On May 17, according to the hotel service information website HVS, the iconic Continental Hotel in Sorrento on Mornington Peninsula in Victoria was acquired by Melbourne ’s famous real estate developer Trenerry Group for $ 14.5 million.
The 145-year-old InterContinental Sorrento Hotel was bought by Melbourne hotel operator Gurner for $ 15 million in 2015 and established a joint venture with commercial project developer Steller Group. This building will be renovated in 2018. However, in April 2019, the Steller Group declared bankruptcy, causing this $ 80 million renovation project to stall. Last year, the project was sold to real estate developer LBA Capital for $ 21 million. At the same time, the hotel operator Genna also tried to regain control of the project, but failed. Subsequently, several credit companies became receivers of the project. As of now, Trenerry Group has not commented.
In addition to this transaction, Trenerry Group is also developing a Western District project worth 345 million Australian dollars in Melbourne.
