Investors in Elanor Investor Group’s hotel accommodation fund have blamed mismanagement of assets, not challenging market conditions – as claimed by the ASX-listed fund manager – for the poor performance of the $500 million fund.

The unlisted fund, which owns and operates luxury resorts like Peppers Cradle Mountain in Tasmania, Wildes Boutique Hotel in the Kangaroo Valley and Château Yering in the Yarra Valley outside of Melbourne as well as CBD and regional hotels, swung into the red in the June quarter as its average occupancy rate fell to just 49 per cent.