The article focuses on the study of performance factors of Slovenian hotel companies through Data Envelopment Analysis between 2001 and 2018. For this purpose, we introduced a balanced panel data of 20 hotel companies which differ by their size, type, the number of hotels within the company, and location. To determine efficiency factors, we used the Malmquist index, which can be broken down into a change in efficiency and technological change. The change in efficiency was further broken down into a change in pure technical efficiency and a change in scalar efficiency. Between 2001 and 2018, hotel companies recorded decline in total factor productivity index which was mainly due to the inability to implement new production technologies. One of the key reasons for deterioration in technological change was the 2008 economic crisis.