The aim of the paper focus on identifying those factors involved in the competitive success of hotel companies and the interrelations between them, taking into account the socio-economic influence that these companies might have on Andalusian region and the few studies carried out in tourism sector so far. The study tries to specify an econometric model that may include factors that appear as mechanisms for the generation of competitive advantage. The research model allows us to identify the relative impact of the “industry factor” and the company’s own specific factors, “hotel intangible resources”, on competitive success.