Latest news with #SummitHotelSubangUSJ
New Straits Times
4 days ago
- Business
- New Straits Times
Summit Hotel USJ to undergo RM45mil refurbishment
KUALA LUMPUR: The Summit Hotel Subang USJ will undergo a major refurbishment and rebranding exercise costing up to RM45 million, following the appointment of Exsim Hospitality Bhd's unit as the new hotel operator and project manager. In a filing with Bursa Malaysia, Exsim Hospitality said its wholly owned subsidiary Mana Mana Holdings Sdn Bhd accepted the letter of offer from Maybank Trustees Bhd, acting on behalf of AmFIRST Real Estate Investment Trust, on Aug 6. The refurbishment works are expected to be completed and the hotel re-opened within 15 months, subject to mutually agreed adjustments. "The board, after having considered all aspects of the letter of offer, is of the opinion that the appointment is within the ordinary course of business of Exsim Hospitality and the acceptance is in the best interest of the company," it said. It added Mana Mana will receive a RM220,000 fee for its role as project manager and will enter into a tenancy agreement with the landlord. Under the agreement, the company will pay a base rent of RM600,000 per month, plus additional rent based on revenue sharing above a defined threshold. The tenancy will be effective for an initial term of three years, with automatic renewals for two further three-year periods unless terminated in advance. Exsim Hospitality said the appointment is expected to contribute positively to its net assets, earnings per share and gearing.
The Star
4 days ago
- Business
- The Star
AmFIRST REIT's Summit Hotel Subang USJ to be rebranded, operated by Exsim unit
Credit: The Summit Hotel Subang USJ KUALA LUMPUR: AmFIRST Real Estate Investment Trust (AmFIRST REIT) has appointed Mana Mana Holdings Sdn Bhd, a subsidiary of Exsim Hospitality Bhd, as the project manager of the refurbishment and rebranding of the Summit Hotel Subang USJ in Selangor. Subsequent to the completion of the project, Mana Mana will operate the hotel under a tenancy agreement. In a filing with Bursa Malaysia, the manager of AmFIRST REIT said it had contracted Mana Mana for the project management services for a fee of RM220,000. The REIT shall bear the projected refurbishment cost up to a maximum of RM45mil, to be funded with borrowings and internally generated funds. In the event the tender results exceed the refurbishment costs, AmFirst REIT and Mana Mana shall enter into discussions with the selected tenderer to renegotiate the cost. The refurbishing and rebranding works, and the reopening of the hotel, is scheduled for 15 months from the date of the letter of offer. Trading ideas: Maybank, CIMB, Hartalega, Infomina, CBH, Citaglobal, KJTS, Carzo, Aizo, Fajarbaru, Dengkil, Lotte, Frontken
