This work examines the development of the Spanish public company Paradores de Turismo S.A. To this end, the methodology used is based on the study of the case by analysing the evolution of its main indicators of liquidity, activity, indebtedness and profitability of its sector in the period 2009-2015. The objective is to assess the impact of the measures taken by the company at a time of falling demand and increasing difficulties in obtaining finance. During this period, the economic crisis that has unfolded Spain has had a significant influence on the company’s activity. In this context, the company has carried out an employment adjustment file (ERE) and has experienced a process of debt restructuring. These measures have resulted in the dismissal of more than 300 employees, temporary suspensions for more than 200 and a reduction in working hours for at least 400. The study of this public enterprise is important for its role as an instrument of economic and tourism policy. It is also useful to understand the company’s response to the economic crisis that has hampered its access to finance.