Serbia has 4 hotels in the Michelin Guide's Key selection — 1 Two Keys and 3 One Key — across 1 place. 2 can be booked with points: 1 through Marriott Bonvoy and 1 through Small Luxury Hotels of the World. The rest are cash-only independents, listed so the map is complete.

37k pts
40k pts
Median points per night and cents-per-point value from AwardClaw's award tracking. Value is the cash rate divided by the points price, so higher is better; green means the redemption beats the program's usual value by a wide margin.
| Hotel | Keys | Program | Points / night | Value |
|---|---|---|---|---|
| The St. Regis Belgrade Belgrade, Serbia | Marriott · St Regis | 37,000 | 1.3¢/pt | |
| SAINT TEN Hotel Belgrade, Serbia | Small Luxury Hotels of the World | 40,000 | 0.7¢/pt |
St Regis 1
~0.7¢ per point · Amex Membership Rewards, Chase Ultimate Rewards and Bilt all transfer to Bonvoy at 1:1, so Marriott points are the easiest to top up in a hurry.
SLH 1
~0.5¢ per point · Amex Membership Rewards transfer to Hilton at 1:2, with 1:2.
4: 1 Two Keys and 3 One Key. All of them are in Belgrade.
2 of the 4: The St. Regis Belgrade and SAINT TEN Hotel. By program: 1 through Marriott Bonvoy and 1 through Small Luxury Hotels of the World.
Two Keys is the highest rating held in Serbia, by The Bristol Belgrade. None of them take points.
The St. Regis Belgrade in Belgrade, at a median of about 37,000 Bonvoy points a night — 1.3¢ per point against the cash rate.
Every loyalty program, Key rating, country and city has its own page with points prices, value per point and a map.
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