| 1 | Luštica Development02744597 | Tivat | 116 | 90,337,909€ | 567,017€ |
| 2 | Portonovi Hospitality Management Company03067661 | Herceg Novi | 355 | 41,291,910€ | 1,976,372€ |
| 3 | Budvanska Rivijera02005328 | Budva | 600 | 29,700,564€ | 1,496,420€ |
| 4 | Hotels Group Montenegro Stars02385040 | Budva | 565 | 28,406,958€ | 181,579€ |
| 5 | Carine02094754 | Podgorica | 250 | 22,538,339€ | 2,019,390€ |
| 6 | Bellevue Hotels Group02415828 | Budva | 233 | 20,505,314€ | 5,380,809€ |
| 7 | Krolbay03266567 | Podgorica | 269 | 16,620,323€ | -1,509,406€ |
| 8 | Karisma Hotels Adriatic Montenegro03134687 | Podgorica | 160 | 14,022,817€ | 2,427,586€ |
| 9 | Beppler & Jacobson Montenegro02391082 | Budva | 96 | 13,447,043€ | 1,160,476€ |
| 10 | Vektra Boka02008238 | — | 10 | 11,669,514€ | -7,388,116€ |
| 11 | Hotel Crna Gora02820331 | Podgorica | 185 | 11,172,720€ | 1,694,328€ |
| 12 | Recreatours02672227 | Bar | 118 | 10,998,058€ | 5,034,199€ |
| 13 | Nemesis02636603 | Danilovgrad | 265 | 10,508,526€ | 505,656€ |
| 14 | LB Hotels Management03201309 | Tivat | 195 | 9,192,466€ | -1,870,926€ |
| 15 | Lazure Montenegro03158390 | Herceg Novi | 204 | 9,115,697€ | 191,065€ |
| 16 | Montenegro Hotels02859866 | — | 110 | 7,685,259€ | 1,095,953€ |
| 17 | Spencer&hill Team03161382 | Budva | 181 | 7,659,009€ | 839,454€ |
| 18 | Igalo02008173 | — | 130 | 6,827,117€ | 1,317,269€ |
| 19 | Jadran02013177 | Kotor | 79 | 6,691,562€ | 1,415,715€ |
| 20 | Tara Hotel03039510 | Budva | 48 | 6,159,213€ | 1,789,423€ |
| 21 | DP Hotel Facility03168409 | Kotor | 39 | 5,969,040€ | 83,757€ |
| 22 | Primorje02008637 | Tivat | 57 | 5,967,887€ | 2,138,881€ |
| 23 | Uniprom Hoteli02915022 | Nikšić | 144 | 5,702,132€ | 171,059€ |
| 24 | Dukley Resort & Spa03297357 | Budva | 5 | 5,026,693€ | 266,336€ |
| 25 | HTP Vile Oliva02624575 | — | 55 | 5,011,128€ | 1,780,074€ |
| 26 | Čelebić City02844222 | Podgorica | 94 | 4,998,185€ | 1,171,637€ |
| 27 | Argos02693259 | Ulcinj | 133 | 4,723,667€ | 80,994€ |
| 28 | Talija Company02695138 | Herceg Novi | 101 | 4,713,161€ | 345,798€ |
| 29 | TCP Hotel Opco03091520 | Podgorica | 96 | 4,618,037€ | -49,171€ |
| 30 | Queen Hotel03559629 | Podgorica | 29 | 4,122,679€ | -158,110€ |
| 31 | Recreatours02672375 | Budva | 45 | 4,058,847€ | 1,707,367€ |
| 32 | Fjord02014912 | Kotor | 94 | 3,932,644€ | -237,772€ |
| 33 | Kastel02465787 | Podgorica | 55 | 3,821,430€ | 824,264€ |
| 34 | Sea Star Hotels03537714 | Budva | 32 | 3,650,946€ | 198,248€ |
| 35 | Woow02887738 | Budva | 30 | 3,630,526€ | 354,718€ |
| 36 | Perla02332841 | Herceg Novi | 75 | 3,623,578€ | 501,105€ |
| 37 | Mibost-Joketić02218089 | Kotor | 48 | 3,445,526€ | 385,955€ |
| 38 | Ljetopis Stars03075176 | — | 69 | 3,418,780€ | -60,213€ |
