Management of Oxford No. 1 Hotel has dismissed reports claiming that the facility has been taken over by a receiver appointed by Cola Holdings Ltd, insisting that the hotel remains under the possession and control of Kensington Residential Partners 1 Limited (KRP1 Ltd).
In a press release issued on Thursday, July 23, management said the hotel continues to operate under its directors and management and urged the public, staff and stakeholders to disregard reports suggesting otherwise.
According to the statement, Oxford No. 1 Hotel was developed and is managed by KRP1 Ltd, a company jointly owned by its two directors, Nana Kwame Bediako and Azad Cola.
Management explained that the project was financed through shareholder capital and a loan facility from the International Finance Corporation (IFC). However, it said the COVID-19 pandemic significantly affected operations after the hotel opened in December 2019, making it difficult to service the IFC loan.
The statement alleged that while KRP1 Ltd was negotiating with IFC to restructure the loan, Mr Cola, through Cola Holdings Ltd, informed the company that he had personally settled the outstanding facility and demanded reimbursement from KRP1 Ltd.
Management contended that as a director of the company, Mr Cola had a fiduciary duty to seek the approval of KRP1 Ltd before undertaking such a transaction.
It further claimed that neither Mr Cola nor Cola Holdings Ltd has produced evidence to show that the IFC loan was fully repaid.
The dispute escalated after Cola Holdings Ltd obtained a High Court order on July 21, 2026, appointing a receiver to take possession of the hotel.
However, management argued that although the order authorises the Ghana Police Service to assist in taking possession, it does not take effect until seven days after it was granted.
KRP1 Ltd said it has instructed its legal team to appeal the decision and file applications seeking to restrain Cola Holdings Ltd and the receiver from taking possession of the hotel pending the outcome of the appeal.
The company also noted that two previous applications filed by Cola Holdings Ltd in relation to the matter were dismissed by the High Court and are currently the subject of an appeal.
Management further alleged that Cola Holdings Ltd is pursuing separate legal proceedings against Nana Kwame Bediako personally to recover the same amount it claims to have paid to IFC, while also seeking recovery from KRP1 Ltd.
According to the statement, this amounts to an attempt to recover the same debt twice, a situation management believes the courts will not permit.
Oxford No. 1 Hotel assured the public that it remains fully operational and urged stakeholders to await the outcome of the pending legal proceedings.
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