In an unstable, rapidly changing situation, it is necessary to take into account all possible consequences of changes in market conditions, including the actions of competitors. A high degree of risk leads to the need to find ways to artificially reduce the possible consequences of the impact of risk on changing the conditions for the implementation of business operations. Therefore, the main purpose of risk assessment is to provide business owners with the information necessary to make appropriate decisions, as well as to forecast measures to protect against possible losses. Flexible system of financial management at hotel business enterprise must promptly react to any changes in its activities, which is especially relevant in modern conditions and practically impossible without the use of effective methods for assessing the risk of bankruptcy. To forecast the crisis, assess the possible bankruptcy of the hotel business enterprises and determine the level of risk, an assessment of financial condition of 21 enterprises of the hotel industry from 10 regions of Ukraine (Vinnitsa, Volyn, Dnipropetrovsk, Transcarpathian, Lviv, Ternopil, Kharkiv, Kherson, Khmelnytsky, Chernihiv) and Kiev city in 2015 was made using the Altman five-factor model. In the course of evaluating the strategy of hotel enterprises using this model, it was determined that, taking into account the existing risk conditions, most of the enterprises under study are not implementing the strategies effectively enough. Economic potential of the enterprises concerned is low and the risk of bankruptcy is high. For three hotel enterprises, the indicators are close to the norm, that is, their development strategy can be considered satisfactory. To prevent bankruptcy of high-risk hotel business enterprises, the author proposes to introduce financial instruments that would allow compensating losses in case of risk event. Growth in business value will be maximized if management forms a strategy and sets goals to achieve a balance in the “company growth – profitability – risks” triad; however, it is necessary to effectively use the available resources.