Financialization of hotel corporations in Spain

One of the cutting-edge topics being currently debated in social sciences is the impact of financialization on corporations and on different geographical contexts. Surprisingly enough, there have been very few studies that have explicitly dealt with this issue within tourism studies. In this paper, the issue of financialization within tourism is addressed through an analysis of hotel corporations. Taking a case-study approach, it is argued that Spanish hotel chains are increasingly becoming financialized since a minimization of the impact of global financial crisis on these corporations is urgently required. The argument is not that hotel corporations’ financialization is necessarily new, but rather that the impact of the global financial crisis has led to an intensification of this very process. Taking as case studies the three largest Spanish hotel corporations (Meliá Hotels International, NH Hoteles and Grupo Barceló), the current crisis-led hotel financialization is dealt through four interrelated spheres: (1) built environment (hotel buildings property becoming controlled by financial funds), (2) actors (emergence of new agents as a result of hotel corporations intertwining with financial corporations), (3) hotel profit extraction (reliance on the secondary circuit of capital), (4) financial engineering instruments (forms of fictitious capital that are new in the context of hotel corporations). The article shows how the process of financialization of hotel corporations illustrates broad trends of both financialization and capital accumulation. Specifically, the main findings are on one hand, that financialization not only fixes capital on the ground, but also creates liquidity. On the other hand, that the selling of property titles is an increasing profit niche with differentiated geographical locations. The last significant finding is that financialization helps to improve profitability of non-financia corporations such as hotel chains.     

Urban geo-archaeology in medieval alzira (Prov. Valencia,Spain)

Alzira is situated in a cut-off meander loop of the Rio Júcar. Geo-archaeological study shows that the Islamic city wall was built during the second quarter of the 11th century AD, at a time when the river had a low-amplitude and low-energy flood regime. After mid-century, overbank silts began to invade the city as peak flood discharge increased, with a spate of destructive floods reflected by high-energy deposits during the late 11th century. Urban expansion within the city wall is dated to the later 11th or early 12th century, interrupted by local abandonment and moderate-energy flood silts. Major construction during the mid-12th century was followed by protracted abandonment (after a siege in AD 1171?) and further, moderate-energy flood silts that redistributed occupation and collapse debris. Reoccupation, during the late 14th century, was terminated by catastrophic floods in 1517 and 1571, after which much of the western end of Alzira was not rebuilt. Following further flood catastrophes during the 17th century, parts of the central walled city remained abandoned until the 19th century. with new occupation atop flood sands of yet another disaster in 1864. The change in flood regime after 1150 was a result of deforestation of the watershed, but progradation of a downstream tributary fan after 1517 created an unstable, aggrading floodplain increasingly prone to severe flooding. Climatic anomalies were responsible for periods of recurrent severe floods, archaeologically verified during the 11th and 12th centuries, and historically documented, beginning in 1318. The geo-archaeological methodology illuminates the constructional and settlement history of Alzira, allows distinction of fluvial and cultural components, and provides the necessary microstratigraphic detail and dating control to document the true complexity of alluvial processes during the last 1000 years.     

The Servilia tomb: an architecturally and pictorially important Roman building

One hundred and eleven samples from the important Servilia Roman tomb have been analysed for the first time by Raman spectroscopy, resulting in a complete characterisation of the pigment palette used for its remarkable wall paintings: 73 different pigment mixtures have been identified for the composition of its 11 colours and their tonalities. Dyer’s weld, an ancient organic yellow pigment, which was described by Vitruvius, has been identified and characterised for the first time in Roman wall paintings. Distinctive Raman spectroscopic signals which differentiate between haematite and caput mortuum (a violet colour from haematite which has been subjected to thermal treatment) are also reported. The use of the very expensive lazurite for a balance relates the importance of this otherwise ordinary instrument with psychostasia (the human soul weighing process) and is not found elsewhere in the tomb. The distribution of white minerals alone or in admixture is not related to any particular colouring pigment or figure; this possibly indicates that there was no specific use for each white mineral and that several craftsmen worked on the paintings, perhaps in different periods, or that the frescoes have been subjected to unrecorded restoration. We conclude that Raman spectroscopy is a valuable analytical technique for the unambiguous identification of mixtures of both organic and inorganic compounds, to study the degree of mineral crystallinity and for identifying treatment. These data are relevant for the holistic interpretation of the artwork in its historical, economical and social context.     

The Role of Regulations in the Spanish Housing Dispossession Crisis: Towards Dispossession by Regulations?

This paper explores the role of regulations and economic policies implemented in post-crisis Spain in boosting a housing dispossession crisis. The article first claims that the post-2008 crisis has implied shifts in the mechanisms of rent extraction from housing in Spain. Second, it is argued that those shifts in rent extraction have been fuelled by the post-crisis economic policies and regulatory frameworks implemented since 2008. Third, it is claimed that dispossession has been a central strategy used by banks to cope with the new post-crisis regulatory framework. The article thus analyses the different strategies carried out by banks and hedge funds to enforce foreclosures and other dispossession strategies since 2008. Furthermore, it explores the different motivations and ideologies that led to the roll out of different banking regulations and the variegated impacts that these regulations have had on Spanish bank and hedge fund strategies vis-à-vis housing dispossession.