Determinants of growth and performance of big hotel companies in Croatia

S obzirom da hotelska poduzeća čine značajan dio nositelja turističke ponude Hrvatske te s obzirom da njihovo poslovanje utječe na konkurentnost Hrvatske kao turističke destinacije i na gospodarski razvoj zemlje, od izuzetnog značaja je utvrditi odrednice rasta i uspješnosti velikih hotelskih poduzeća. Provedenim su istraživanjem obuhvaćena velika hotelska poduzeća u Republici Hrvatskoj i posebno najveće hotelsko poduzeće – Valamar Riviera d.d.. Provedenom ekonometrijskom analizom za razdoblje od 2016. do 2021. godine kojom se ispitivao utjecaj na zavisne varijable povrata na imovinu (ROA), povrata na kapital (ROE) i rasta operativnih prihoda (OR) utvrđeni su čimbenici rasta i uspjeha velikih hotelskih poduzeća. Veća hotelska poduzeća koja su manje zadužena, koja imaju visoku poslovnu učinkovitost mjereno s obrtajem ukupne imovine i produktivnost djelatnika, te koja ostvaruju veći novčani tok ostvaruju višu profitabilnost mjereno s povratom na imovinu i na kapital. Također, hotelska poduzeća s dužim poslovanjem, s visokom produktivnosti djelatnika i većim novčanim tokom ostvaruju veći rast mjereno operativnim prihodima. Analizom pokazatelja likvidnosti, aktivnosti, ekonomičnosti i profitabilnosti poduzeće Valamar Riviera d.d. po većini pokazatelja posluje sve efikasnije uz nešto smanjenu profitabilnost. Poduzeće je ostvarilo veće operativne prihode u apsolutnom iznosu u odnosu na promatrana poduzeća u uzorku te veći povrat na kapital. Povrat na imovinu je približno na razini usporednog uzorka.Considering that hotel companies make up a significant part of Croatia's tourist offer and considering that their operations affect the competitiveness of Croatia as a tourist destination and the economic development of the country, it is extremely important to determine the determinants of the growth and success of large hotel companies. The conducted research covers large hotel companies in the Republic of Croatia and especially the largest hotel company - Valamar Riviera d.d. The econometric analysis for the period from 2016 to 2021, which examined the impact on the dependent variables of return on assets (ROA), return on capital (ROE) and operating income growth (OR), determined the growth and success factors of large hotel companies. Larger hotel companies that are less indebted, that have high business efficiency as measured by the turnover of total assets and employee productivity, and that achieve greater cash flow achieve higher profitability as measured by return on assets and capital. On the other hand, hotel companies with longer operations, with high employee productivity and higher cash flow achieve greater growth as measured by operating income. By analyzing indicators of liquidity, activity, economy and profitability of Valamar Riviera d.d. according to most indicators, it operates more and more successfully with slightly reduced profitability. The company achieved higher operating income in absolute terms compared to the observed companies in the sample and a higher return on capital. The return on assets is approximately at the sample level