Short-stay accommodation provider Apartments of Melbourne goes into liquidation

Apartments of Melbourne, which specialised in short stay Melbourne apartment accommodation, has gone into administration.

It is being liquidated by Cor Cordis partner Sam Kaso.

The business had turn over of more than $10 million annually from 160 serviced apartments in Empire Melbourne Central, 555 Flinders Street, and 568 Collins Street.

The collapse of business travel has been blamed for the administration, along with rival accommodation hitting the market from the online booking site Airbnb. 

At its peak, Apartments of Melbourne employed 52 people, according to director Neil Devonport.

Booking.com. and the ATO rank among its bigger creditors, according to The Australian, with creditors owed around $1 million.

Apartments of Melbourne started in 2015.

Devonport told The Australian almost 25,000 rentals had come on to the Melbourne market in the last six months, with over half being short-stay apartments where operators had walked away.