| 39 | HTP Aurel02928671 | Podgorica | 39 | 3,291,869€ | 109,154€ |
| 40 | Sato02924919 | Bar | 56 | 3,051,839€ | 483,666€ |
| 41 | Hunguest Hotels Montenegro02405695 | Herceg Novi | 82 | 2,967,834€ | 38,476€ |
| 42 | Ulcinjska Rivijera02006146 | Ulcinj | 76 | 2,868,804€ | 441,223€ |
| 43 | Zeta Film02005263 | — | 13 | 2,863,684€ | 840,690€ |
| 44 | Hotel Princess03013464 | Bar | 75 | 2,837,992€ | 227,158€ |
| 45 | Poseidon02832224 | Budva | 56 | 2,744,533€ | 649,126€ |
| 46 | Obala Rafailovići02958813 | Budva | 41 | 2,739,063€ | 255,437€ |
| 47 | Trecom02045460 | Kotor | 45 | 2,705,584€ | 664,368€ |
| 48 | Aria02154226 | Zeta | 53 | 2,529,105€ | 261,940€ |
| 49 | Savana Continental Property Management & Lodging03081940 | Podgorica | 42 | 2,517,750€ | 494,064€ |
| 50 | Ohm Mamula Montenegro03095924 | Tivat | 62 | 2,484,251€ | -3,483,042€ |
| 51 | Farro Mne03462188 | Budva | 10 | 2,476,810€ | 37,469€ |
| 52 | Comp Comerc02055384 | Nikšić | 58 | 2,341,959€ | 12,104€ |
| 53 | Globalis03158659 | Nikšić | 30 | 2,328,588€ | 405,634€ |
| 54 | Montenegro Warmth03667219 | Bar | 3 | 2,285,035€ | 77,771€ |
| 55 | Gospoština Lux03037029 | Budva | 38 | 2,243,451€ | 407,346€ |
| 56 | Debt Management Project i Montenegro02836688 | Nikšić | 2 | 2,210,333€ | 1,076,611€ |
| 57 | Sas Company02425238 | Podgorica | 24 | 2,171,079€ | 568,425€ |
| 58 | Amelino02396475 | Ulcinj | 15 | 2,130,362€ | 128,458€ |
| 59 | Zenobia Montenegro03321118 | Podgorica | 59 | 2,082,998€ | 39,075€ |
| 60 | Adriatic Properties02638495 | Budva | 59 | 2,040,746€ | -9,525,538€ |
| 61 | Applicon Tours Montenegro03066827 | Budva | 4 | 1,984,150€ | 4,029€ |
| 62 | Mimoza02008564 | Tivat | 51 | 1,982,480€ | -189,033€ |
| 63 | Ruža Vjetrova02172879 | Bar | 43 | 1,940,741€ | -575,584€ |
| 64 | Sveti Stefan Hoteli03275108 | Budva | 4 | 1,928,275€ | 1,102,665€ |
| 65 | Kings Park Hotel03574997 | Podgorica | 36 | 1,892,211€ | 954,312€ |
| 66 | I N C02425912 | Budva | 30 | 1,849,738€ | 209,422€ |
| 67 | California Montenegro03058387 | Budva | 29 | 1,837,499€ | 528€ |
| 68 | Imperiall Carević03110982 | Budva | 31 | 1,836,794€ | -155,919€ |
| 69 | Trend Korali02774852 | Bar | 6 | 1,751,738€ | 1,230,104€ |
| 70 | R-Hotels03393186 | Budva | 24 | 1,747,241€ | 403,164€ |
| 71 | Amfitrita02174294 | Ulcinj | 43 | 1,725,805€ | 373,642€ |
| 72 | Olive Invest02965887 | Tivat | 50 | 1,638,014€ | -1,079,353€ |
| 73 | Petrohotel02326175 | — | 30 | 1,604,650€ | 19,700€ |
| 74 | General Invest03176258 | Podgorica | 37 | 1,574,659€ | -796,075€ |
| 75 | Top Hill02786818 | Budva | 13 | 1,525,819€ | -89,989€ |
| 76 | Mamula Hotel Operating Company03396592 | Tivat | 10 | 1,517,004€ | -705,027€ |
| 77 | Taša02758725 | Pljevlja | 44 | 1,466,202€ | 102,085€ |
