NASCAR Chicago race brings economic boom to the region with hotels quickly filling up

The hype surrounding NASCAR's first ever street-race, the Grant Park 220, is at an all-time high and businesses in Chicago are feeling the effects.

Scheduled to take place on the 1st and 2nd of July, 2023, the street-racing event has been selling out hotels all around Chicago, according to reports.

Though the exact numbers are hard to get, signs are growing that the upcoming street race, taking place at the Chicago Street Course, will be a net positive for Chicago’s hotel industry.

Industry officials say bookings have perked up in recent days and that a variety of establishments, not just those around the Grant Park race course, are doing solid business.

Michael Jacobson, head of the Illinois Hotel & Lodging Association, said,

“Everything I’m seeing says it’s going to be a very strong, very busy weekend. I’m hearing more and more hotels say they’re approaching sellout.”

Jacobson emphasized that a major volleyball tournament at McCormick Place is also luring visitors. However, it is pretty evident from the numbers that the NASCAR street race has had a significant impact. He concluded by affirming that the race “will be a positive,” with occupancy on the high side of the roughly 80% that is normal for a July 4th weekend.

1,218-room hotel sold out ahead of the NASCAR Chicago race

A top hotel executive, Sheraton Grand Chicago Riverwalk General Manager Lisa Timbo, revealed that her 1,218-room facility has been fully sold out. The hotel is on the north bank of the Chicago River, several blocks from the race course through Grant Park on July 1 and 2.

"With both NASCAR and volleyball luring visitors, it’s going to be a strong weekend for us — and stronger than last year," Timbo said.

Similar word came from Mike Reschke, whose firm owns a luxury hotel at 208 S. LaSalle and a Residence Inn in River North. Reschke said,

"The NASCAR event is positive.”

Reschke suggested that the occupancy so far has been about what it was a year ago — in the low 80% range on LaSalle and in the 90s at the Residence Inn — but some reservations still are coming in.

However, despite the anticipation, the upcoming street-racing event at Chicago hasn't escaped it's share of controversies. Former Mayor Lori Lightfoot and officials at Choose Chicago, the city’s visitor recruitment agency, have argued that since the NASCAR event was announced, its advantages to the city in increased business and favorable media coverage would outweigh the cost of, for instance, shutting down Lake Shore Drive for at least six days, with police pushing traffic to side streets as far north as Chicago Avenue.