Intangible capital is a key factor of productivity growth. This paper analyses how the internal intangible capital of the company and external intangible capital influence its productivity. This contribution focuses on the hotel industry since it is a key industry of the Spanish economy, such that any increase in its productivity has an impact on the entire economy. Both, the intangible capital of the company and that of the region in which the company is located are considered as determinants of productivity. Likewise, the importance of other agglomeration economies in the productivity of hotel companies is taken into account. A model estimates firm level determinants of productivity, controlling for regional characteristics that include intangible capital. The findings suggest that, as expected, investment of innovation by hotel companies and regions positively affects company productivity. In addition, there is evidence of the presence of agglomeration economies, both in specialization and urbanization economies. Also, the elasticity of the intangible capital itself is higher in smaller hotel companies.