Well, let this ex Marine, Viet Nam Vet, single dad, who went from unemployment to owning 16 single family rental homes and 28 multi family properties in less than 4 years, while attending college to obtain not one but two bachelor degrees while raising two young children tell you my reaction.

Just real quick, Cuba, Egypt, FR Polynesia, Russia, China, Singapore, Viet Nam and Italy.

We do have some nice industries like trona, tourism, agriculture, etc, but make no mistake we are an energy driven state.

Tourism is big here as well and is off, but still viable due to regional vacationers.

It is in an area with a strong and proven tourism industry.  

The hotels are great and there's a lot of tourism from Asia.

A spill that covered a beach in tarballs would really hurt tourism.  

Still, the move raises worries about encouraging homeowners to borrow more based on the unpredictable tourism industry."

Not to mention the drop in tourism, and a growing portion of the workforce that may end up deciding not to take that temporary assignment in your city because they would be limited to a hotel room as their only option. 

For that reason alone I wouldn’t touch anything that is not in a big city (Madrid, Barcelona, Sevilla, Bilbao), where I expect people to still relocate looking for better jobs, or in a nice area of the coastline, where you can count on either good tourism or well-off retirees.However, I believe there are opportunities in some neighborhoods and niches.