THE INTEGRATION OF CROATIAN HOTEL INDUSTRY INTO THE STANDARD EUROPEAN AND INTERNATIONAL PERFORMANCE MEASUREMENT SYSTEM

Abstract

International standard system of business performance indicators used by the hotel industry consists of two parts: standard financial ratios - that are accepted and used by companies regardless of industry type, and standard business ratios for the hotel industry - a part that encompasses and reflects the characteristics of the hotel business operation. When defining the indicators and building the systems of indicators, it is necessary to take into consideration that they have to be adjusted to the characteristics of hotel operation, they have to reflect the quality of the business success, they have to be measurable and complement each other, be complete and comparable with similar companies and their business branch. The aim of this paper is to emphasize the importance of the integration of Croatian hotel industry into the European and international standard system for performance measurement. To enter the standard international hotel business information and communication system, certain conditions and standards need to be fulfilled. These conditions and standards are discussed in this paper.