The purpose of this paper is to analyze the performance of Hoteli Maestral d.d. in the period of normal economic conditions and in times of crisis. In the theoretical part of the paper, the concepts and method of calculating financial indicators are explained, and in its second part, an analysis is performed on the example of the Hoteli Maestral d.d. The years 2018 and 2019 were analyzed (the record tourist years for Croatian and Dubrovnik tourism), and the year 2020 (the worst year in history of Croatian and Dubrovnik tourism). The year 2020 was marked by the cancellation of reservations, non-existent demand for travel, strict health protocols, a shortened season aimed at domestic turists, and partly closed state borders. As of April 1, 2020, majority of the world’s population lived in countries where mobility was limited. In such disturbed economic and social conditions, the business of Hoteli Maestral d.d. used to share the fate of all the other hotels in the area. The financial business analysis showed that the business of Hoteli Maestral d.d. in the pre-pandemic years was successful according to almost all financial indicators, while the crisis year was marked by business loss and unfavorable financial indicators. Despite poor business results, the liquidity of Hoteli Maestral d.d. was not questionable, and it was preserved through the implementation of risk management measures and by the help of state crises regulators.