reflected not only in profits but also in total income and employment numbers, according to data on their operations.

The companies in question include Portonovi Hospitality Management Company, Carine, Bellevue Hotels Group, Recreaturs – Biserna Obala, Beppler & Jacobson Montenegro, Recreaturs Hotel Montenegrina Bečići, Villa Oliva, Hotelska Grupa Budvanska Rivijera, Hotels Group Montenegro Stars, Hotel Crna Gora (Hilton), Maestral Hotel and Casino, Slavija, Nemesis, Tara Hotel Budva, Argos Ulcinj, Dukley Hotel, Cue from Podgorica, PM Hotels Porto Montenegro, and LB (Luštica) Hotels Management.

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Eighteen of these 20 companies reported a combined profit of 35.27 million euros, with only two companies incurring a loss totaling 1.11 million euros, resulting in a net profit of 34.16 million euros for the group. This represents a 10.28 million euro increase in profit compared to 2022.

In terms of total income, these companies generated 245.07 million euros at the end of 2023, up by 61 million euros from 184.07 million euros in 2022.

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Key highlights:

• Portonovi Hospitality Management Company, Carine, Bellevue Hotels Group: Bellevue Hotels Group saw a profit of 4.63 million euros, a 51% increase from the previous year, with total earnings of 17.35 million euros and 204 employees.
• Recreaturs – The Pearl Coast: This company reported a profit of 4.63 million euros, a 53% increase from 2022, with total earnings of 9.55 million euros and an employee count of 89.
• Beppler & Jacobson Montenegro: This company, managing hotels Avala in Budva and Bianca in Kolašin, had a profit of 2.73 million euros, a 76% increase from the previous year, with total earnings of 13.03 million euros.
• Recreaturs Hotel Montenegrina Bečići: Reported a profit of 2.09 million euros, with 39 employees and total income of 4.1 million euros, significantly up from 2022.
• HTP Villa Oliva: Recorded a profit of 1.99 million euros with 60 employees and a total income of 4.56 million euros, an increase from 2022.
• Hotelska Grupa Budvanska Rivijera: Had a profit of 1.91 million euros, a 218% increase from the previous year, with total revenue of 24.41 million euros and 595 employees.
• Hotels Group Montenegro Stars: Reported a profit of 1.71 million euros, a 320% increase from 2022, with total revenue of 27.29 million euros and 554 employees.
• Hotel Crna Gora (Hilton): This company saw a significant drop in profit to 1.41 million euros, down 82% from 2022, with total revenues decreasing by 36% to 9.4 million euros.
• Maestral Hotel and Casino: Recorded a profit of 1.27 million euros, recovering from a loss the previous year, with total revenue of 21.8 million euros.
• Slavija: Reported a profit of 1.09 million euros, a 503% increase from 2022, with total income of 10.9 million euros.
• Nemesis: Had a profit of 938 thousand euros, a 243% increase from the previous year, with total income of 10.33 million euros.
• Tara Hotel Budva: Achieved a net profit of 420 thousand euros, improving from a loss in 2022, with total revenues of 2.21 million euros and 56 employees.
• Argos Ulcinj: Reported a profit of 321 thousand euros, a decrease from the previous year, with total revenues of 4.58 million euros and 91 employees.
• Dukley Hotel: Improved to a profit of 235 thousand euros from a loss the previous year, with total revenue of 11.27 million euros and 161 employees.
• Tcp Hotel OPCO (Cue Hotel Podgorica): Saw a profit drop to 126 thousand euros, with total revenues slightly increasing to 4.16 million euros and 99 employees.
• PM Hotels: Reported a loss of 191 thousand euros, an improvement from the previous year, with total revenues of 10.46 million euros and 195 employees.
• LB Hotels Management: Had a loss of 929 thousand euros, an improvement from 2022, with total revenues of 7.92 million euros and 157 employees.

These figures indicate a strong recovery and growth trajectory for Montenegro’s hotel industry, driven by significant increases in both revenue and employment across the sector.