The Lost Highway

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A Brian Kaplan Concept  •  Confidential

THE LOST HIGHWAY

Nashville's First Immersive Outlaw Country Experience

The Last Ballad - An Original Production

Printer's Alley  •  Nashville, Tennessee

$4.5M Equity Round  •  $10M Post-Money Valuation

The Gap

$11.2 Billion in Tourism.
Zero Immersive Venues.

All-time records. Up 42% since the pandemic. And zero of it going to immersive entertainment.

0M
Visitors in 2024
$0B
Annual Spending
$0M
Per Day in Tourism
0
Immersive Venues

The #1 bachelorette destination. The #1 country music city. The fastest-growing tourism market in America. And zero immersive theater.

The Opportunity

Broadway Is Saturated. The Throne Is Empty.
Nashville Is Ready.

Sleep No More closed January 2025. Nashville has no Meow Wolf. No immersive theater. The #1 bachelorette destination in America and they're all tired of pedal taverns.

VenueCityStatusAttendeesRevenue
Sleep No MoreNYC CLOSED Jan 2025 2M+ (14 yrs)$36M/yr peak
Sleep No MoreShanghai Active 500K+$86M cumulative
Meow WolfSanta Fe / Denver / Houston / LV Active 5M+ total$28M/yr per location
Then She FellNYC Closed 2023 15 guests/nightBoutique
The Last Ballad Nashville 2027 Launch 30K+/yr capacity $6.7M Year 2

No Meow Wolf

Not on the expansion list.

No Immersive Theater

Zero narrative-driven experiences.

No Hidden Venue

No speakeasy or premium hidden venue.

WHY NOW

Sleep No More closed - Jan 2025. The immersive crown is vacant.
Nashville tourism ATH - $11.2B and accelerating.
209 Printers Alley - 1888 building, 6 floors, active listing. Window closing.

The Location

209 Printers Alley, Nashville

Not another bar on Broadway. The building that built Nashville nightlife.

The Building

1888 masonry building. Boots Randolph's legendary club. Prohibition tunnel access confirmed. Upper floors vacant since the 1950s.

Address209 Printers Alley
Built1888 • 6-Story Masonry
Ground Floor4,000 SF • Turn-Key Bar
Upper Floors~5,000 SF each • Vacant since 1950s
Total Available~9,000+ SF (2 floors)
RenovationFull ADA • 2017-2022
InfrastructureNew Kone Elevator • 1,600A Electrical
Prohibition TunnelsConfirmed Access
Documented HauntingsYes • Staff Reports
Historic Tax Credits20% Federal

The story writes itself: Prohibition tunnels. Documented hauntings. No set dressing needed.

The Lease

Lease StructureNNN + Option to Buy
Modeled Rent$80/SF NNN
Annual Rent (~7,000 SF)$560K/yr
Distance from Broadway1 Block
Rent vs. Broadway40-60% Lower
Listing StatusActive on LoopNet

Broadway Lease Benchmarks

VenueSizeLease$/SF
JBJ's Nashville37,000 SF$6.4M/yr NNN$173/SF
Broadway AverageVariesNNN$120-200/SF
Printer's Alley Est.~9,000 SFNNN$70-105/SF

Same tourist corridor at a fraction of the cost. Real history Broadway can't manufacture.

Property Tax Advantage: Broadway bars saw 300-400% hikes in 2025. Printer's Alley carries lower assessed values.

Option to Buy: Nashville downtown up 35%+ since 2020. Convert rent into equity.

FLOOR-BY-FLOOR: HOW IT COMES TO LIFE

GROUND FLOOR
The bar. Acts I & III. 4,000 SF turn-key.
FLOOR 2
4 immersive rooms. Act II. ~5,000 SF.
FLOOR 3
Back-of-house. Tech control. Rain system mechanical. Cast staging.
FLOORS 4-6
Expansion. Currently STR. Phase 2: new rooms, VIP.

Going up = going back in time.

The Concept

One Venue. Four Audiences.
Seven Days a Week.

The Lost Highway is the bar - open 7 nights. The Last Ballad is the show - Thu-Sun inside the same walls. The bar IS the set. They feed each other.

