Belfast City Council has said it will inspect the "derelict" state of the George Best Hotel building as its insolvent developer vowed to realise plans for the site.
Before the company's collapse, investors had paid a total of £4m to own 59 rooms in the would-be hotel.
Couples dreaming of marrying in a venue honouring the late footballer's memory paid deposits of tens of thousands of pounds.
One pair who paid £5,500 for a wedding to take place a year ago said they were stressed and wanted their money back.
Construction on the Scottish Mutual Building at Donegall Square West stopped after a litany of planning rows and disagreements.
Administrators Duff & Phelps were appointed in April after growing financial problems at Liverpool-based developer Signature Living, which owned the building.
Now the historic building is defaced by graffiti, and a rubbish chute remains on Bedford Street, intended to catch debris during construction.
Signature Living, led by Lawrence Kenwright, said it cannot comment on the building or other former assets due to the administration, which affects other parts of their UK hospitality business. It also includes the Shankly Hotel in Liverpool.
But a source claimed Mr Kenwright intends to honour his commitments and realise the dreams of those who paid deposits.
"It was never Signature Living's intention for the building to become an eyesore and they fully intend to deliver everything they've promised once they're through this period of administration," they said.
The source claimed that the hotel investors have agreed to back a bid to gain finance, enabling completion of the hotel and other unfinished projects.
A winding-up petition was first presented against Bedford Hotel Ltd, the Northern Ireland-registered company which owns the building, in January.
Bride-to-be Catherine said she paid a further installment of her £5,500 deposit in February. She said she is also waiting to hear from a wedding planner from Northern Ireland who is employed by Signature Living to plan weddings for Rainhill Hall - another venue in Liverpool - the George Best Hotel and the Shankly Hotel Preston. The Preston venue is to be built in a historic ex-Post Office but is also unfinished.
A spokesman for the council said it has powers to tackle dilapidated buildings "deemed to be seriously detrimental to the amenity of the area".
They said: "Council officers will undertake a site visit to assess the state of the building and whether it would meet the criteria for further action.
"Our cleansing team can also remove offensive or threatening graffiti. We are working with our statutory and private sector partners to revitalise the city centre and to address such issues."
Simon Hamilton, chief executive of Belfast Chamber, said it was "disappointing" to see the hotel fall into disrepair.
"The ideal outcome would obviously be for the hotel scheme to be taken forward and finished but we understand the significant number of challenges that will entail," he said.
"In the interim though, I think we would all want this beautiful building to be made look a little better than it currently does given its key location in the heart of Donegall Square".
A spokesman for Duff & Phelps said its appointment "consists of the property interests of the George Best Hotel and they therefore cannot comment on status of bookings".
In its June report it said it was assessing where it will be viable to finish the hotel "never mind to open and trade the hotel, once complete".
Kenneth Crothers, a valuation surveyor based in an office on James Street South behind the building, said the building was now in a state of dereliction.
"I can't see a reasonable person not having an issue with the state of the building. It's important because of where it is as a cornerstone of Donegall Square," he said. "But now with the graffiti and the rubbish chute, it's really just portraying an air of dereliction."
A report by Duff & Phelps on the administration of Bedford Hotel in June said it owed at least £15.4m when it went bust.
Engaged couple Catherine and Mark told the Belfast Telegraph about their experience.
In an email, they wrote: "It's got beyond a joke now. We should have been married now a year this September. It's stress at the minute we could do without.
"We think Covid-19 was the icing on the cake for us and we never got to see anything inside the hotel to see what state the building was and if any work carried out at all - just photos of what it was meant to like, and loads of false hopes of when this amazing hotel was due to open. Like, never.
"We just want our money back as like normal couples we worked and saved for this special day.
"We have also had to postpone several times on other people who were involved with our day, ie, cake, flowers, music, invites, cars, etc, which is stressful and embarrassing.
"We just want to get married and put this last year behind us. We've still heard nothing back."
The couple added that they feel "so let down".
Mr Crothers said he wanted the site to be tidied up in the short-term.
He added: "I have no difficulty with the use of the building as a hotel or offices, or retail. But in this economic climate it's difficult to see any hoteliers having the appetite for it."