The purpose of this research is to understand the influence of customer perceived value on customer loyalty in four- and five-star hotels at Surabaya with customer satisfaction as the mediating variable which were assigned during the COVID-19 pandemic in the city of Surabaya. In this research, researchers used a quantitative method which involved about 200 people who live in Surabaya and experienced staycation as the research’s respondents. This research shows that customer perceived value positively and significantly affects customer satisfaction, customer perceived value positive and significantly affects customer loyalty, customer satisfaction positive and significantly affects customer loyalty, and customer satisfaction fully mediates the relationship of customer perceived value and customer loyalty. Abstrak Penelitian dilakukan dengan tujuan untuk mengetahui pengaruh customer perceived value terhadap loyalitas tamu yang menginap di hotel bintang 4 dan 5 yang ada di kota Surabaya dengan kepuasan tamu sebagai variabel mediasi yang diteliti selama pandemi COVID-19 berlangsung di kota Surabaya. Dalam penelitian berikut, peneliti menggunakan metode kuantitatif yang melibatkan 200 masyarakat Surabaya yang pernah melakukan kegiatan staycation sebagai responden. Hasil penelitian ini menunjukkan bahwa customer perceived value berpengaruh positif dan signifikan terhadap kepuasan tamu, customer perceived value berpengaruh positif dan signifikan terhadap loyalitas tamu, kepuasan tamu berpengaruh positif dan signifikan terhadap loyalitas tamu, dan kepuasan tamu memediasi penuh hubungan antara customer perceived value dan loyalitas tamu.
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