Using a central place theory approach, this study investigates the demand for short-term rental units and how it is impacted by external sport-related events (college football, university events, and holidays), location, and the characteristics of the units. Using an extensive database of 1,852 units and their daily availability in Ann Arbor, Michigan, findings of the main model and two robustness models support the relevancy of central place theory to sport tourism and reveals from an externalities perspective just how dependent the city’s hospitality and tourism industry is on the university, and particularly the scheduling of events including American football games. The findings provide detailed results for short-term rental bookings based on unit characteristics, dates, and external factors. This study reveals the impact a sport organization has on the local hospitality market that should be further examined in other towns and cities debating the future of hospitality industry and the relationship between sport and tourism.