In the present paper, first the conceptual model of perceived value concept as a mediating variable in tourist perceptions of hotel services is presented and afterwards tested with structural equation modelling. The study reveals that: (a) the relationship between perceived hotel quality and perceived value is strong and positive; (b) the relationship between hotel quality and guest satisfaction is not direct, but rather indirect through the perceived value; (c) hotel image is significantly positively related to perceived value and perceived hotel quality; and (d) perceived value strongly impacts hotel guest satisfaction. Further, invariance analysis shows that no significant differences exist in relationships among perceived quality, image, perceived value and satisfaction between tourists from Slovenia and tourists from Italy. Reprinted by permission of Drustvena Istrazivanja