| 78 | Šolcomp02294516 | Podgorica | 35 | 1,414,708€ | 283,900€ |
| 79 | Hotel02782944 | Pljevlja | 32 | 1,378,282€ | 708,800€ |
| 80 | Byblos03403831 | Budva | 12 | 1,359,240€ | 215,160€ |
| 81 | Comodoro02706881 | Kotor | 24 | 1,356,828€ | 172,275€ |
| 82 | Pio02456010 | Ulcinj | 51 | 1,345,376€ | 7,132€ |
| 83 | Gradska03257207 | Cetinje | 38 | 1,319,654€ | 61,053€ |
| 84 | Becovic Menagement Group02440059 | Ulcinj | 27 | 1,315,812€ | -677,894€ |
| 85 | Shilo M03160785 | Budva | 28 | 1,295,411€ | 17,382€ |
| 86 | Sunraf Beach Properties03156745 | Budva | 8 | 1,282,409€ | -235,158€ |
| 87 | Manor Hotels03381145 | Tivat | 24 | 1,272,396€ | 52,128€ |
| 88 | Fancy Montenegro02780917 | Budva | — | 1,256,575€ | 127,643€ |
| 89 | Zen Management03233049 | Tivat | 14 | 1,234,600€ | 142,283€ |
| 90 | Gufo02140845 | Podgorica | 11 | 1,209,401€ | 47,940€ |
| 91 | Avanglion - CG02399644 | Budva | 15 | 1,200,413€ | 248,495€ |
| 92 | Hemera02863600 | Podgorica | 30 | 1,185,464€ | 17,189€ |
| 93 | Praxis02955113 | Budva | 29 | 1,184,238€ | -93,780€ |
| 94 | September Hotels02856484 | Tivat | 33 | 1,173,467€ | 50,032€ |
| 95 | Bip Hotels03032612 | Podgorica | 23 | 1,155,705€ | -287,411€ |
| 96 | Fontana Centar03161617 | Budva | 35 | 1,149,760€ | -285,521€ |
| 97 | Jo-Pe-La03065286 | Budva | 15 | 1,144,342€ | 398,696€ |
| 98 | Jekon02004178 | Bijelo Polje | 20 | 1,117,990€ | 104,505€ |
| 99 | Lighthouse of Montenegro02770164 | Herceg Novi | 23 | 1,105,943€ | 52,968€ |
| 100 | Golden Investment Group03313140 | Nikšić | 17 | 1,067,521€ | -442,419€ |
| 101 | Courier Eco02809940 | Bar | 24 | 1,043,417€ | 33,095€ |
| 102 | Keramika Babović02338220 | Bar | 17 | 1,041,380€ | 17,327€ |
| 103 | Hotel Splendido Management Company02834545 | Kotor | 27 | 994,190€ | -95,423€ |
| 104 | HM Durmitor02409798 | Žabljak | 33 | 984,002€ | 4,493€ |
| 105 | Euromix-Trade02714884 | Podgorica | 5 | 962,103€ | -170,617€ |
| 106 | Otrant Star03282503 | Bar | 22 | 935,436€ | -271,713€ |
| 107 | Regent Resort03407241 | Nikšić | 14 | 912,898€ | 210,026€ |
| 108 | Suntime02632934 | Budva | 28 | 910,179€ | -1,526,319€ |
| 109 | Hotel De'andros Virpazar03555330 | Bar | 34 | 903,977€ | 31,155€ |
| 110 | Tate02918013 | Budva | 11 | 901,161€ | 211,339€ |
| 111 | Prehrana02015811 | Pljevlja | 36 | 889,870€ | -38,614€ |
| 112 | Dely Tours02772272 | Ulcinj | 9 | 883,007€ | -144,238€ |
| 113 | Signum Hotel03431606 | Podgorica | 23 | 872,210€ | 38,498€ |
| 114 | S & V - Company02381613 | Podgorica | 15 | 860,891€ | -678,194€ |
| 115 | Stellia Hospitality DFS03438651 | — | 9 | 831,055€ | 82,771€ |
| 116 | Info Turizm03751538 | Kotor | 5 | 827,424€ | 136,795€ |
| 117 | Brand Hotels03262359 | Budva | 11 | 794,864€ | 51,388€ |
| 118 | Villa Geba Management03251691 | Budva | 19 | 785,181€ | -548,628€ |
