Image via Intercontinental Sorrento Mornington Peninsula
One of Victoria’s most recognisable coastal landmarks, the Continental Hotel in Sorrento, has officially been listed with a combined $150 million price guide. The move marks one of the most significant hospitality asset offerings of the year, according to The Australian Financial Review.
The 150-year-old property, restored in a $120 million redevelopment completed nearly four years ago, has been brought to market by the consortium behind its revival: Victor Smorgon Group, Kanat Group and Trenerry Property Group. Their strategy was always to reposition, stabilise and eventually divest the asset, and market conditions have aligned with that intent.
A Trophy Asset with Strong Investor Appeal
The offering bundles the 108-room InterContinental Sorrento hotel, its dining and event spaces, an underground car park, the Aurora Spa & Bathhouse, and the nearby 76-bed Sorrento Lodge for staff accommodation. The sale is structured as a sale-and-leaseback, opening the door for passive investors seeking long-term stability in an affluent coastal market.
Agents JLL and Cushman & Wakefield expect substantial interest from both domestic and offshore investors, a reflection of the Mornington Peninsula’s increasing prestige and scarcity of large-scale hospitality assets.
The Continental’s current owners acquired the site for $14.5 million in 2020 after a former $80 million redevelopment faltered. What followed was a landmark restoration culminating in the 2021 partnership with IHG under the InterContinental brand, turning the once-stalled project into a fully operational luxury destination.
With premium tenants in place and year-round demand on the Peninsula, agents expect the listing to generate strong competition, cementing the Continental as one of the year’s standout commercial property opportunities.
Related Articles
