Management of Oxford No. 1 Hotel has rejected reports that the property has been handed over to a Receiver appointed by Cola Holdings Limited, insisting that the hotel remains under the possession and control of Kensington Residential Partners 1 Limited (KRP1).
In a press release dated July 23, 2026, the hotel management said it remained in control of the Oxford Street property and continued to operate the hotel.
The statement follows a July 21 High Court order granting Cola Holdings and its appointed Receiver, Nii Amanor Dodoo, police assistance to take possession of No. 1 Oxford Street Hotel.
However, KRP1 said the order had not yet taken effect, arguing that it authorised police assistance only after the expiry of a seven-day period from the date of the order.
The company said it had instructed its lawyers to appeal the decision and file applications seeking to restrain Cola Holdings and the Receiver from taking possession of the property pending the determination of the appeal.
KRP1 said the hotel was developed and is managed by the company, which is jointly owned by its two directors, Nana Kwame Bediako and Azad Cola.
According to the statement, the development of the hotel was financed through shareholder capital and a facility from the International Finance Corporation (IFC).
The hotel opened in December 2019, but the COVID-19 pandemic subsequently affected its operations and its ability to service the IFC facility.
KRP1 said that while management was engaging the IFC on restructuring the facility, Mr Azad Cola, through Cola Holdings Limited, informed the company that he had personally repaid the loan to the IFC and subsequently demanded reimbursement.
The company, however, said neither Mr Cola nor Cola Holdings had provided evidence to it that the IFC facility had been fully repaid.
KRP1 further disclosed that two previous applications filed by Cola Holdings in connection with the dispute had been dismissed by the High Court, with the decision now subject to an appeal.
The company also alleged that Cola Holdings was separately seeking to recover the same amount it claimed to have paid to the IFC from Nana Kwame Bediako personally, while pursuing recovery from KRP1.
KRP1 said it did not believe the courts would permit what it described as unjust enrichment.
The management urged the public to disregard what it called a false impression created by recent reports and to await the outcome of the appeal and related applications.
It maintained that Oxford No. 1 Hotel remains open for business.
