The management of No. 1 Oxford Street Hotel has finally responded after reports emerged that a Commercial High Court in Accra granted police assistance to UK-based Cola Holdings Limited and its appointed Receiver to take possession of the luxury property.
In a press release dated July 23, 2026, Kensington Residential Partners 1 Limited (KRP1), the company behind the hotel, dismissed reports suggesting that the Receiver has already taken control of the property.
According to the statement, the hotel remains under the possession and control of its management and directors, insisting that operations have not changed despite the recent court ruling.
The company also assured the public, staff, guests and business partners that the hotel remains open for business as usual.
Providing some background to the dispute, KRP1 explained that the hotel was developed with financial support from the International Finance Corporation (IFC). However, it said the COVID-19 pandemic affected business after the hotel opened in 2019, making it difficult to meet its financial obligations.
Management further claimed that while it was working with IFC to restructure the loan, one of its directors, Azad Cola, through his company Cola Holdings Ltd, informed the company that he had personally settled the loan and later demanded reimbursement.
The statement added that the company has not seen evidence proving that the IFC loan was fully repaid by Cola Holdings.
KRP1 also addressed the recent court order granting police assistance, explaining that although the order was issued on July 21, it does not take immediate effect and that the company has already instructed its lawyers to appeal the decision and file additional applications to stop any takeover until the appeal is determined.
The company further noted that there are other ongoing legal proceedings connected to the matter and maintained that the latest ruling does not bring the dispute to an end.
Management also alleged that Cola Holdings is pursuing recovery of the same amount from both the company and Nana Kwame Bediako, popularly known as Cheddar, in separate proceedings. It expressed confidence that the courts would deal fairly with the matter.
Ending the statement, the owners urged the public to disregard reports suggesting the hotel has already been handed over to a Receiver and instead wait for the outcome of the appeal and other pending court processes.
For now, the management insists that No. 1 Oxford Street Hotel remains fully operational and under its control as the legal battle continues.
