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It is billed as "Dunedin's finest hotel", but the group which bought the former chief post office is not revealing details about its development.
Geoffrey Thomson, the Invercargill-based owner of Distinction Hotels, which operate hotels in Queenstown, Te Anau and Rotorua, bought the Princes St property in May.
Yesterday, a hotel spokesman confirmed engineers had assessed the property, but declined to comment further about the development.
"Not at this stage."
The hotel chain had previously said it was hopeful of opening the four-star 180-room hotel in time for the 2011 Rugby World Cup, and wants to grow the tourism market in Otago and Southland.