Sale of SSNIT hotels: The negativity isn’t only injurious to our brand but also jeopardises success of the investment we intended to make – Rock City on withdrawal

The Management of Rock City Hotel has provided the reason for withdrawing its bid for the 60% shares in hotels owned by the Social Security and National Insurance Trust (SSNIT).

The management said that 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,” the letter indicated.

“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,” Management of Rock City Hotel wrote in a letter addressed to the Director General of SSNIT.

“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,” parts of the letter read.

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Organised labour to strike on July 15 over sale of SSNIT hotels | 3News

“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 to 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,” the letter indicated.

“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,” Management of Rock City Hotel wrote.

“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,” the letter concluded.

It would be recalled that Rock City Hotel Limited won a bid to sell 60% stake in 4 hotels owned by SSNIT. The hotels are; Elmina Beach Resort, Ridge Royal Hotel, La Palm Royal Beach Resort, and Labadi Beach Hotel.

It later emerged that Rock City Hotel Limited is owned by the Minister for Food and Agriculture, Bryan Acheampong.

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa who brought this to light, posited that it smacks of conflict of interest. He therefore petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) and followed it up with a massive demonstration to protest the transaction.

The withdrawal of the bid by Management of Rock City Hotel Limited comes on the heels of a threat to strike on Monday, July 15 by organised labour.

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