The management of Oxford No. 1 Hotel has dismissed media reports suggesting that the facility has been taken over by a court-appointed receiver, insis
The management of Oxford No. 1 Hotel has dismissed media 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 Thursday, management stated that despite a recent court order obtained by Cola Holdings Ltd, no receiver has assumed control of the property, as the order is not yet in effect.
According to the statement, the High Court on July 21, 2026, granted an order appointing a receiver and authorising police assistance to facilitate possession of the hotel. However, management explained that the order only becomes effective seven days after it was granted, a period which has not yet elapsed.
KRP1 Ltd said it has instructed its legal team to appeal the ruling and file the necessary applications to restrain both Cola Holdings Ltd and the receiver from taking possession pending the determination of the appeal.
Dispute over IFC loan repayment
The dispute centres on the financing of Oxford No. 1 Hotel, located on Oxford Street in Osu, Accra.
KRP1 Ltd, the company that developed and manages the hotel, said it is jointly owned by its two directors, Nana Kwame Bediako and Azad Cola.
The company explained that the hotel project was financed through shareholder capital and a loan facility from the International Finance Corporation (IFC). Although the hotel commenced operations in December 2019, it said the COVID-19 pandemic significantly affected business, making it difficult to service the IFC facility.
Management alleged that while discussions were ongoing with IFC to restructure the loan, Mr. Azad Cola, through his company Cola Holdings Ltd, informed KRP1 Ltd that he had personally settled the outstanding IFC debt and demanded reimbursement from the company.
However, KRP1 Ltd contends that Mr. Cola, as a director, had a fiduciary obligation to obtain the company’s approval before undertaking such a transaction and has questioned the claim, stating that neither Mr. Cola nor Cola Holdings Ltd has produced evidence proving that the IFC loan was repaid.
Previous court applications dismissed
The company further disclosed that two earlier applications filed by Cola Holdings Ltd relating to the matter had been dismissed by the High Court, with those decisions currently under appeal.
Management also argued 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 simultaneously seeking recovery from KRP1 Ltd.
The company said it believes Ghana’s courts will not permit what it described as an attempt at unjust enrichment through recovery of the same debt from two different parties.
Hotel remains operational
Oxford No. 1 Hotel urged the public, staff and business partners to disregard reports suggesting that the property has already been handed over to a receiver.
Management maintained that the hotel remains fully operational and continues to conduct business as usual while the legal processes continue.
For further information, the company directed enquiries to its communications advisers, Stuart Leach Associates.
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