The owner of the Distinction Hotel Group, Southlander Geoff Thomson, said yesterday he would "like to think" a building permit would be processed by February 7 to allow for repairs to the "fabric" of the building.
"That's what we are hoping for."
The work would involve repairs to the roof.
"I'm a bit worried about leaving it. There's still a bit of water getting in in places. It would be nice just to get a new roof on it and actually protect the building. So we are starting that as soon as possible.
"It's a magnificent building so I don't want it to deteriorate any more than it has.
"It will make a lovely hotel."
Design work for the hotel conversion would not be completed until later in the year.
Mr Thomson said an earlier suggestion the hotel would be ready for the Rugby World Cup in September had been made "tongue in cheek", although that deadline could possibly have been met if "we had ... really pushed hard".
"But there's a lot involved and things just take time," Mr Thomson said.
"We've even had consultants who have been tied up in the Christchurch earthquake [and have] taken a long time to get back on to our process.
"It's just wee incremental things that slow it down, and that's life.
"There's quite a lot to do and we want to make sure we get it right."
It is the second time Mr Thomson has owned the building and talked of converting it into a hotel.
"I won't be selling it again."
Mr Thomson's group owns hotels in Te Anau, Rotorua, Queenstown and Fox Glacier.
It is also reportedly in the process of buying a hotel in Whangarei.
Plans for the Dunedin hotel include creating 170 rooms, conference facilities, a gym and a restaurant.
