This article discusses the concept of a customer as an asset of business in the accommodation industry. The purpose of this article is to examine the value of guests as a firm asset and to propose a model for managing guests as an asset in the context of accommodation services. A guest is considered an asset due to its role in providing revenue to the accommodation firm. Because of this role, the accommodation guest needs to be managed appropriately. This article argues that guest service evaluation (i.e. service quality, perceived value, and guest satisfaction) and service loyalty are important factors in the development of guest lifetime value. The proposed model of managing guests as an asset consists of marketing instruments, service evaluation, guest loyalty, and financial outcomes provides a comprehensive guide on how accommodation firms can manage the lifetime value of their guests. Finally, as there are limited studies examining this issue, future research should test the proposed model.