JAY-Z’S HOTEL FUTURE IN DOUBT
The development of a New York hotel rapper JAY-Z invested in is on hold because the star and his partners cannot pull in further financing for the project.
The Big Pimpin’ hitmaker - real name Shawn Carter - ploughed money into J Hotels, which acquired a $66 million (£45.5 million) plot to build a high-end hotel in the Big Apple.
But due to the ailing economy, partners have failed to pull in investors and there is now a $370 million (£255 million) shortfall in funds, as even the banks won’t back the property development.
Charles Blaichman, one of Jay-Z’s partners, tells The New York Times, "A year ago it would have seemed a reasonable amount. Not now. Even the banks who want to give us money can’t."
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
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