The landmark Continental Hotel at Sorrento on Victoria’s Mornington Peninsula will hit the market in late January after its wealthy owners decided to sell it just two-and-a-half years after completing a $120 million redevelopment.

Ownership of the revamped 150-year-old limestone hotel is held in a consortium that includes the Victor Smorgon Group (a family office and wealth manager founded by the late industrialist Victor Smorgon), the family-owned Kanat Group with deep roots in textiles and fashion, and Trenerry Property, a developer led by Robert DiCintio.