Intellectual capital is the part of intangible assets that affects value creation. Intellectual capital includes human capital, structural capital, and customer capital. The paper aims to investigate the relationship between intellectual capital and the managers’ productivity in hotel companies. The research included 80 hotels with 3-stars, 4-stars, and 5-stars. Testing of research hypotheses is performed by application of multiple regression analysis and ANOVA test. The obtained results support the positive contribution of the components of intellectual capital on the productivity of managers in hotel companies. Also, the results show that there is no significant difference in the level of achieved manager’s productivity between hotels of 3-stars, 4-stars, and 5-stars.