Rock City Hotel has announced its withdrawal from purchasing the 60 percent shares of some four hotels owned by the Social Security and National Insurance Trust (SSNIT).

The hotels include La Palm Beach Hotel, Labadi Beach Hotel, Royal Ridge Hotel, and Elimina Beach Hotel.

In a letter addressed to the Director-General of SSNIT, Mr Kofi Osafo-Maafo, Rock City Hotel expressed their disappointment at the lack of stakeholder engagement, which they believe had led to the negativity surrounding their bid.

 They have therefore decided to discontinue their pursuit of this investment opportunity in the hotels.

In a move promoting transparency and accountability, Rock City Hotel also consented to the release of all or parts of their bid documents for public scrutiny or publication if necessary.