The Americas Cup races in Valencia is having a much greater effect on the local economy than was first thought.

Juan Carlos Gelabert, the head of the Valencian Hotel Industry stated that one out of every four Euros spent by tourists in Valencia is due to the Cup.

This is also borne out by Luis Marti of the Valencian Hotel union who added that the Cup had forced several major hotel chains to speed up their implantation of five-star establishments in the City to accommodate the top end of the tourism market that the Americas Cup visitors would need.

Mr. Marti also encouraged the Valencian authorities to try and ensure that similar projects of equal importance are staged in the City in order that the new range of five-star establishments do not see their investments ‘going downhill’.

Eloy Dura of the Valencian Construction Industry Association stated that the TV transmission of the Americas Cup races ‘is the best advertisement in the world for Valencia. He also added that the technology brought to Valencia by the Americas Cup is proving to be highly beneficial not only to the City but to the autonomy as a whole.

He also stated that the technology associated with the event is proving very beneficial to the City as well as the Autonomy.

This has also been borne out by Jose Salinas, the head of the Valencian Convention Bureau, who stated that foreign tourists who come to Valencia generally spend on average about 2,445 Euros, whilst the average spending for a Spanish visitor is 1,700 Euros.