Global value chains analysis has become an ever more important approach in economics and economic geography to study the globalization of different sectors. However, it is largely ignored in tourism research. This paper examines the modes of governance of the tourism value chain from Holland to Turkey. One of the most striking findings of this paper is the large variety of governance modes of that chain, not only within the same market segment but even within one firm. The second important finding is the importance of the specific context of the inbound country, to a much lesser extent than the outbound country. In other words, the chain is strongly embedded in the national/local political economic institutions of the inbound country but is fairly disembedded from those of the outbound country.