Rock City Hotel has officially withdrawn its bid to purchase a 60% stake in several hotels owned by the Social Security and National Insurance Trust (SSNIT).
This follows growing protests, intense media scrutiny, and threats of an indefinite strike by organized labour,
Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Ridge Royal Hotel were involved in the bid.
Rock City Hotel expressed its decision in a formal letter to Mr. Kofi Osafo-Maafo, the Director-General of SSNIT, citing the negative public commentary and perceptions that emerged following their initial successful bid.
“Following 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 you don’t want to be associated with our brand. We believe that such negativity is not only harmful to our brand but also jeopardises the success of the investment we intend to make in these hotels,” the letter stated.
Rock City Hotel noted that media engagements and stakeholder concerns have overshadowed the initiative despite their efforts in the international competitive bid.
They emphasized that the negativity surrounding the strategic investment decision has not only impacted their brand’s image but also threatened the potential success of the investment itself.
“As a result, the hotel has chosen to withdraw its bid and cease its pursuit of this investment opportunity. Therefore, we are writing to inform you of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity,” the letter said.
In a related development, the Board and Management of SSNIT has announced that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.
It assured pensioners, contributors and the public of the Board’s commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme.
Find the letters below:
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