Your Room is Ready: Tourism and Urban Revival

Alberto Hidalgo

No eee2024-03, Studies on the Spanish Economy from FEDEA

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.

Date: 2024-02
New Economics Papers: this item is included in nep-tur and nep-ure
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