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.
It assured staff, customers and other stakeholders that the hotel’s directors and management remain in charge of its operations while legal processes relating to the dispute continue.
Background
According to the statement, KRP1 Ltd, the company that owns and manages Oxford No. 1 Hotel, is jointly owned by its two directors, Nana Kwame Bediako and Azad Cola.
Management explained that the hotel, which opened in December 2019, was financed through shareholder equity and a facility from the International Finance Corporation (IFC). However, the COVID-19 pandemic significantly affected operations, making it difficult for the company to service the loan.
The statement said that while discussions were underway with the IFC to restructure the loan, Azad Cola, acting through Cola Holdings Ltd, informed KRP1 Ltd that he had personally settled the outstanding facility and subsequently demanded reimbursement from the company.
Management argued that, as a director of KRP1 Ltd, Mr Cola had a fiduciary obligation to inform the company and obtain its approval before entering into such a transaction. It further claimed that neither Mr Cola nor Cola Holdings Ltd had produced evidence demonstrating that the IFC facility had been fully repaid.
Appeal underway
The statement disclosed that Cola Holdings Ltd subsequently obtained a court order on July 21, 2026, appointing a receiver to take possession of the hotel.
However, management maintained that the order authorises police assistance only after a seven-day period, which it said had not yet elapsed.
It added that KRP1 Ltd 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.
Double recovery claim
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.
It therefore 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.
Management also assured patrons that Oxford No. 1 Hotel remains open for business.
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