MOVIE stars Arnold Schwarzenegger, Sylvester Stallone and Bruce Willis are coming to town with their latest venture. The film memorabilia restaurant Planet Hollywood - which is owned by the three actors - will open its first Asian outlet in Hongkong early next year. Plans are being drawn up for the opening of another 14 restaurants in the region's major cities before 2000. Tokyo will open after Hongkong and outlets in China are also being considered. The Hongkong Hollywood is almost certain to be sited at the Ocean Theatre cinema complex in Tsim Sha Tsui. The 1,700-seat cinema will close at the end of next month to allow a major $10 million refurbishment programme to start. It is believed another $15 million will be spent outfitting the restaurant on the ground floor. The stall area of the Canton Road theatre will be turned into a 600-seat mini-cinema. Ms Doreen Lee, director of Harriman Leasing, which is renting out space in Ocean Centre on behalf of the owners, Wharf Holdings, said that Planet Hollywood bosses had taken 20,000 square feet in the theatre. Hotel and Properties Limited (HPL), which holds part of the restaurant's Asian franchise, confirmed the interest. Mr Aloysius Wong, planning and development manager, said that although the deal had yet to be finalised, ''we have plans for a number of Planet Hollywoods in all Asia's major cities, but Hongkong would be the first''. ''We are interested in the Ocean theatre site because of the cinema link. ''It also makes sense to come here because of the importance of Chinese movies in this part of the world.'' Ms Lee said: ''We have leased 20,000 square feet to HPL and I believe it will be for the operation of a Planet Hollywood. ''We are going to retain the upper circle and convert it into a mini-cinema of 600 seats which are in vogue at the moment. ''The existing cinema will be closed at the end of May for the refurbishment. ''We are hoping everything will be ready by Christmas.'' Ms Lee added that the three film stars were expected in Hongkong for the launch of the restaurant early next year. An architect has been appointed to draw up plans for the work which is due to start on June 1. It is believed HPL and the other franchise holder, whose name could not immediately be confirmed, are ironing out legal technicalities before going ahead. Planet Hollywood will only take up part of the floor space. Other theme restaurants are being considered on Canton Road. The first Planet Hollywood was opened in New York in October 1991. There are another two in Los Angeles and Cancun, Mexico. A fourth is due to open in London next month. More are planned in the United States, with an outlet in Chicago soon. As well as the movie stars, film-maker John Hughes, producer Keith Barish, and Mr Robert Earl, president of the cult chain of Hard Rock cafes, are also owners. Each is crammed full of original artifacts from hundreds of films. The food is Californian style. Burgers, pizzas, salads, grilled platters and apple pie will all be found on the menu. Thousands of people regularly queue for hours to eat in the other restaurants around the world. The same can be said for the famous Hard Rock Cafe which is also due to open in Hongkong next year. HPL also holds the Asian franchise for that venture and is negotiating to open an outlet of the music memorabilia restaurant in Canton Road. It is likely to be at a new building which is under construction and will be used as the headquarters for Playmates Holdings. The firm's owners, the Chan family, are holding talks with HPL representatives. It is thought HPL is looking for 20,000 square feet of space in the office and retail complex. The Hongkong Hard Rock Cafe is spreading through Asia. Cafes are planned for Beijing, Shanghai and Guangzhou in the near future. The cafe also hopes to open outlets in Bali this year and in Korea and Taiwan by 1995.