We review the premise, popularity, and profitability of paranormal tourism, which involves visits to any setting or locale for the explicit purpose of encountering apparent supernatural phenomena for leisure, investigation, services, products, or conventions. This niche sector can offer an inherently engaging conceptual framework for seasonal or year-round space activation and monetization by businesses situated in specific settings or cities. On a broader level, the niche also illustrates how tourism–hospitality brands and operations can navigate and even capitalize on three paradigm shifts that have disrupted contemporary markets, that is, the mobilities, performative, and creative turns. This assertion is underscored with a case analysis of a historic site that successfully leveraged paranormal themes as part of its space reactivation and rebranding. Finally, our market study suggests that the success factors of paranormal tourism might indicate a fourth paradigm shift across the wider tourism–hospitality industry, whereby the experience economy is transforming to an enchantment economy.