Indy’s Final Four teams are especially good for business

The teams that advanced to this weekend’s Final Four in Indianapolis are good for restaurants, bars, hotels and ticket sellers — everyone, it seems, except people hoping to find a cheap ticket.

“We’re ecstatic,” said Chris Gahl, vice president of Visit Indy, the city’s tourism bureau. “It’s a near picture perfect Final Four.”

Kentucky, Wisconsin, Michigan State and Duke have everything.

First, there’s a compelling story line — Kentucky going for the first undefeated season since Indiana in 1976. That figures to boost television ratings, which increases the value of Indy’s media exposure. Then there’s the Wildcats’ fanatical fan base, known as Big Blue Nation, which will follow the team to Indy.

“There will be more Kentucky fans in the stadium than fans of the other three schools combined, I’m sure,” said Renny Harrison, owner of FanFare Tickets in Carmel.

Wisconsin and Michigan State, like Kentucky, are within easy driving distance for an event with little time for planning. Visit Indy already markets to those states for tourists in the spring and summer. Their fans know Indy well from the Big Ten football championship and Big Ten basketball tournament.

Duke is college basketball royalty, the sport’s biggest brand name.

Gahl said 7,100 Downtown hotel rooms have been virtually sold out for months and said the impact of these Final Four teams shows in hotel bookings in Indianapolis suburbs and as far away as Lafayette and Columbus.

Visit Indy also will be host to 20 event bookers at the Final Four in hopes they will give Indy convention business. Among the people interacting with them: Leonard Hoops — yes, that’s his name — the head of Visit Indy.

Visit Indy estimates the economic impact of the Final Four at $70.8 million. Economists are often skeptical of such estimates. Visit Indy’s estimate comes from an “economic impact calculator” developed for the city by Rockport Analytics.

Patrick Tamm, president of the Indiana Restaurant & Lodging Association, said it’s good that the Final Four teams are familiar with Indy. Duke, Kentucky and Michigan State competed at Bankers Life Fieldhouse last November in a college basketball doubleheader.

“You couldn’t ask for a better Final Four in terms of the fans and how they travel,” Tamm said. “In a lot of cases, these fans know exactly where they want to go and where they want to stay.”

There is, however, a cloud of controvery hanging over the event, with the debate over Indiana’s “religious freedom” law, signed last week by Gov. Mike Pence.

“We’re very concerned about that statewide,” Tamm said. “But at the same time, we have tremendous confidence that we’ll deliver Hoosier hospitality. We’ll overdeliver.”

Gahl said Visit Indy is prepared to answer questions about the law and its impact from the 800 members of the media in town for the Final Four. But he prefers that the city make a statement with its actions.

“We believe there’s a hunger among people in the hospitality community to showcase Hoosier hospitality,” Gahl said, “especially since it’s been called into question.”

The homepage of Visit Indy’s website Monday afternoon had rainbow colors, an LGBT guide to the city and the words “All are Welcome in Indy.”

The political debate doesn’t appear to concern ticket sellers and brokers, who love these four teams for Indy.

“By any measure, this is the priciest Final Four market we’ve seen over the last five years,” said Connor Gregoire, spokesman for online broker SeatGeek.

Gregoire said SeatGeek’s average sale price for a “strip” — Saturday’s semifinals and the championship two days later — was $1,378 as of early Sunday night.

“It’s the UK fan base that is driving the record demand we’re seeing thus far,” Gregoire said, “and they seem fairly confident they’ll see the Wildcats play two games in Indy.”

The only thing that could have made it better is if Louisville had defeated Michigan State in the Elite Eight instead of losing in overtime. That would have given Indy a potential Kentucky-Louisville match of arch rivals in the NCAA championship game.

“Having Louisville and Kentucky would have been one of the best of all time,” said Jeff McGuinness, owner of 317 Tickets in Indianapolis. “But Michigan State is a good consolation prize.”

Call Star reporter Mark Alesia at (317) 444-6311. Follow him on Twitter: @markalesia.