Jay-Z Has 99 Problems and a Hotel Is One

PopEater
posted: 216 DAYS 21 HOURS AGO
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(Dec. 30) - It seems even the recession has hit rapper Jay-Z. According to the NY Times, Jay-Z's plans to build a hotel in New York City have been stopped because his hotel developer, Charles Blaichman, is unable to secure the necessary funds. Blaichman needs to borrow an estimated $370 million, which would support three of his hotel ventures including the J Hotel.
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Beyonce & Jay-Z

    ** FILE ** In this Dec. 1, 2008 file photo, Hip-hop singer and entrepreneur Jay-Z and his wife singer-actress Beyonce Knowles attend the premiere of "Cadillac Records" in New York. (AP Photo/Evan Agostini, file)

    AP

    ** FILE ** In this Dec. 1, 2008 file photo, Hip-hop singer and entrepreneur Jay-Z and his wife singer-actress Beyonce Knowles attend the premiere of "Cadillac Records" in New York. (AP Photo/Evan Agostini, file)

    AP

    ** FILE ** In this Dec. 1, 2008 file photo, Hip-hop singer and entrepreneur Jay-Z and his wife singer-actress Beyonce Knowles attend the premiere of "Cadillac Records" in New York. (AP Photo/Evan Agostini, file)

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    Beyonce Knowles and Jay-Z attend the New York premiere of the movie " Cadillac Records" at AMC Loews 19 on December 1, 2008 in New York City.

    Marcel Thomas/FilmMagic.com

    Jay-Z and Beyonce Knowles attend the New York premiere of the movie " Cadillac Records" at AMC Loews 19 on December 1, 2008 in New York City.

    Marcel Thomas/FilmMagic.com

    Hip-hop singer and entrepreneur Jay-Z and his wife singer- actress Beyonce Knowles attend the premiere of 'Cadillac Records' on Monday, Dec. 1, 2008 in New York. (AP Photo/Evan Agostini)

    AP

    Hip-hop singer and entrepreneur Jay-Z and his wife singer- actress Beyonce Knowles attend the premiere of 'Cadillac Records' on Monday, Dec. 1, 2008 in New York. (AP Photo/Evan Agostini)

    AP

    Hip-hop singer and entrepreneur Jay-Z and his wife singer- actress Beyonce Knowles attend the premiere of 'Cadillac Records' on Monday, Dec. 1, 2008 in New York. (AP Photo/Evan Agostini)

    AP

    Hip-hop singer and entrepreneur Jay-Z and his wife singer- actress Beyonce Knowles attend the premiere of 'Cadillac Records' on Monday, Dec. 1, 2008 in New York. (AP Photo/Evan Agostini)

    AP

    Hip-hop singer and entrepreneur Jay-Z and his wife singer- actress Beyonce Knowles attend the premiere of 'Cadillac Records' on Monday, Dec. 1, 2008 in New York. (AP Photo/Evan Agostini)

    AP

The two teamed up last year to begin a hotel venture, which seemed reasonable at the time. Blaichman and Jay-Z planned to rent out a former Time Warner Cable warehouse in New York's West Chelsea neighborhood, which would be razed for Jay-Z's new hotel.
But now Blaichman's projects have been frozen. "Even the banks who want to give us money can't," he said.
While Jay-Z's hotel venture will remain on hold for now, Blaichman plans to follow through with their business plan. Banks have reassured the developer that if he reapplies for a loan next year, he will probably be able to set up interim bridge loans for up to $30 million.
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2008-12-30 09:13:37
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