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Your Room is Ready: Tourism and Urban Revival

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  • Alberto Hidalgo

Abstract

This paper aims to fill this gap by examining the impact of tourism on urban transformation using a dataset of hotel openings in Madrid from 2001-2010. I show that hotel openings positively impact the number of establishments and employment by using the number of protected buildings as an instrumental variable to account for the non-random distribution of hotel openings. Interestingly, hotel openings contribute to changes in the composition of the economic activities and the business structures, enhancing tourist-oriented corporate-owned businesses over other individualowned companies. Finally, economic effects extend to the real estate market, increasing rental prices and residential investment.

Suggested Citation

  • Alberto Hidalgo, 2024. "Your Room is Ready: Tourism and Urban Revival," Studies on the Spanish Economy eee2024-03, FEDEA.
    • Handle: RePEc:fda:fdaeee:eee2024-03
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