This study investigates how group size and group familiarity interactively impact tourists’ perceived value and overall satisfaction with a group travel experience. The study also assesses the mediating role of perceived value in affecting the relationships between tourist satisfaction and both group size and group familiarity. The results revealed that tourists in small (vs. large) groups would have a higher level of perceived value and overall satisfaction toward a group travel experience. However, high group familiarity attenuates the effect of group size on tourists’ perceived value and satisfaction. Perceived value fully mediated the effect of group size on tourist satisfaction, as well as the interaction effect between group size and group familiarity on tourist satisfaction. Theoretical contributions and managerial implications of this study were also discussed.