Rock City withdraws bid to purchase SSNIT Hotels
12th July 2024
Rock City Hotel has withdrawn its bid to purchase 60 per cent of shares in four hotels owned by the Social Security and National Insurance Trust (SSNIT).
The decision follows threats from Organized Labour to strike on Monday, July 15, if SSNIT proceeds with the sale to Rock City Hotel, owned by Agriculture Minister Bryan Acheampong.
In a letter addressed to SSNIT’s Director-General, Kofi Osafo-Maafo, Rock City Hotel expressed disappointment over the lack of stakeholder engagement, which they believe contributed to the negative perception about their bid.
Consequently, the hotel has decided to discontinue its pursuit of this investment opportunity.
“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.
“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”
Rock City Hotel has consented to the release of all or parts of their bid documents for public scrutiny or publication if necessary.
“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.”
Read the full statement below: