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FINANCIAL NEWS
Dubai’s Istithmar downgrades QE2 luxury hotel scheme
03 Jul 2012
(MENAFN) Sultan Ahmed Bin Sulayem, chairman of Istithmar, the unit of Dubai World that bought the famous Queen Elizabeth II (QE2) ship in 2007, unveiled a more scheme from its original refurbishment plans, Reuters reported.
The company originally planned to convert the 1000 room-ship into a luxury hotel at the tip of the emirate’s famous palm-shaped island before Dubai’s debt crunch in 2008.
The ship ocean liner is currently moored in Port Rashid in Dubai and will stay where she is, said Bin Sulayem.
Bin Sulayem explained that 300 out of the original 1000 rooms would be developed, while the common areas, like the restaurants and entertainment areas, would retain much of its original design.
He added that Istithmar is in talks with three potential hotel operators, including Dubai Holding-owned Jumeirah Group, to run the new hotel.
Bin Sulayem also said that the new scheme would see Port Rashid turned into a tourist hub, with a maritime museum, to suit with the new hotel. The conversion work is due to be completed in 18 months.
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