Julian Gerner to develop Sorrento's Continental Hotel

Hotelier Julian Gerner will retain ownership of Sorrento's Continental Hotel in a deal struck this week.

It comes after the demise of the proposed project partner, property developer Steller and the failure of recent purchaser LBA Capital to settle.

“I have negotiated an agreement to deliver on the vision to restore, renovate, protect and preserve the 1875 ‘Marvellous Melbourne’ hotel for the Sorrento community, all Victorians, interstate and overseas tourists for generations to come,” Gerner said.

He is targeting a recommencement of construction post Australia Day, 2020.

There is a new ownership entity, The Ocean Amphitheatre Company, named in honour of George Coppin who built the Continental and developed the township of Sorrento.

Hotelier Julian Gerner purchased the property from the Di Pietro family following a sales campaign in 2015.

Gerner then obtained planning and heritage approval for an extensive redevelopment of the 144-year-old heritage-listed hotel, the largest limestone structure in the Southern Hemisphere.

But the project was then shut down given issues regarding the project's partnership.