Wednesday, August 20, 2014   




Third hotel next big Disney thrill

Beatrice Siu

Tuesday, February 18, 2014


Hong Kong Disneyland will have its third hotel by 2017.

The HK$4.263 billion project, with an HK$800 million loan from the government, will provide 750 new rooms and increase the theme park's hotel capacity to 1,750 rooms.

The plan, announced together with the business results for 2013, has been submitted to the Legislative Council for approval.

Managing director Andrew Kam Min- ho said the hotel is expected to be finished by early 2017 to meet the expected demand following the 2016 completion of the Hong Kong-Zhuhai-Macau Bridge.

He said last year's occupancy rate was 94 percent, a 2 percentage point rise from the previous year.

The new resort will be larger than Disneyland Hotel and Hollywood Hotel, and will occupy 6.4 hectares with a floor area of about 50,000 square meters.

Located between the existing hotels, the resort will have an exotic rainforest and adventure theme with a pool and three restaurants.

In addition to the loan, the government - the biggest stakeholder of Disneyland with a 52 percent share - will have to convert a HK$1.7 billion loan out of its existing HK$2 billion loan into equity.

Kam said profit more than doubled to HK$242 million for the fiscal year October 2012 to September 2013. He added that both stakeholders agreed not to distribute dividends and retain the profit for future development.

"Our stakeholders took a view for long-term development," Kam said. "In fact we do have space for developing hotel and entertainment
facilities in future."

He said there is no pressure to increase fees.

The park had a turnover of HK$4.89 billion, an increase of 15 percent compared with the previous year.

Park attendance was 7.4 million, an increase of 10 percent.

Records showed 33 percent of visitors were from Hong Kong, 47 percent from the mainland and 20 percent from overseas. The number of mainland visitors increased by 2 percentage points.

"Asia is experiencing strong economic growth," Kam said. "Disposable income around Asia is improving and that has stimulated the tourism industry within Asia.

"I don't have a crystal ball, but as long as disposable income keeps increasing, the demand for outbound travel certainly will continue to grow in the mainland and the rest of the region."


© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.