Sorrento’s Continental Hotel saved after a joint venture with Steller to develop and expand iconic site
THE iconic ‘Conti’ hotel in Sorrento has been saved after a developer bought in to a partnership with publican Julian Gerner.
South East
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THE iconic ‘Conti’ hotel in Sorrento has been saved after a developer bought in to a partnership with publican Julian Gerner.
A few weeks ago Mr Gerner put the Continental Hotel on the market with a sale price of more than $20 million, complete with a cocktail of redevelopment permits.
He bought the venue in early in 2015, purchased a neighbouring parcel of land and obtained heritage and planning approvals.
But instead of selling the site he has now entered into a joint venture with developer Steller to totally restore, renovate and refurbish the scenic venue with hotel rooms, cafe, gymnasium, day spa, lap pool and a suite of luxury apartments.
Steller will bring finance and construction skills to the table, while Mr Gerner will operate the pub arm of the business.
He said it was magnificent icon that was deserving of restoration and preservation.
“This is a dream scenario for me,” Mr Gerner said.
“I’m excited, thrilled, and looking forward to pouring the first beer at the end of next year.”
Steller managing director Nicholas Smedley said the works would “complement and enhance the existing heritage and provide a landmark tourist destination for the Peninsula”.
He said it would become a major social, hospitality, wellness and accommodation drawcard for visitors.
It is expected the upgrades will cost at least $30 million to implement.
Construction starts next year, with plans for a soft launch next summer.