Sorrento's Continental Hotel sells for $21m
Sorrento's Continental Hotel has been sold for $21 million following a halt in work restoring the 144-year-old seaside hotel to its former glory.
Hotelier Julian Gerner had partnered with Steller development group to redevelop the heritage-listed hotel into an upmarket dining and events centre, adding a 100-room hotel behind it. But the plans were halted earlier this year when Steller ran into financial problems midway through construction.
Effectively a building site, the four-storey pub has been sitting as an empty since after it was put up for sale on an "as is, where it is" basis with an asking price around $25 million.
Unconfirmed reports suggest a developer had bought the site.
Sheridan Randall, 6th September 2019
