The Queen Elizabeth 2 cruise ship will be turned into a 300-room floating hotel, according to its Dubai based owners. 

Dubai state company Istithmar World bought Queen Elizabeth 2, from Cunard cruise line, for $100 million five years ago. The chairman of the Dubai state company, Sultan Ahmed bin Sulayem, told reporters that the 300-room hotel to open within 18 months. He also said that there won't be major renovations or changes as the company realized that the visitors want to see the QE2 as it originally looked.

"We are not making major changes. We will preserve its tradition and the way it was," he said at a news conference near the ship's mooring. "It's a great vessel and it will continue its journey to serve the tourist sector in Dubai."

There were several plans that failed earlier like in 2010 they tried to send it to South Africa to serve as a floating hotel for the 2010 World Cup. Last year Istithmar was considering making the QE2 into temporary housing for Japanese tsunami victims and then sending it to Macau for conversion into a floating casino.

An event management company hosted a black-tie bash on QE2 that included live music, fireworks and a laser light show. This past New Year's Eve, was the first time the ship had hosted a large group of guests since it pulled into port, says the Huffington Post.

Britain's Queen Elizabeth II launched the QE2 in 1967. It was inducted into service in 1969; the QE2 has made at least 26 round-the-world voyages.