Sorrento’s famed Continental Hotel will become the InterContinental Sorrento in November after the Rich Lister-backed consortium that is redeveloping the Mornington Peninsula icon struck a deal with global hotel giant IHG to operate the property under its flagship luxury brand.

A consortium consisting of the Victor Smorgon Group, the Kanat Group and developer Trenerry Property acquired the 145-year-old hotel overlooking Sorrento’s Ocean Beach Road from receivers for $14.5 million in April last year after a previous project by failed developer Steller imploded.