NEW YORK (CNNMoney.com) - Royal Caribbean International said Monday it plans to build a $1.2 billion cruise ship that will hold 5,400 guests.

The ship, known by its project name Genesis, will weigh 220,000 tons and measure 1,180 feet long and 154 feet wide, the cruise line said in a statement.

According to the Miami Herald, the ship will be about 45 percent bigger than the current record holder for world's largest cruise ship, Cunard Line's Queen Mary 2, as well as the soon-to-be record holder, Royal Caribbean's own Freedom of the Seas.

The Freedom of the Seas is expected to debut in June, while the Genesis is expected to be delivered by Finnish shipbuilder Aker Yards in the Fall of 2009.

The cruise line, a unit of Royal Caribbean (Research), said the company has an option for a second ship.

________________

Thinking about summer vacation? Click here for some planning tips.