A police spokeswoman said they were attending an incident at Scenic Circle Hotel on Princes St on Wednesday morning.
A nearby resident told the Otago Daily Times they heard an "extremely" loud bang about 9am.
The noise sounded like something large hitting the ground.
A reporter at the scene witnessed firefighters using an aerial truck to remove a man through a window on the first floor of the hotel.
The firefighters used a stokes basket to transport the man into a St John ambulance.
There were three fire appliances, three police cars, an ambulance and two other St John vehicles at the scene.
A staff member at Scenic Circle Hotel told the ODT it was not willing to make a comment about the incident at this stage.
St John said it was called at 8.58am to an incident on Princes St in Dunedin.
"One ambulance and one rapid response unit responded to the scene. St John treated and transported one patient in a critical condition to Dunedin Hospital."
