Madrid is hosting its first Formula 1 grand prix since 1981 this weekend, with all 350,000 tickets sold out and hotel prices surging nearly 70% compared to the same period last year. The race takes place at the new Madring circuit (a semi-urban track built beside the Ifema exhibition complex in the city's Hortaleza district), which has drawn complaints from local residents over noise levels and road closures; the city's public transport operator EMT is running five free shuttle services to ease access. The event is projected to generate around €467 million in economic activity and nearly 9,000 jobs, though economists caution that not all of that represents new wealth for the city, and Madrid has committed roughly €477 million over a decade in circuit construction costs and hosting rights — with the grand prix secured on the calendar for at least ten years.