• Oxford No. 1 Hotel says it remains under the control of its management, dismissing reports that it has been taken over by a receiver appointed by Cola Holdings Ltd.

• The hotel’s owners have filed an appeal against a High Court order appointing a receiver, arguing the order has not yet taken effect and disputing claims that an IFC loan was repaid.

• Management says the hotel remains open for business and has urged the public to disregard reports suggesting it has changed hands.

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In a press release issued on Thursday, July 23, the hotel’s management said recent media reports had created a false impression about the status of the luxury property located on Oxford Street in Accra.

“Management wishes to inform the general public, staff and other stakeholders that Oxford No. 1 Hotel remains under the control and possession of its Management and Directors,” the statement said.

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According to the statement, Kensington Residential Partners 1 Limited (KRP1 Ltd), which owns and manages the hotel, is equally owned by its two directors, Nana Kwame Bediako and Azad Cola.

The company explained that it secured financing from the International Finance Corporation (IFC) to develop the hotel, but the COVID-19 pandemic affected its ability to generate sufficient revenue to service the facility after opening in December 2019.

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Management alleged that while discussions were ongoing with IFC to restructure the loan, Azad Cola, through Cola Holdings Ltd, informed KRP1 that he had personally settled the outstanding facility and demanded reimbursement from the company.

However, KRP1 claimed that neither Mr Cola nor Cola Holdings had provided evidence that the IFC loan had been repaid.

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“To date, neither Azad Cola nor Cola Holdings Ltd has produced any evidence that the IFC loan was in fact repaid,” the statement said.

The company acknowledged that the High Court granted an order on July 21, 2026, appointing a receiver and authorising police assistance in taking possession of the hotel.

However, it argued that the order does not take effect until seven days after it was issued, adding that the period had not yet expired.

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KRP1 said it has instructed its lawyers to appeal the ruling and file applications to prevent Cola Holdings Ltd and the receiver from taking possession until the appeal is determined.

The company further noted that two previous applications by Cola Holdings on the matter had been dismissed by the High Court and claimed the company was simultaneously seeking to recover the same amount from both KRP1 Ltd and Nana Kwame Bediako personally.

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“Management does not believe the courts of Ghana will permit such unjust enrichment,” the statement said.

The hotel urged the public to disregard reports suggesting it had been taken over and maintained that Oxford No. 1 Hotel remains open for business.