I'll go and have a look on-site. Haven't noticed any construction activities in Via Borgo Vico (which is incredibly long, stretching from San Giovanni train station all the way to Villa Olmo). And construction of a Hilton would create a load of activity, I suppose. Also, the local newspaper 'La Provincia di Como' hasn't reported on this since August 2014, which isn't a promising sign.

But Italian building code is vast, the owner of Villa Pliniana took almost 30years from inception to opening... So a delay wouldn't surprise me.