Business Excellence of Eco-Friendly Hotels in the Region of the Western Balkans: Case Study of Eco-Friendly Hotels in Serbia

Hotel industry, as a very dynamic activity within the tourism industry, applies innovations in business and develops voluntary eco-business standards for developing sustainable tourism. The paper aims to assess business excellence of hotels that are holders of the international eco-certificate Green Key in Serbia, a country in the Western Balkan region, by using the BEX model. The study reviews and presents the current situation when it comes to implementation and valorisation of eco-principles and standards in hotel business in Serbia, while examining their business excellence, as well as the opportunities for better positioning in the international tourism market. The research results show that the examined companies do not have poor ranks of business excellence. It is recommended for these hotels to continue with the current business while implementing innovations in sustainable business in order to improve business results. By monitoring the value of the BEX index, it is possible to avoid business risks, while expanding eco-awareness and implementing sustainable business policies, which would help hotel companies improve their business.