Last updated on August 23, 2025
KUALA LUMPUR: Exsim Hospitality Bhd, formerly known as Pan Malaysia Holdings Bhd, has entered into an agreement with AmFIRST Real Estate Investment Trust (REIT) to manage a RM45 million refurbishment and rebranding of The Summit Hotel Subang USJ, and to lease the property for at least three years after completion.
The hotel is slated to reopen within 15 months from the letter of offer, with the tenancy commencing 30 days after the project’s completion. The initial lease period is three years, with automatic extensions of up to six additional years unless Mana Mana Holdings Sdn Bhd — a unit of Exsim Hospitality — opts out with prior notice.
According to AmREIT Managers Sdn Bhd, which manages the REIT, the revamp is aimed at enhancing both the hotel’s revenue and asset value. The refurbishment, capped at RM45 million, will be financed through borrowings and internal resources.
“If the tender results exceed the estimated refurbishment cost, AmFIRST REIT and Mana Mana will negotiate with the selected tenderer to revise the cost. The REIT also reserves the right to terminate the exercise unilaterally,” the filing stated.
Should the refurbishment be fully debt-financed, AmFIRST REIT’s gearing ratio is expected to rise marginally from 47.1% to 48.5%, based on FY2025 audited figures.
Shares of Exsim Hospitality fell half a sen or 1.37% to 36 sen at the midday break on Wednesday, giving it a market value of RM329.87 million, while AmFIRST REIT added half a sen or 1.67% to 30.5 sen, valuing it at RM209.4 million.
Under the agreement, Mana Mana will be paid a fixed fee of RM220,000 to manage the 15-month refurbishment. Once completed, the company will operate the hotel under a tenancy deal that includes a base rent of RM600,000 per month plus a share of revenue above an agreed threshold.
