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.