Yesterday was an exciting day for Charlotte, North Carolina…they won…they won the right to spend over $100 million on a new building…the NASCAR Hall of Fame. Congratulations.
This is huge for the city of Charlotte, as it would have been for any of the other candidate cities, like Atlanta or Daytona Beach. And, not because this new venture creates jobs, improves land value or streams millions in taxes…but because it fuels a story.
NASCAR is a very powerful story, almost a religion…especially in the South. Millions of people watch the races, buy the myriad of logo stuff, watch the ads on TV and revere the drivers…past celebrity status. They believe…because they want to, because of how it makes them feel.
People won’t visit the NASCAR Hall of fame because it cost over $100M to build. They won’t visit because of ample parking, a fancy lobby or clean restrooms. They’ll come because they’ll have a chance to be a part of the story…to get closer to the dream.
So, if you’re in the market to develop a hotel, build a story first, and a building second. Stories are more interesting, last longer and pay much bigger returns...just ask Charlotte.