QE2: future hotel or retired trash?

QE2 could now end up in the junkyard
Photo from etravelblackboard.com

I was terribly saddened to read this news piece on the fate of the QE2. San Pedro, California was able to make a hotel out of the Queen Mary, what happened and why is it not possible for the QE2 to have the same type of resting place?!   Fully quoted here from ETravelBlackboard is the newest information:

She was supposed to retire in style, reports suggesting the famed QE2 would be turned into a 200-room floating hotel off the Palm Jumeirah in Dubai, but it now looks like the old girl will end in a junkyard.

Parked at Port Rashid in Dubai since its acquisition from The Cunard Line some four years ago, the new owners of the cruise liner said earlier this year they hoped to refurbish the ship to open as a floating hotel, Maritime Matters reported.

However, reports have circulated over the past month that the new owners are considering scrapping the project and may have even contacted ship brokers to organise the removal of the 300 meter ship.

Source:  etravelblackboard.com