While the rewards and prestige of hosting the Olympics are enormous -- it is safe to say the legacy of staging the Games can breathe new life into a country -- there are plenty of dangers.
"You've got to bid for the event that's right for your city or your country at that time," said Lee.
"Cities shouldn't come into a race without understanding the scale of what is involved. Just bidding is an expensive exercise.
"I'm certainly not one who believes more major cities should be bidding for the Olympic and Paralympic Games. They are a massive commitment and a golden prize.
"As London showed, they can be a major boost to a city and to the image and brand of a country. They can make a different to the landscape."
In the final hours before Saturday's vote, Lee urges the bidding cities to hone their narrative to strike the right chord. After all, the chance to stage an Olympic Games arrives just once in a lifetime.
"You need to be able to show that technically you're good, but also you've got a real edge and story which makes you an attractive option for the IOC," he explained.
"Ultimately, it is clear cities are interested in bidding and we have three strong cities in the 2020 race.
"Already cities are lining up for the 2022 Winter Games and even the 2024 Summer Games. It is clear there is interest across the globe in hosting an Olympic Games."