This study analyses human capital (HC) management practices in a small privately owned public hotel group, in the context of intellectual capital. Previous studies have highlighted how firms measure and report HC; however, few studies have examined the HC management practices of firms. This study analyses these practices using multiple data methods-namely, observation, interaction with staff, examination of internal financial and management reports, and semi-structured case study interviews-on a continuous basis over a 1-year period. The results of this study indicate that, through HC management practices, this group of hotels engaged in value extraction rather than value creation as a way of maximizing the value of the firm. The study identifies several possible reasons for this and presents a number of ways of encouraging value creation.