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.