The Lost Highway - Every Day

The Outlaw Country Bar

Waylon, Willie, Merle, Hank, Cash. No pop country. No cover bands. Whiskey wall, vinyl turntables, live outlaw acts every night.

F&B REVENUE • $6K/DAY AVG

The Last Ballad - Thu-Sun

The Immersive Show

2.5 hours. 40 guests per wave, 2 waves per night. Yondr pouches lock phones. Poker chips determine your fate. 4 rooms. 7 characters. 2 endings.

TICKETS + VIP + F&B + MERCH

Extended Revenue

15 Revenue Streams

Bachelorette packages. Corporate buyouts. Vinyl releases. Whiskey club. Seasonal overlays. Family matinees. No single stream > 33%.

$6.7M YEAR 2 REVENUE

Hidden Entrance
A door behind the jukebox. The discovery IS the TikTok.
Yondr Pouches
Phones locked. Post-show unlock. 80 people post simultaneously.
1-on-1 Encounters
Every guest gets a private moment. The story they tell is unique.
Bachelorettes
13K+ trips/year. $450-850/person. They ARE the marketing.

The Story

The Ghost Isn't a Person.
The Ghost Is an Unfinished Song.

January 1, 1953. Hank Williams dies in the back seat of a Cadillac. His driver doesn't realize for hours. The song Hank was writing never got finished.

The building on Printer's Alley has been collecting artists for 70 years. It gives them their sound. And it takes something in return. An unfinished song lives in the walls.

The audience's unfinished song: Everyone has a call they never made, a thing they never said. The show makes you feel something you buried. That's why they come back.

Seven Characters. Three Layers. Two Endings.

CoraThe Bartender. Guards the unfinished song. Not what she appears.
JesseMystery Singer. Carries the melody that finishes it.
The DriverCharles Carr. Soaking wet. Still driving. Based on real history.
AudreyHank's wife. Burned the last verse. Trapped in the mirror.
Midnight MikeThe DJ. Still broadcasting. The phone rings - it's for you.
Waylon's ShadowHaunts the tour bus. Play the missing note, he appears.
Hank's GhostSame seat. Same drink. Holographic - not an actor.

LAYER 1: The ghost story - who haunts this building and why
LAYER 2: 47 hidden lyric fragments - piece together Hank's final verse
LAYER 3: The truth about Cora - she isn't the bartender. She's the song.

The Experience

2.5 Hours. Three Acts. Two Endings.

You walk into a bar. You leave a haunted building. Somewhere in between, the show started and you didn't notice.

Act I

The Outlaw Bar

45 MIN • GROUND FLOOR

You think you're in a honky-tonk. Then the temperature drops, a glass slides off the bar, and a ghost flickers in the mirror. A hidden door opens behind the jukebox.

COMFORT → CURIOSITY → UNEASE

Act II

The Haunting

60 MIN • FLOOR 2 • 4 ROOMS

Groups of 10 rotate through four rooms. Rain falls indoors. Audio whispers your name. Every guest gets a 1-on-1 encounter. Your choices change the story.

FEAR → WONDER → INTIMACY

Act III

The Final Song

30 MIN • GROUND FLOOR

Everyone returns to the bar. Jesse sings Hank's final song. The audience votes: finish the chord or let the music play forever. Blackout. Phones unlock. 80 people post at once.

AWE → GRIEF → CATHARSIS

40
Guests Per Wave
4
Immersive Rooms
1-on-1
Every Guest Gets One
3-4x
Visits to See It All

Act II - Floor 2: The Haunting

Four Doors. Four Ghosts.
Your Poker Chip Determines Your Fate.

Hidden door behind the jukebox. Four rooms. Four ghosts. 15 minutes each. Groups of 10 rotate clockwise.

The Green Room

600 SF • Backstage Dressing Room

Audrey's dressing room. A record player spins on its own. She appears in your reflection but not in the room. Find hidden lyric fragments and read them aloud.

LG Transparent OLED • ScentAir • Self-playing record player

"He wrote that song for me. And then he wrote me out of the story."

The Midnight Opry

700 SF • 1953 Radio Station

Directional audio whispers your name. Only you can hear it. The rotary phone rings. Your confession determines which clue you receive.

