Rock City Hotel withdraws bid to purchase 60% shares in four SSNIT Hotels

Rock City Hotel has withdrawn its bid to purchase 60 percent of the shares of four hotels owned by the state-owned entity, Social Security and National Insurance Trust (SSNIT).

The hotels in question are Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Ridge Royal Hotel.

Rock City Hotel’s decision comes after Organised Labour threatened to embark on an indefinite strike on Monday, July 15, 2024, if SSNIT does not publicly announce the termination of the transaction with Rock City Hotel, which is owned by Agriculture Minister Bryan Acheampong.

In a letter addressed to the Director-General of SSNIT, Kofi Bosompem Osafo-Maafo, Rock City Hotel expressed its disappointment in the lack of stakeholder engagement, which it said had resulted in ‘undue negativity’ regarding the transaction.

In light of this, the hotel has decided to withdraw its bid from the transaction.

Meanwhile, the Rock City Hotel has agreed to release all or parts of their bid documents for public scrutiny or publication if necessary.

See the full statement below: