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Despite the fact that both reserchers and managers agree that consumer satisfactions is a key factor for the success of hotels, little research has been done to reveal what aspects of the hotel operation the guests consider as important when evaluating the hotel experience. Literature on total quality management often argue that all aspects of the operation should be focused on, in order to achieve high levels of consumer satisfaction. Based on a sample of business travellers, we found that most of the variance in overall satisfaction with a hotel experience is eXplained by two core factors in the hotel operation, namely intangible aspects of the reception and tangible aspects of the houskeeping department. This calls for a more focused approach to the management of guest satisfaction than generally recommended in the literature. Implications for managers and recommendations for future research are presented.