Oxford No. 1 Hotel urges public to ignore reports of receiver takeover

The management of Oxford No. 1 Hotel has rejected reports 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) and continues to operate normally. According to a press release issued on July 23, 2026, the management described media reports suggesting that possession of the hotel had been handed to a receiver appointed by Cola Holdings Ltd as misleading.

Background

Oxford No. 1 Hotel, which opened in December 2019, is owned and managed by KRP1 Ltd, a company jointly owned by its two directors, Nana Kwame Bediako and Azad Cola. The hotel was financed through shareholder equity and a facility from the International Finance Corporation (IFC), but the COVID-19 pandemic significantly affected operations, making it difficult for the company to service the loan.

What This Means

The management of Oxford No. 1 Hotel has rejected reports 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) and continues to operate normally. In a press release issued on July 23, 2026, the management described media reports suggesting that possession of the hotel had been handed to a receiver appointed by Cola Holdings Ltd as misleading.

According to the statement, KRP1 Ltd's management argued that, as a director of KRP1 Ltd, Azad Cola had a fiduciary obligation to inform the company and obtain its approval before entering into such a transaction. The management further claimed that neither Mr. Cola nor Cola Holdings Ltd had produced evidence demonstrating that the IFC facility had been fully repaid.

What Happens Next

The management of Oxford No. 1 Hotel has instructed its lawyers to appeal the ruling and file applications seeking to restrain both Cola Holdings Ltd and the receiver from taking possession of the property pending the determination of the appeal. Management also stated that two previous applications filed by Cola Holdings Ltd in relation to the dispute had been dismissed by the High Court and are currently the subject of an appeal.

The company further alleged that Cola Holdings Ltd is pursuing recovery of the same amount it claims to have paid to the IFC through separate proceedings against both KRP1 Ltd and Nana Kwame Bediako personally. Management argued that permitting such parallel claims would amount to unjust enrichment and expressed confidence that the courts would determine the matter appropriately.

The management of Oxford No. 1 Hotel assured patrons that the hotel remains open for business and urged the public to disregard what it described as misleading reports regarding the hotel's possession and await the outcome of the pending appeal and related court applications.

Source: Joy Online