ACCRA, Ghana — Oxford No. 1 Hotel has rejected reports suggesting that the luxury property has been taken over by a court-appointed receiver, insisting that it remains under the possession, control and management of Kensington Residential Partners 1 Limited (KRP1 Ltd.).
In a press release dated 23 July 2026, management described circulating reports as misleading and assured guests, staff and stakeholders that the hotel continues to operate normally while legal proceedings continue.
The statement follows reports that Cola Holdings Ltd. secured a court order appointing a receiver over the hotel. However, KRP1 Ltd. argues that the order does not take immediate effect, noting that it only becomes enforceable seven days after it was issued on 21 July 2026. The company also confirmed it has instructed its legal team to appeal the ruling and seek an injunction to prevent any takeover while the appeal is pending.
Background of the dispute
According to the statement, KRP1 Ltd. is jointly owned by Nana Kwame Bediako and Azad Cola, who each hold equal shares in the company.
The company explained that Oxford No. 1 Hotel was financed through shareholder investments and a loan facility from the International Finance Corporation (IFC). It said the hotel’s operations were severely affected by the COVID-19 pandemic, making it difficult to service the loan.
Management alleged that Azad Cola, through Cola Holdings Ltd., later informed KRP1 that he had personally settled the IFC loan and requested reimbursement from the company. KRP1 contends that no evidence has been produced to confirm that the IFC facility was fully repaid and argues that such a transaction required prior approval from the company.
Previous court applications cited
The company further stated that two earlier applications filed by Cola Holdings Ltd. in relation to the matter had been dismissed by the High Court and are themselves the subject of an appeal.
It also claimed that Cola Holdings Ltd. is pursuing recovery of the same alleged debt from both KRP1 Ltd. and Nana Kwame Bediako personally in separate proceedings, arguing that such an outcome would amount to unjust enrichment.
Hotel remains open
Despite the ongoing legal dispute, management urged the public to disregard reports suggesting that the receiver has already assumed control of the property.
Oxford No. 1 Hotel said it remains fully operational and open for business while awaiting the outcome of the appeal and related court applications.
Disclaimer: This report is based on a press release issued by Kensington Residential Partners 1 Limited. The legal dispute remains before the courts, and allegations referenced in the statement have not been independently verified by GhanaNews.org.
