HONG KONG – Theme park, Hong Kong Disneyland achieved a doubling of its net profits last year and unveiled plans to open a third hotel.

For the financial year to end-Sept 2013 the eight year old park saw profits climb to HK$242 million (US$31.2 million), from a revenue increase of 15% to HK$4.90 billion (US$631 million). Visitor numbers grew by 10% to 7.4 million and per head spending increased by 6%.

With occupancy at the park’s two existing hotels up by two percentage points to a bursting at the seams 94% the park’s management agreed with advice from the HK government and will open a third hotel, with some 750 rooms in 2017. Still subject to final approvals, the third hotel (concept view, pictured) will expand room numbers by 75%.

Its HK$4.26 billion (US$550 million) cost will be funded by a combination of cash flow, a cash injection from Disney and the HK government and partial conversion of an existing loan from the HK government. The park is currently 52% owned by the Hong Kong government and 48% by Walt Disney.

Growth was driven by three new themed areas (Toy Story Land, Grizzly Gulch and Mystic Point) and special entertainment offerings such as “Disney’s Haunted Halloween”, “Disney’s Sparkling Christmas”, “Golden Chinese New Year Celebration”, “Star Guest Program” and programs based on “Monsters University.”

New initiatives in the pipeline include a nighttime spectacular called “Disney Paint the Night” in 2014, 10th anniversary celebration offerings in 2015 and a new themed area based on Marvel’s “Iron Man” franchise in late 2016.

“Steady growth was registered across the three main sources of guests from the local community, mainland China and international markets, with the latter two accounting for about two-thirds of total guests,” said Andrew Kam, HKDL managing director.