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Hotel guests seek value, and hotel managers seek to provide that value. The matter is not that simple, however, because the hotel attributes that create value depend on the reason a guest is traveling (e.g., for business or for pleasure). Moreover, the value-creating attributes that guests consider in the decision to book a hotel are not necessarily the same attributes that create value during the hotel stay. In particular, guests seem to consider only an outstanding performance as value laden. Only half of the 469 frequent travelers surveyed by a Cornell University study, for example, could recall an instance of outstanding value in their most recent hotel stay. Travelers were able to identify well over 1,000 hotel attributes that help to drive their purchase decision. Fortunately, those attributes can be aggregated. The top attributes driving the guests' purchase decision were: location, brand name and reputation, physical property (exterior, public space), guest-room design, and value for money. Some of the same attributes also created value during the stay. The top five were: guest-room design, physical property (exterior, public space), interpersonal service, functional service, and F&B-related services.