You are not permitted to download, save or email this image. Visit image gallery to purchase the image.
Geoff Thomson, of Distinction Hotels, told the Otago Daily Times "we will be doing something there at some stage, in one shape or form".
The Invercargill-based hotelier bought the Princes St building in Dunedin for a reported $4.4 million in May 2010.
Initial plans included 180 rooms and suites, restaurants, bars, conference facilities, a business centre, gym, and lap pool.
Mr Thomson said he was still committed to the redevelopment.
"Absolutely. We are looking at possibly changing a wee bit on how we are going to do it. But what shape and form it takes ... I am not sure."
A report that the building could be used as a whisky distillery was "somewhat premature", as he had received no information about the proposal.
"And I don't discuss business in public."
Work to date on the building includes it being secured, re-roofed, and steel beams for the atrium installed.