| 119 | Export -Import VST Trend02330857 | Nikšić | 1 | 769,481€ | 628,847€ |
| 120 | Intercontinental Hotels Management Montenegro03305082 | Podgorica | 2 | 738,201€ | 42,541€ |
| 121 | Fair Trade02931249 | Bar | 7 | 732,817€ | 137,977€ |
| 122 | Đukica Tours02427621 | Bar | 14 | 717,582€ | 13,506€ |
| 123 | Mistic Company02887657 | Herceg Novi | 18 | 708,722€ | 118,212€ |
| 124 | Best Trio02864231 | Ulcinj | 12 | 708,591€ | 3,949€ |
| 125 | Medini Co03095304 | Budva | 11 | 695,450€ | 200,214€ |
| 126 | Home In Montenegro03129578 | Kotor | 4 | 694,539€ | 29,171€ |
| 127 | Pešter Co02156598 | — | 11 | 680,191€ | 270,128€ |
| 128 | Liza Vinci03267407 | Budva | 17 | 678,953€ | 20,242€ |
| 129 | Hotel 192003287602 | Podgorica | 17 | 678,743€ | 1,565€ |
| 130 | Overseas Assets Managment02424614 | Podgorica | 3 | 665,075€ | -654,842€ |
| 131 | Baskethand02932121 | Bar | 32 | 657,121€ | -38,761€ |
| 132 | Crna Gora02046024 | Podgorica | 1 | 652,621€ | -1,500,232€ |
| 133 | Hippo Campus02727757 | Kotor | 15 | 646,359€ | 148,528€ |
| 134 | Linear03438325 | Podgorica | 5 | 640,735€ | 80,609€ |
| 135 | Li & Da03065430 | Budva | 4 | 631,353€ | 194,315€ |
| 136 | Milinović02408970 | Kotor | 9 | 620,962€ | 249,013€ |
| 137 | Serzman Incorporated03011526 | Kotor | 1 | 620,780€ | -189,451€ |
| 138 | Globalunited Co03304183 | Pljevlja | 24 | 614,610€ | 13,404€ |
| 139 | Rendez-Vous02398907 | Kotor | 10 | 607,556€ | 95,293€ |
| 140 | Enigma Turist02416603 | Žabljak | 7 | 603,763€ | 35,772€ |
| 141 | Montenegro Lubricants02789230 | Kotor | 9 | 597,349€ | 32,521€ |
| 142 | Arco-Iris02445336 | Podgorica | 15 | 594,719€ | 92,381€ |
| 143 | 7 Hills02957841 | Podgorica | 12 | 589,359€ | 134,844€ |
| 144 | Ventura02456982 | Budva | 11 | 588,076€ | 77,926€ |
| 145 | A L B A T R o S02006154 | Ulcinj | 36 | 586,242€ | -202,494€ |
| 146 | Đurići03177343 | Nikšić | 6 | 581,783€ | 110,215€ |
| 147 | Ag Harmony03190803 | Budva | 3 | 565,023€ | -42,243€ |
| 148 | Kadmos03071049 | Budva | 9 | 545,801€ | 102,706€ |
| 149 | North Group03459853 | Nikšić | 5 | 531,945€ | 130,367€ |
| 150 | Union Capital03766829 | Podgorica | 22 | 515,987€ | 186,438€ |
| 151 | Family Hotels Group03482375 | Budva | 7 | 514,840€ | -68,409€ |
| 152 | Menuet03236013 | Budva | 6 | 506,006€ | 3,031€ |
| 153 | Aqua Resort03303217 | Plav | 14 | 503,267€ | 36,394€ |
| 154 | House Estate02667428 | Budva | 3 | 499,911€ | -40,501€ |
| 155 | Balloon02356597 | Kotor | 8 | 497,957€ | 138,216€ |
| 156 | Horizont Invest Property Management03639088 | Budva | 4 | 494,219€ | 57,951€ |
| 157 | Bošković Group02710536 | Podgorica | 12 | 486,072€ | 310€ |
| 158 | Virtus Mne03092097 | Kotor | 5 | 479,000€ | 169,271€ |
| 159 | MV Invest02736691 | Podgorica | 10 | 471,664€ | 57,544€ |
