The purpose of this research is to compare the perceptions of Spanish and British tourists in the formation of the overall perceived value of the purchase decision-making process for a hotel stay. Comparison is made between two key tourism distribution channels: offline, via a travel agency; and online, via the Internet. The sample comprised 600 tourists. Of these, 300 (150 Spanish and 150 British) had purchased hotel accommodation for their last holiday via an offline travel agency, and the other 300 (again, 150 Spanish and 150 British) had done so via the Internet. Given that the two countries differ in their cultural dimensions, the results show that the "uncertainty-avoidance" and "individualism/collectivism" dimensions moderate the relationship between the antecedents of overall perceived value. These differences are not homogeneous, depending instead on the medium through which the service is purchased. The present research takes a comprehensive approach to overall perceived value formation, considering differences both in culture and also in distribution channel, and including different phases: purchase and use.