Oxford No. 1 Hotel Denies Receiver Takeover, Says Property Remains Under KRP1 Control

The management of Oxford No. 1 Hotel has dismissed reports suggesting that the luxury hotel has been taken over by a court-appointed Receiver, insisting that the property remains under the possession and control of Kensington Residential Partners 1 Limited (KRP1 Ltd) and continues to operate normally.

In a press release dated July 23, 2026, KRP1 Ltd said recent media reports claiming possession of the hotel had been handed over to a Receiver appointed by Cola Holdings Ltd were misleading.

The company assured the public, staff and stakeholders that the hotel’s management and directors remain in full control of the property.

Background to the dispute

According to KRP1 Ltd, the company is jointly owned by its two directors, Nana Kwame Bediako and Azad Cola.

The statement explained that Oxford No. 1 Hotel was developed using shareholder capital together with a loan facility from the International Finance Corporation (IFC). Although the hotel officially opened in December 2019, the COVID-19 pandemic significantly affected business operations, making it difficult for the company to generate sufficient revenue to service the IFC loan.

Management stated that while it was engaging the IFC to restructure the facility, Azad Cola, through Cola Holdings Ltd, informed KRP1 that he had personally settled the IFC loan in full and demanded reimbursement from the company.

However, KRP1 argued that as a director, Azad Cola had a fiduciary duty to seek the company’s approval before entering into such a transaction. The company further claimed that neither Azad Cola nor Cola Holdings Ltd has produced evidence proving that the IFC loan was fully repaid.

Court order under appeal

The company disclosed that Cola Holdings Ltd later secured a High Court order appointing a Receiver to take possession of Oxford No. 1 Hotel.

According to KRP1 Ltd, although the order was granted on July 21, 2026, it only becomes enforceable seven days after the date of the ruling. The company stressed that the seven-day period had not expired at the time of issuing its statement.

Management said it has instructed its legal team to file an appeal against the decision and seek court orders restraining both Cola Holdings Ltd and the Receiver from taking possession of the property until the appeal is determined.

Company questions multiple recovery claims

KRP1 Ltd further stated that two previous applications filed by Cola Holdings Ltd on the matter had already been dismissed by the High Court and that those decisions are currently the subject of an appeal.

The company also alleged that Cola Holdings Ltd is simultaneously pursuing recovery of the same amount from both KRP1 Ltd and Nana Kwame Bediako personally in separate legal proceedings.

Management argued that allowing recovery from both parties for the same debt would amount to unjust enrichment, expressing confidence that Ghana’s courts would not permit such an outcome.

Public urged to ignore reports

The company urged the public to disregard what it described as false impressions created by recent media coverage and to await the outcome of the appeal and related court applications.

It also reaffirmed that Oxford No. 1 Hotel remains open for business despite the ongoing legal dispute.