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.
