The management of Oxford No. 1 Hotel has dismissed reports that the facility has been taken over, stressing that the hotel remains under the control of management.
It follows media reports that a High Court has granted permission for a receiver to take over the facility.
In a statement on Thursday, July 23, management explained that the order granted by the court has a seven-day period before taking effect, adding that it has instructed its lawyers to appeal the order.
“KRP1 Ltd has instructed Counsel to appeal the decision and to file the applications necessary to restrain Cola Holdings Ltd and the Receiver from taking possession pending determination of the appeal,” the statement said.
According to management, the hotel is owned and managed by Kensington Residential Partners 1 Limited (KRP1 Ltd.), which is a limited liability company owned in equal shares by its two directors, Nana Kwame Bediako and Azad Cola.
It said the hotel, which was financed through an International Finance Corporation (IFC), was heavily impacted by the COVID-19 pandemic. As a result, the hotel could not operate at the level sufficient for it to service the IFC loan.
Management said while it was engaging IFC to restructure the facility, Azad Cola, through his company, Cola Holdings Ltd, wrote to KRP1 announcing that he had personally repaid the loan in full to IFC and demanded reimbursement from KRP1.
According to the statement, Mr. Cola, as Director of KRP1 Ltd., was obligated to seek approval from the company before engaging in the transaction.
“To date, neither Azad Cola nor Cola Holdings Ltd has produced any evidence that the IFC loan was in fact repaid,” the statement said.
It said Cola Holdings Ltd subsequently applied for and obtained an order appointing a Receiver to take possession of the hotel, which was granted by the court on July 21, 2026, authorising the police to assist Cola Holdings Ltd in taking possession
The company further noted that two previous applications brought by Cola Holdings Ltd., on the matter were dismissed by the High Court, a decision that is now the subject of an appeal.
Management has assured staff and customers that it remains in  charge of the hotel’s operations while the court challenge continues.
