Management of No. 1 Oxford Street Hotel has rejected reports that the facility has been taken over by a receiver appointed by Cola Holdings Ltd, insisting that the hotel remains under the control and possession of its management and directors.
In a statement issued on Thursday, July 23, Management said the court order obtained by Cola Holdings Ltd to appoint a receiver does not immediately grant possession of the hotel, as the order takes effect 7 days after it is issued.
According to the statement, the order was granted by the court on July 21, 2026, and the company has instructed its lawyers to appeal the decision and file applications to prevent Cola Holdings Ltd and the receiver from taking possession of the property pending the determination of the appeal.
The dispute involves Kensington Residential Partners 1 Limited (KRP1 Ltd), the company that developed and manages No. 1 Oxford Street Hotel, and Cola Holdings Ltd.
KRP1 Ltd said the hotel was funded partly through shareholder capital and a facility from the International Finance Corporation (IFC). However, it explained that the business struggled to meet its financial obligations after opening in December 2019 due to the impact of the COVID-19 pandemic.
Management said while discussions were ongoing with IFC to restructure the facility, Azad Cola, through his company Cola Holdings Ltd, claimed to have personally repaid the loan and demanded reimbursement from KRP1 Ltd. The company, however, said it has not received evidence proving that the IFC loan was repaid.
KRP1 Ltd further stated that two previous applications filed by Cola Holdings Ltd in relation to the matter were dismissed by the High Court, with the decision currently under appeal.
It also accused Cola Holdings Ltd of seeking to recover the same amount it claims to have paid to IFC from both KRP1 Ltd and Nana Kwame Bediako (Cheddar) personally, describing the move as an attempt at unjust enrichment.
Management urged the public to disregard what it described as misleading reports about the ownership and control of the hotel, adding that the legal processes are still ongoing.
“Oxford No. 1 Hotel remains open for business,” the statement emphasised.
