The aim of this study is to assess the impact of a several factors on satisfaction with a visit to water-based natural attractions. After reviewing relevant studies, it was hypothesized that satisfaction is influenced by push motivations, pull motivations, on-site experience, perceived quality and perceived values of visit. As a method of data reduction, the factor analysis based on principal component analysis was used for multi-item constructs (push motivations, pull motivations, on-site experience, and perceived quality). Three factors of pull motivation (pleasant 'natural' environment, heritage and culture, accessibility), two factors of push motivation (social gathering, escape), one factor of on-site experience (pleasure), and one factor of perceived quality (commonplaceness) were used in further analyses. A satisfaction model was constructed and tested through a two-stage structural modelling process with the maximum likelihood of estimation method. Multiple indicators were used only for exogenous constructs; all endogenous constructs were indicated by a single indicator – in cases of value and satisfaction by those directly measured. The results confirmed the causal path: pull motivation → perceived quality → perceived value → satisfaction, but indicated the on-site experience as a simultaneously effecting mediation element: pull motivation → perceived quality → on-site experience → perceived value → satisfaction. However, the linkage of push motives on the causal chain of predictors of satisfaction was not proved.