Rooms at Hong Kong Disneyland’s planned third hotel will cost between HK$2,000 and HK$3,000 a night, its managing director told the Legislative Council today.
Lawmakers questioned whether the HK$4.26 billion project, scheduled for completion in 2017, would be profitable as it was seeking a HK$809 million loan from the Hong Kong government.
Hong Kong Disneyland managing director Andrew Kam Min-ho replied that investment returns would depend on room rates. Rooms at the new hotel would cost between HK$2,000 and HK$3,000 a night, making it less expensive than the Hong Kong Disneyland Hotel, but more expensive than the Hollywood Hotel.
“We have conducted market analysis on the new project’s investment and return. Its [return] will be within that of hotels in the present market,” he told the panel on economic development.
All political party representatives at the meeting supported the loan. It will be tabled at the finance committee for approval in May.
Medical sector lawmaker Leung Ka-lau asked whether the current hotels were profitable, but Kam said figures were available only for the overall profitability of the park. Last year, the park made a HK$242 million net profit.
The 750-room third hotel and a Marvel’s Iron Man themed area, scheduled to open in 2016, are part of phase one of the park’s development project.
Discussion on the second phase had been brought forward but details could not yet be given, said Deputy Commissioner for Tourism Rosanna Law Shuk-pui.