One of two possible reasons I can think of why they put it on the shelf.
Any hotel would command a substantial price premium. The failure of the Star Wars hotel is a stinging reminder of what happens when price exceeds customer expectations, especially if it is either a boutique style hotel or the level of service is not on par with the price. While I'm sure it would have been exceedingly popular to start (because it's new), longterm it could fail to deliver, which unlike the Star Wars hotel, because it is directly interfaced with the park, would be a hard thing to ignore.
The other reason is, they didn't want to spend the money. A lot of these expansions start off grand and get whittled away as the development of the project progresses.