Holosonics Audio Spotlight • Rotary phone • Medialon show control

"Tonight's dedication goes out to... you."

The Lost Highway

800 SF • Rain System + 1952 Cadillac

Rain falls indoors. Cryo CO2 drops the temp 15°F. The Driver confesses what happened on that last drive. You decide: tell him or let him keep driving. Your choice changes Act III.

Rain curtain • Cryo CO2 • ScentAir • Floor transducers

"I drove all night with a dead man in my backseat. And I swear... he was humming."

The Rolling Curse

500 SF • Tour Bus + Haptic Seats

Waylon's tour bus. Haptic seats vibrate with engine rumble. A guitar plays an unfinished song and stops. A pick appears. Play the missing chord and Waylon's Shadow materializes.

D-BOX haptic seats • Yamaha Disklavier • ScentAir • HYPERVSN hologram

"The road doesn't take you somewhere. The road takes something from you."

The Revenue Engine

15 Revenue Streams. $6.7M Year 2.

The bar pays the rent. The show sells the tickets. The bachelorettes do the marketing for free. No single stream exceeds 33% of total revenue.

$6.7M
Year 2 Revenue

Revenue Breakdown - Year 2

Daily Bar F&B (7 days/week)$2,190,000
Immersive Show Tickets (160 shows)$1,664,000
Show Night F&B Uplift$576,000
Bachelorette Packages$315,000
Merchandise (on-site + online)$300,000
Vinyl Record Program (52/yr)$280,000
Late Night Bar (Fri-Sat)$260,000
Seasonal Premium Events$220,000
Corporate Buyouts (25/yr)$200,000
Live Music Cover & Tips$180,000
Private Events$150,000
Family Matinees (70 shows)$140,000
Whiskey Club (170 members)$120,000
Photography/Content Packages$65,000
Tourism Partnership Commissions$55,000
Total Revenue$6,715,000

F&B ALONE COVERS

$2.8M

Covers rent + labor + ops alone

REVENUE STREAMS

0

No single stream exceeds 33% of total

SHOW NIGHT MULTIPLIER

0x

Show vs. regular bar night

Ticket Economics

Four Tiers. Premium Positioning.

$85
General Admission
Full 2.5-hour experience
1 welcome cocktail
Poker chip assignment
Physical takeaways (ring, pick, lyric)
$150
VIP
Priority room rotation
Whiskey flight included
Extended 1-on-1 encounter
Exclusive vinyl variant
$250
Inner Circle
All-room access
Cast dinner pre-show
Signed merch & lyric sheet
Secret 4th-wall scene
$8,500
Private Buyout
Full venue, up to 60 guests
Custom narrative overlay
Dedicated Cora & cast
Premium bar package

Per-Show-Night Economics

GA Tickets (40 × $85)$3,400
VIP Tickets (30 × $150)$4,500
Inner Circle (10 × $250)$2,500
Show Night F&B Uplift$3,600
Merch & Add-ons$1,800
Revenue Per Show Night$15,800

160 shows/year. 80 guests. $130 avg ticket. $1.664M tickets + $864K F&B/merch.

0x
Show Night Revenue Multiplier

People drink more, buy more, stay longer on show nights.

Financial Projections

Five-Year P&L - Three Scenarios

Year 1 (Partial)Year 2Year 3Year 4Year 5
Base Case
Revenue$2.2M$6.7M$7.8M$8.7M$9.5M
EBITDA($250K)$1.47M$2.11M$2.52M$2.95M
EBITDA Margin-22%27%29%31%
Upside Case (+15%)
Revenue$2.5M$7.7M$9.0M$10.0M$10.9M
EBITDA($100K)$1.85M$2.7M$3.2M$3.7M
Downside Case (−20%)
Revenue$1.8M$5.4M$6.2M$7.0M$7.6M
EBITDA($450K)$750K$1.2M$1.6M$1.9M

Cost Structure - Year 2

COGS (22-28% blended)25%$1,679,000
Labor (actors + bar + ops)32%$2,149,000
Rent (7,000 SF @ $80/SF)-$560,000
Insurance-$48,000
Marketing (5%)5%$336,000
Tech Maintenance-$140,000
Utilities / Supplies3%$201,000
Licensing / Legal / Admin2%$134,000
Total Expenses$5,247,000
EBITDA22%$1,468,000
0%
EBITDA Margin Yr 2
0
EBITDA Margin Yr 5

Downside Protection: Bar alone generates $1.75M+ F&B - covers rent, labor, ops. The bar is the floor. The show is the ceiling.

