Management of Oxford No. 1 Hotel has dismissed reports suggesting that the facility has been taken over by a court-appointed receiver, insisting that the hotel remains under the possession and control of Kensington Residential Partners 1 Limited (KRP1 Ltd).
In a press release issued on July 23, 2026, the company said the hotel continues to operate under its management and directors, urging the public, staff and stakeholders to disregard reports indicating that possession has been handed to a receiver appointed by Cola Holdings Ltd.
According to KRP1 Ltd, Oxford No. 1 Hotel, located on Oxford Street in Accra, was developed and is managed by the company, which is jointly owned by directors Nana Kwame Bediako and Azad Cola.
The company explained that it secured financing from the International Finance Corporation (IFC) to support the development of the hotel. However, it said the COVID-19 pandemic significantly affected operations after the hotel opened in December 2019, making it difficult to service the loan.
KRP1 Ltd alleged that while it was in discussions with IFC to restructure the facility, Azad Cola, through Cola Holdings Ltd, informed the company that he had personally settled the IFC loan and demanded reimbursement. Management claims no evidence has been provided to confirm that the loan was repaid and argues that Mr. Cola failed to obtain the company’s approval before entering into such a transaction.
The company further disclosed that Cola Holdings Ltd later obtained a court order on July 21, 2026, appointing a receiver to take possession of the hotel. However, it stressed that the order is not enforceable until seven days after it was granted, a period which has not yet expired.
KRP1 Ltd said it has instructed its legal team to appeal the decision and file applications to prevent Cola Holdings Ltd and the receiver from taking possession of the property while the appeal is pending.
The company also noted that two earlier applications by Cola Holdings Ltd relating to the matter had been dismissed by the High Court, adding that those proceedings are also under appeal.
Management further claimed that Cola Holdings Ltd is simultaneously pursuing the same alleged debt against both KRP1 Ltd and Nana Kwame Bediako personally in separate legal proceedings, arguing that such an approach amounts to an attempt at unjust enrichment.
Despite the ongoing legal dispute, the company maintained that Oxford No. 1 Hotel remains open for business and said it is confident the courts will determine the matter through the pending appeal.
By: Bernard Mensah
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