The current study attempted to develop an effective brand image measurement including functional and symbolic brand image and to identify its impact on consumers` brand attachment and their willingness to pay a price premium. Grounded in the foundation of marketing and hospitality literature, this study developed a conceptual model that explains the relationships among functional/symbolic brand image, brand attachment and consumers` willingness to pay a price premium. Based on the proposed model, five hypotheses were developed with four constructs. The results from the current study revealed a significant relationship between mostly all constructs in the model except the relationship between functional brand image and consumers` willingness to pay a price premium. The results also clearly showed the significant mediating effect of brand attachment on the relationships between functional/symbolic brand image and consumers` willingness to pay a price premium. Moreover, the findings of this study highlighted the critical importance of symbolic brand image and brand attachment in consumers` brand evaluation.