The recently restored former passenger liner SS Rotterdam will stay in the city it was named after, DutchNews reports.

The ship was bought in 2005 by housing corporation Woonbron which wanted to turn it into a hotel and restaurant complex after renovations. Renovations, however, cost 230 million euro, which is 224 million euro over budget. Woonbron started capsizing and had to let go of the monumental steamer, and at the same time of its board member Martien Kromwijk.

NRC adds that the high cost was partially related to the unexpected presence of asbestos on board.

In 2009 the cost overrun was still limited to ‘merely’ 169 million euro, as 24 Oranges reported back then.

The new owner Westcord Hotels, a Dutch hotel chain, paid almost 30 million euro.

(Photo by Jakub Bogucki, some rights reserved)