Rock City Hotel Pulls Out of SSNIT Hotels Deal
Rock City Hotel has announced its withdrawal from the bidding process aimed at securing strategic partners for SSNIT Hotels.
The decision comes in response to growing concerns and media discussions surrounding the investment strategy of the Social Security and National Insurance Trust (SSNIT).
In a formal letter addressed to the Director-General of SSNIT, Mr. Kofi Osafo-Maafo, Rock City Hotel expressed dismay at the negative commentary and perception issues that have emerged since the announcement of their initial success in the bid.
The hotel noted that despite their efforts in the international competitive bid, the subsequent media engagements and stakeholder concerns have cast a shadow over the initiative.
Rock City Hotel highlighted that the negativity surrounding the strategic investment decision has not only impacted their brand’s image but also threatens the potential success of the investment itself.
“Flowing from all the commentary monitored and the undue negativity that has attended this commentary, we feel you have not done enough to engage all your stakeholders, leading to perceptions that we don’t want associated with our brand. We believe that such negativity is not only injurious to our brand but also jeopardises the success of the investment we intend to make in these hotels.”
As a result, the hotel has chosen to withdraw its bid and cease its pursuit of this investment opportunity.
“Therefore, we are writing to inform you of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity.”
The letter also emphasized Rock City Hotel’s commitment to accountability and transparency, offering SSNIT the option to release or publish any bid documents as deemed necessary.
The hotels in question are Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Ridge Royal Hotel.
According to SSNIT, the decision to divest 60% stake each in Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort is aimed at raising capital to invest and manage the hotels for efficiency, profitability and long-term sustainability of the SSNIT Pension Scheme.
Read statement from Rock City Hotel below:
Rock City Hotel
THE ULTIMATE DESTINATION
12th July, 2024.
The Director-General,
Social Security & National Insurance Trust (SSNIT),
Pension House, Accra
ATTENTION: MR KOFI OSAFO-MAAFO
Dear Director General,
NOTICE OF WITHDRAWAL OF BID
At all material times, we believed that we had participated in an internationally competitive bid and were happy to have learned of our success having edged out the 15 other organisations that participated in the process.
It therefore came as a total surprise to us that some of your stakeholders have raised concerns about your decision to seek strategic partners for these hotels.
We have also taken note of ongoing media discussions on your decision to seek strategic investors for these hotels.
We have also taken note of your recent media engagements and press statements ostensibly defending your decision to seek a strategic investor.
Flowing from all the commentary monitored and the undue negativity that has attended this commentary, we feel you have not done enough to engage all your stakeholders, leading to perceptions that we don’t want associated with our brand. We believe that such negativity is not only injurious to our brand but also jeopardises the success of the investment we intend to make in these hotels.
Therefore, we are writing to inform you of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity.
Finally, in the interest of accountability and transparency, we consent to you releasing all or whatever parts of our bid documents for public scrutiny or publish same if it should become necessary.
We wish you continuous success in your endeavours.
Thank you.
[signed]
For: Rock City Hotel
