This master’s thesis is an interdisciplinary research on the ‘degaying’ process of Madrid’s gay neighborhood, Chueca, in the post-gay era and gay business owners’ entrepreneurial experiences. It strives to fill a gap in the literature in LGBT tourism studies, gender studies and entrepreneurial studies by giving voice to the LGBT community and creating contemporary knowledge and observation. The investigation involved conducting 11 qualitative semi-structured interviews with gay business owners in Chueca. The aim of this research was to shed light on the owners’ motivations in opening their businesses and to explore the challenges and changes they noticed throughout their time in the neighborhood, reviewing if Chueca has entered the post-gay era and is experiencing a degaying process. It also discusses other aspects of the district such as the marginalization of certain groups within it, its market economy and the city government’s role in gay tourism. The results of this study show that breaking the lavender ceiling is not one of the main motivations of owners in starting their businesses. Moreover, while the gay market is a profitable niche market, it is wiser for business owners to target both heterosexual and LGBT markets if possible. Lastly, Chueca has entered the post-gay era, although it is unlikely that the neighborhood will face dissolution due to its historical meaning and the fact that many people still feel more comfortable in Chueca than in other parts of the city. / <p>This thesis has been graded: VG</p>