Home Featured News Rock City Hotel withdraws bid to acquire SSNIT hotels

Rock City Hotel withdraws bid to acquire SSNIT hotels

The withdrawal follows recent concerns raised by SSNIT stakeholders regarding the hotel’s bid to seek strategic partners for its hotels.

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Rock City Hotel has officially announced its decision to withdraw its bid for an investment opportunity with the Social Security and National Insurance Trust (SSNIT).

The withdrawal follows recent concerns raised by SSNIT stakeholders regarding the hotel’s bid to seek strategic partners for its hotels.

In a letter dated July 12, 2024, addressed to SSNIT’s Director-General, Mr. Kofi Osafo-Maafo, Rock City Hotel expressed their surprise at the concerns raised despite having been initially informed of their successful bid over 15 other competing organizations.

The letter highlights that ongoing media discussions and SSNIT’s recent public engagements have further complicated the situation.

Rock City Hotel cited “undue negativity” from the media and a perceived lack of adequate engagement by SSNIT with its stakeholders as primary reasons for their decision.

The hotel emphasized that such negativity not only harms their brand but also jeopardizes the success of the investment they intended to make in these hotels.

“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 stated.

In the interest of accountability and transparency, Rock City Hotel has consented to the release of all or parts of their bid documents for public scrutiny, should it become necessary.

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