Administrators for the company that owns the George Best Hotel in Belfast are seeking advice on whether the project can be finished and opened.
Construction work on the listed Scottish Mutual Building halted when parent company Signature Living went bust in April this year.
Liverpool-based developer Lawrence Kenwright bought the property for £6million in 2017.
The opening was pushed back numerous times due to planning issues around work undertaken to convert the 116-year-old structure into an 80-bedroom hotel.
Administrators Duff and Phelps published a set of proposals for the building, owned by Signature Living subsidiary company Bedford Hotel limited, on Friday.
It also revealed that 59 investors who bought individual bedrooms as shares in the venture were owed £4million.
"The joint administrators are reviewing the options available and liaising with all key stakeholders regarding the project and the future of the project, which includes a consideration of the costs to complete," the plans read.
Duff and Phelps said it was "taking advice on matters and will report to creditors as to whether the option of recommencing the development is feasible".
It added: "The completion of the project has been delayed as a result of complications in obtaining planning permission.
"Further delays have arisen as a result of the Covid-19 pandemic, resulting in the development of the hotel being temporarily suspended in March 2020.
"Once the restrictions are lifted, the recommencement of the development of the hotel will be something that the joint administrators will consider... subject to the obtaining of advice, an ongoing review, funding and third-party valuation and advice."
The report said that the hotel had three members of staff - a general manager, sales manager and events manager - all of whom have been furloughed.
Asked late last year by the Belfast Telegraph if he thought the hotel would ever open, Mr Kenwright replied: "I hope so... we are £10.5million in. We have to get it open. I believe the council wants us to get this building open."
Mr Kenwright previously said he planned to build five hotels in Belfast.
He bought the old Crumlin Road Courthouse and the War Memorial Building on Waring Street for that purpose.