Tourism
Formerly an industrial city, Valencia saw rapid development that started in the mid-1990s, expanding its cultural and touristic possibilities, which turned it into a vibrant city, restoring old landmarks like the old Towers of the medieval city (Serrano Towers and Quart Towers), monasteries like the San Miguel de los Reyes monastery, which now holds a specialized library, the whole Malvarrosa beach, with the construction of a 4 km (2 mi) long paseo or complete quarters, like the old Carmen Quarter, which has seen extensive renovation.
Another appealing feature of the city is its numerous convention centres, like the Valencia Fair (Feria de Valencia), the Conference Palace (Palau de Congressos) and several 5 star hotels.
The first America's Cup competitions took place in June and July 2005 and were key attractions during the summer of 2005. According to official data from the organizing committee, as many as 150,000 visitors flocked to Valencia's port each day during the two-week events.
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