Marketing at 5%: Yondr unlocks = 80 simultaneous posts/show. Bachelorettes are free marketing. Drops to 3% by Y4.

Comparable Exits

Where Entertainment Venues
Trade Today

Entertainment venues with IP and recurring audiences command premium multiples.

ComparableValuationEV/RevenueEV/EBITDARelevance
Ryman Hospitality (RYMAN) $6.47B Market Cap 2.73x 14.2x Nashville entertainment + venues
Meow Wolf $500M+ Valuation 5-6x - Immersive art, multi-city expansion
Live Nation (LYV) $31B Market Cap 1.5x 14.9x Live entertainment at scale
Sleep No More (Shanghai) $86M cumulative rev - - Single-venue immersive theater
Punch Bowl Social Acquired by Cracker Barrel 2.5x 8-10x Entertainment + F&B venues
Topgolf $2B (Callaway acquisition) 3.3x 12x+ Entertainment + F&B + IP
The Lost Highway (Year 5) $21-$27M implied 2.2-2.8x 7-9x Immersive + hospitality + IP
0-3.4x
MOIC (5-Year)
0-32%
IRR
Year 5
Full Payback at Exit
7-9x
Exit EBITDA Multiple

At Year 5 EBITDA of $2.95M and a 7-9x entertainment venue multiple, implied enterprise value is $21M-$27M. Multi-city expansion doubles it.

The Raise

$4.5M Equity Round

Deal Structure

Pre-Money Valuation$5,500,000
Raise Amount$4,500,000
Post-Money Valuation$10,000,000
Investor Ownership45%
Founder Ownership55%

Founder Contribution: Complete creative IP, Tim McGraw partnership, Scott Siman's network. All IP developed pre-raise.

Investor Terms: 8% preferred return. Pro-rata rights. Board observer. Quarterly reporting.

Estate Licensing: Right of publicity licenses from Williams, Jennings, Cline estates. McGraw + Siman have direct relationships. Once locked, no competitor can tell these stories.

Uses of Capital

Build-Out & Construction$1,400,000
Technology & Immersive Systems (Tier 2)$1,200,000
Working Capital$600,000
Contingency (11%)$500,000
Marketing & Launch$400,000
Equipment & FF&E$400,000

Distribution Waterfall

1
Operating Reserve (3 months)
2
Preferred Return (8%)
3
Return of Capital
4
Profit Split (45% investors / 55% founders)
0-3.4x
MOIC
0-32%
IRR
Year 5
Full Payback at Exit
0
City Expansion

The Platform

One Venue. Infinite Stories.
Five Cities.

Same venue. New show each season. Same walls, new ghosts. The format travels to any city with music in its bones.

Season 1 - 2027

The Last Ballad

Waylon & Hank. An unfinished song. Two endings.

Season 2 - 2028

Patsy's Last Flight

The plane never landed. Patsy still sings. New rooms, new mystery.

Season 3 - 2029

The Man in Black

Cash walks the line. The fire ring burns. Folsom comes to Printer's Alley.

5-City Expansion Roadmap

2027
Nashville - Flagship
2029
Austin - 6th Street Heritage
2030
Memphis - Beale Street Blues
2031
New Orleans - Jazz & Voodoo
2032
Savannah - Southern Gothic

The Estate Moat: Exclusive right of publicity licenses. Once locked, no competitor can tell these stories. Every season deepens the moat.

Founders

The People Behind the Curtain

Nashville doesn't let outsiders build here. Good thing we're not outsiders.

BK

Brian Kaplan

FOUNDER / CREATOR

Wrote the show bible. Built the brand. Full creative IP developed pre-raise.

TM

Tim McGraw

FOUNDER

90M+ records. 3x Grammy. Actor (1883, Friday Night Lights). Nashville royalty.

