The accommodation industry freefall has hit Sydney-based real estate fund manager iProsperity Group hard.
iProsperity fell into voluntary administration on Thursday, less than three months after sounding out plans to acquire a portfolio of seven Kimpton Hotels in the US for $US477 million (A$720 million).
The Hong Kong-backed fund manager, led by Michael Gu, has now had 13 entities associated with the group appointed to insolvency firm Cor Cordis with administrators Barry Wight, Jeremy Nipps and Alan Walker overseeing the account.
Cor Cordis noted its role as administrator did not extend to the underlying investments of funds managed by the respective IPG entities.
Since 2016 iProsperity had built itself to be among some of Australia’s…
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