| 160 | Braća Radanović02090031 | — | 12 | 470,357€ | 112,344€ |
| 161 | Jedinica Damjanović02662841 | Herceg Novi | 8 | 469,313€ | 20,710€ |
| 162 | Lux Sunrior03346994 | Budva | 3 | 465,857€ | -17,566€ |
| 163 | Dukley Hotel03050831 | Budva | 216 | 465,669€ | 1,390,430€ |
| 164 | Mind Company03163571 | Tivat | 10 | 465,660€ | 309,529€ |
| 165 | Palma Tours02746808 | Bar | 5 | 463,196€ | 29,187€ |
| 166 | Falcon Com03008819 | Nikšić | 12 | 461,020€ | 7,704€ |
| 167 | Luka's In02830744 | Berane | 9 | 455,262€ | 69,636€ |
| 168 | Šejla Tours02796244 | Bar | 13 | 453,397€ | 5,699€ |
| 169 | La Habana02843714 | Bar | 8 | 449,433€ | 98,715€ |
| 170 | In Style02415062 | Tivat | 10 | 437,364€ | -29,726€ |
| 171 | Alexandar02820064 | Podgorica | 12 | 434,248€ | 45,043€ |
| 172 | PG Tourist03493130 | Podgorica | 9 | 431,211€ | 27,280€ |
| 173 | Philia02694247 | Podgorica | 9 | 429,702€ | 110,361€ |
| 174 | Ekokrstac02645815 | Mojkovac | 11 | 425,261€ | 57,194€ |
| 175 | Vučje02770156 | Nikšić | 8 | 424,845€ | -50,297€ |
| 176 | Maris03167976 | Ulcinj | 3 | 424,525€ | 101,770€ |
| 177 | Đulamerović Group03298540 | Bar | 21 | 419,502€ | 6,328€ |
| 178 | Bobot02888629 | Šavnik | 10 | 409,173€ | 84,437€ |
| 179 | Urbing02310694 | Podgorica | 3 | 408,911€ | 3,062,782€ |
| 180 | D.o.o.,,sveti Georgije Društvo za Proizvodnju, Promet i Usluge Export- Import03006948 | Cetinje | 7 | 407,822€ | 1,684€ |
| 181 | Admiral Montenegro02685736 | Budva | 8 | 400,370€ | -113,265€ |
| 182 | Oblun03317749 | Podgorica | 12 | 395,211€ | 42,804€ |
| 183 | Real Estate & Co02049490 | Ulcinj | 7 | 394,598€ | 39,478€ |
| 184 | Opera Jaz03138194 | Budva | 4 | 392,210€ | 107,699€ |
| 185 | Asb Estate Management03616380 | Nikšić | 9 | 391,326€ | 21,770€ |
| 186 | Imperial02798581 | Bar | 4 | 390,587€ | 41,413€ |
| 187 | Mišeluk03560449 | Herceg Novi | 9 | 387,444€ | 71,942€ |
| 188 | Trustgroup02673835 | Budva | 4 | 383,427€ | 29,034€ |
| 189 | Hasanaga Company02814757 | Ulcinj | 12 | 382,920€ | 11,307€ |
| 190 | Thill03323005 | Bar | 7 | 382,632€ | 117,424€ |
| 191 | MSK-Group03602125 | Nikšić | 12 | 381,252€ | 17,973€ |
| 192 | Boka Gardens03090337 | Kotor | 2 | 378,395€ | 48,879€ |
| 193 | Velika Plaža02018357 | Ulcinj | 6 | 375,271€ | 923,789€ |
| 194 | Laurisima03227898 | Podgorica | 5 | 375,069€ | 48,205€ |
| 195 | Harblue03381196 | Budva | 10 | 374,722€ | 30,004€ |
| 196 | Hoteli Hoti03130576 | Ulcinj | 9 | 373,131€ | 61,225€ |
| 197 | Mne For You03181219 | Tivat | 2 | 370,308€ | -3,700€ |
| 198 | Cruiser& Partners03644375 | Ulcinj | 7 | 367,071€ | 10,707€ |
| 199 | Karisma Hotels Management Montenegro03150054 | Podgorica | 3 | 366,071€ | 148,724€ |
| 200 | Lido-Turs02072149 | Bar | 6 | 357,884€ | 12,293€ |