SS

Scott Siman

FOUNDER

President, EM.co. 30+ years managing Nashville's biggest careers. Every door is open.

Operations Partner:  Active search. Nashville and NYC conversations underway.
Key Hires:  Technical Director • Lead Director • Head of F&B • Marketing Director

Traction

What's Already Done

IP written. Team locked. Venue identified. Tech spec'd. Raising to build.

COMPLETED PRE-FUNDING

Complete Creative IP

7 characters, 4 rooms, 3 acts, 2 endings. Every scene scripted.

Tim McGraw - Founder

90M records. 3x Grammy. Founding partner.

Scott Siman - Founder

President of EM.co. 30+ years. Every door is open.

Venue Identified

209 Printers Alley. 1888. 6 floors. Active listing. Option to buy.

$1.2M Tech Package Spec'd

Vendor quotes in hand. All systems priced.

Brand Identity Complete

Brand system, bar program, 52-week vinyl calendar.

Music Licensing (ASCAP/BMI)

Blanket licenses secured for bar performance.

POST-FUNDING MILESTONES

Q3 2026

Lease Signed + Permits Filed

Finalize venue, begin permitting process

Q3 2026

Estate Licensing Secured

Williams, Jennings, Cline estates. McGraw + Siman open every door.

Q3-Q4 2026

Key Hires + Ops Partner

Technical Director, Lead Director, Head of F&B, Marketing Director

Q4 2026

Construction + Tech Install

4-room layout, tech integration, bar fit-out

Q1 2027

Rehearsals + Marketing

Cast rehearsals, tech testing, pre-sale campaign

Q2 2027

Grand Opening

VIP/press soft launch. Tim McGraw media pull.

Q4 2027

Profitability

EBITDA positive by month 6

Financial Deep Dive

The Numbers Behind the Numbers

UNIT ECONOMICS - PER SHOW NIGHT

Ticket Revenue (80 guests × $130 avg)$10,400
Show Night F&B Uplift$3,600
Merch + Add-ons$1,800
Gross Revenue / Show Night$15,800
COGS (25%)($3,950)
Show Night Labor (actors + crew + bar)($4,200)
Contribution Margin / Show Night$7,650 (48%)

SENSITIVITY ANALYSIS - YEAR 2 EBITDA

ScenarioRevenueEBITDAMargin
Base Case$6.7M$1.47M22%
Revenue -10%$6.0M$1.07M18%
Revenue -20%$5.4M$750K14%
Revenue -30%$4.7M$310K7%
Bar-Only Floor$2.19M($180K)-

Even at -30%, the venue is EBITDA positive. Bar-only scenario covers rent + utilities; show revenue is pure upside.

CASH FLOW WATERFALL - MONTHS 1-24

PhaseMonthsCash Flow
Build-Out + Pre-Opening1-9($3.9M) burn
Soft Launch / Ramp10-12($120K/mo) avg
Break-Even Month13-14$0
Steady State (Year 2)15-24+$122K/mo avg

$600K working capital reserve covers 9 months of pre-opening burn + 3-month operating cushion post-launch.

KEY ASSUMPTIONS

Bar Revenue$6K/day avg (3,500 SF, 3 turns/night)
Show Capacity80 guests/night (2 waves × 40)
Shows/Year160 (Thu-Sun, 40 weeks)
Avg Ticket$130 (40 GA + 30 VIP + 10 IC)
Occupancy Ramp60% M1-3, 80% M4-6, 95%+ M7+
COGS25% (whiskey-heavy, high margin)
Labor32% (15-25 staff, show + bar crews)
SeasonalityPeak 32% above avg (Jun-Aug, Oct, Dec)
CAC<$15 (organic viral + bachelorette WOM)
LTV$390+ (3-layer mystery = 3x visits)

THE LOST HIGHWAY

The song was never finished. Until now.

The Last Ballad - Coming 2027

$4.5M EQUITY ROUND • $10M POST-MONEY • 45% OWNERSHIP

Brian Kaplan  •  Tim McGraw  •  Scott Siman

1.
Partner meeting
with Brian + Tim's team
2.
Venue walk-through
209 Printers Alley
3.
Data room access
+ term sheet

Printer's Alley, Nashville  •  CONFIDENTIAL