This paper presents a preliminary analysis on how organizational learning and market condition affect the relationship between technology orientation and growth of small and medium size firms. Using hotels in Peninsular Malaysia as context, the study tested its hypotheses using responses from 254 hotel managers. Regression analysis results indicated that market condition has an enhancing effect on the positive and significant relationship between technology orientation and growth / performance of small medium size hotels. Meanwhile, organizational learning only partially mediates the relationship between technology orientation with growth of those hotels. Implications of the findings are discussed at the end of the paper.