The purpose of this study was to investigate how menu quality, human · amenity service quality, perceived risk affected quality · price menu value, social · emotion menu value and how quality · price menu value and social · emotion menu value influenced satisfaction. Also this study investigated how satisfaction affected loyalty. The model was tested in hotel restaurants settings of five-star hotels using a sample of customers visiting and enjoying menus in Daegu metropolitan city and Gyeongju city. Empirical results confirmed that not only do menu quality and human · amenity service quality increase quality · price menu value and social · emotion menu value but that perceived risk reduces social · emotion menu value. It was also found that significant antecedents of satisfaction were quality · price menu value and social · emotion menu value. Also, loyalty was also found to be a significant consequences of satisfaction.