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Value co-creation (VCC) appears as one of the key trends in marketing and management to reactivate the connection with customers. The main objective of this study is to analyze the chain of direct effects: VCC -&gt; Brand Equity (BE) -&gt; Customer Satisfaction (SAT). Furthermore, this research attempts to assess whether, in this chain of effects, there may be an interaction between both antecedent variables (VCC and BE) that enhances the understanding of satisfaction, and contrast the overall model for two segments: customers who booked the hotel through a traditional offline travel agency versus customers who booked online. The model is tested using PLS technique. Data was collected from 575 customers of four-star hotels in Majorca (Spain). Results reinforce the key importance of branding strategies in hotel management while showing that the channel of distribution partially moderates the relationships. Theoretical contribution and managerial implications are discussed.

Effect of value co-creation on customer satisfaction: the mediating role of brand equity