February 7, 2010
Cunard QE2 likely to be sold off by her Dubai owners, as plans to turn her into hotel collapse due to Dubai crisis.
The Sunday Times newspaper reports today that the Cunard QE2 is likely to be sold off by her Dubai owners, as plans to turn her into hotel collapse due to Dubai crisis.
Read the full article: click here
In the article they say:
"CIRQUE DU SOLEIL, the Canadian circus group, and the QE2 cruise liner are among a raft of Dubai-owned assets being prepared for sale as part of a huge cash-raising exercise by the debt-laden emirate.
Advisers to Dubai World, the state-backed conglomerate, plan to offload a portfolio of trophy assets owned by Istithmar, its private-equity arm. The money raised will be used to pay off some of Dubai World’s $22 billion (£14 billion) debts. The group has about 100 large creditors, including British banks.
It is understood that advisers will attempt to sell each asset individually rather than find a single buyer for the whole portfolio...."
On the QE2 they go on to say:
"Other assets have failed to live up to expectation. A bold plan to turn the QE2, which Istithmar bought for $100m from Cunard in June 2007, into a luxury, floating hotel berthed at the man-made Palm Jumeirah island has never materialised"