The COVID-19 crisis has had a significant and challenging impact on hotel businesses around the world. The crisis brought a series of challenges and changes in the travel and hospitality industry, which led to serious consequences for the hotel sector. The decrease in demand occurred as a result of the introduction of travel restrictions, border closures and quarantine measures. In this regard, hotel companies have faced serious financial challenges due to declining revenues. Many hotels were forced to temporarily close or scale back their operations, leading to a loss of revenue and difficulty sustaining business. A large number of reservations were canceled, conferences were postponed or canceled, and tourist traffic practically stopped. This led to a lack of liquidity and the need to find alternative sources of financing. The diploma thesis analyzes the level of success of adaptation of hotel companies Valamar Riviera d.d. and Maistra d.d. to the crisis period caused by the COVID-19 pandemic. For the purpose of preserving liquidity, companies used state aid measures in the form of staff costs, i.e. the state covered the salaries of employees from March 2020 to June 2021. The main purpose of the research in this paper was to analyze and compare the financial operations of two competing hotel companies in the Republic of Croatia based on financial statements. According to the above, it turned out that the companies Valamar d.d. and Maistra d.d., as hotel companies, experienced a significant drop in business revenues during 2020, which is a consequence of the impact of the COVID19 crisis on the tourism industry. Gross and net profit margins also decreased over the same period, and these indicators indicate that companies were faced with challenges and losses due to the pandemic. On the other hand, although companies, especially in 2020, recorded a significant drop in profits or even negative results, companies Valamar d.d. and Maistra d.d. managed to recover and achieve a positive profit or a smaller loss in 2021. These results suggest that companies managed to adapt their operations and show resilience during the crisis, and achieved better results in the later period.