Dubai has settled on a use for the storied Queen Elizabeth 2 cruise liner it bought for $100 million, with plans to make it into a floating hotel fitted with the original furnishings.

The chairman of the Dubai company that owns the ship said Monday he expects the 300-room hotel to open within 18 months at the city's downtown Port Rashid.

Istithmar World Chairman Sultan Ahmed bin Sulayem says the company realized visitors want to see the QE2 as it originally looked, so is not planning major changes as part of the conversion.

The ship's fate has been the subject of intense speculation since Dubai bought it in 2007. Original plans to completely overhaul it as a luxury hotel were scrapped when Dubai's economy tumbled into crisis.