Oxford No. 1 Hotel Says It Remains Under KRP1 Control, Not Receiver
Management of Oxford No. 1 Hotel has denied reports that possession of the facility has been handed over to a Receiver, insisting the hotel remains under the control of Kensington Residential Partners 1 Limited (KRP1) Ltd.
In a statement issued on July 23, 2026, Management said press reports suggesting a Receiver appointed by Cola Holdings Ltd had taken over the Oxford Street property were misleading.
Cola Holdings Ltd applied for and obtained a court order on 21st July 2026 appointing a Receiver to take possession of Oxford No. 1 Hotel.
The order also authorises the Police to assist Cola Holdings Ltd in taking possession.
However, Management said the order does not take effect until seven days after it was granted, and that period has not yet expired.
It added that KRP1 Ltd had instructed Counsel to appeal the decision and to file applications to restrain Cola Holdings Ltd and the Receiver from taking possession pending the determination of the appeal.
The statement further noted that two previous applications brought by Cola Holdings Ltd on the matter were dismissed by the High Court, adding that that decision is also the subject of an appeal contained in KRP1 Ltd’s Notice of Appeal.
Management added that Cola Holdings Ltd is separately seeking to recover the same sum it claims to have paid to IFC from Nana Kwame Bediako personally in parallel proceedings.
“Cola Holdings Ltd is therefore pursuing recovery of the same amount from both KRP1 Ltd and Mr Bediako individually,” the statement said.
“Management does not believe the courts of Ghana will permit such unjust enrichment,” it added.
Issue
The hotel is owned by KRP1 Ltd, a company with two equal shareholders and Directors, businessman Nana Kwame Bediako and Azad Cola.
According to the Managers, the property was developed and is managed by KRP1 Ltd.
To fund its construction, the company secured a facility from the International Finance Corporation (IFC) to supplement shareholder capital.
The hotel opened in December 2019, but Management said the impact of the Covid-19 pandemic from 2020 prevented it from generating enough revenue to service the IFC loan.
According to the statement, while KRP1 was engaging the IFC to restructure the facility, Azad Cola, through his company Cola Holdings Ltd, wrote to KRP1 claiming he had personally repaid the loan in full to the IFC and was demanding reimbursement.
Management noted that as a Director of KRP1, Mr Cola had a fiduciary obligation to inform the company and seek approval before entering into such a transaction.
To date, it said, neither Mr Cola nor Cola Holdings Ltd has produced evidence that the IFC loan was repaid.
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