This study investigates the effect of Customer-Based Brand Equity (CBBE) on customer loyalty and further examines the mediatory roles of customer satisfaction and trust in the hotel industry. To accomplish this goal, a questionnaire was developed and data was collected from 918 hotel guests of 39 five-star hotels in 10 cities in Turkey. Results reveal that CBBE consists of brand awareness, physical quality, staff behavior, and brand image. Study results indicate that CBBE improves customer satisfaction and trust. Findings also reveal that to build customer loyalty, hotels should increase customer satisfaction, build trust, and develop CBBE. Theoretical and practical implications are discussed.