These results compared with the literature on co-evolution offer important contributions to the tourism literature on destinations evolution. Firstly, some authors identify key events as triggers of institutional change when studying other industries or whole economies (e.g., Ahlstrom & Bruton, 2010). However, for the Spanish tourism industry the onset of the economic crisis and the implementation of changes were not immediately consecutive. It was only after two years—when firms were making losses and the growth forecasts were still dropping—that firms became aware of the need for change and behaved as institutional entrepreneurs. Those factors that delayed the questioning of the existing institutions can be considered barriers to institutional change—e.g., tourism firms’ confidence in their success despite unsuitable institutions, overconfidence in attractions of the tourism destinations. Further research should identify these barriers and how they affect the economic performance of tourism firms and destinations.