KUALA LUMPUR (May 21): Hospitality operator EXSIM Hospitality Bhd (KL:EXSIMHB) has secured a RM45 million contract from AmFIRST Real Estate Investment Trust (AmFIRST REIT) (KL:AMFIRST) to redevelop Summit Hotel USJ in UEP Subang Jaya, Selangor, into a 17-storey hotel with three basement levels.

The contract was awarded via EXSIM Hospitality’s wholly-owned unit EXSIM Concepto Sdn Bhd, which accepted a Letter of Award dated May 20 from Maybank Trustees Bhd, acting as trustee for AmFIRST REIT.

Summit Hotel Subang USJ currently operates as a four-star property with 332 rooms.

In a filing with Bursa Malaysia on Wednesday, EXSIM Hospitality said the redevelopment project will be carried out in three phases, with works scheduled to begin on May 22 and targeted for completion by Dec 31, 2026.

It added that the contract is expected to contribute positively to the group’s earnings, net assets per share and gearing over the project period.

Shares of EXSIM Hospitality rose one sen or 3.1% to close at 33 sen on Wednesday, valuing the company at RM754.3 million. The stock has gained 43.5% year to date.

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