Dubai reportedly preparing to sell QE2

02/10/2010 | CNNMoney

Dubai, United Arab Emirates, state-run private equity firm Istithmar World reportedly is preparing to sell the Queen Elizabeth II cruise ship in an effort to restructure mounting debt. The firm bought the famed cruise ship in 2007 for an estimated $100 million and planned to turn it into a floating hotel attached to a man-made, palm-shaped island in the Persian Gulf. The ship would be among a number of other assets sold to help pay down the $22 billion in debt accrued by Istithmar owner Dubai World.

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