Customer retention (CR) has become increasingly important due to high competition among hotels and countries. However, most of previous studies focus on this variable in the context of restaurants. This study aims to examine the factors that affect the CR among customers of five-star hotels in Jordan. Based on the literature, the study proposes that physical environment (PE), customer satisfaction (CS), service quality (SQ), and perceived consumption value (PCV) will affect the CR. In addition, the study proposes that hotel perceived value (HPV) will mediate the effects between the variable. The population of this study is the hotels in Amman, the capital of Jordan. Using a random sampling technique, a total of 301 responses are collected from seven brands. The findings indicated that PE, SQ, PCV, and CS were important predictors of CR. The findings also show that HPV mediated partially the effect of PE and SQ on CR while a full mediator was found between CS and CR. Decision makers are advised to improve the PE and the HPV.