Jay-Z's J Hotel Construction Halted Due To Recession

J-Banks · 12-29-2008, 05:31 PM

Jay-Z's J Hotel Construction Halted Due To Recession
December 29th, 2008

The recent recession has claimed yet another victim, this time it's Hip Hop mogul Jay-Z and his company J Hotels.

Earlier this month, it was reported that Jay-Z along with partners Abram Shnay, Scott Blaichman, and Charles Blaichman were to build a luxury hotel on a piece of land Jay-Z's company J Hotels purchased in Manhattan's Chelsea area.

Due to the recession, construction on the land has been delayed because of lack of funding. The recession has made it much harder to find funding and borrow loans from the bank.

"Even the banks who want to give us money can't," Charles Blaichman told the New York Times.

J Hotels and developer Charles Blaichman aren't the only ones being hit hard by the recession, $5 billion worth of development projects have either been delayed or canceled.

There is no word yet on how long the project will be delayed.

Aside from the potential Chelsea hotel, Jay-Z also has his New York nightclub 40/40 and a club in Las Vegas' Venetian Hotel which will open on December 30.

Most recently, Jay-Z made headlines when he sold his Rocawear line to Iconix Brand Group for $204 million.

Source: hiphopdx

ajizzle94 · 12-29-2008, 06:59 PM

o that pretty cool

HENCHMAN · 12-29-2008, 07:10 PM

his club in vegas is already been closed down

12-29-2008, 05:31 PM	#1
J-Banks Super Moderator Join Date: Feb 2005 Location: Providence, RI Posts: 21,015 Repped: 5,294 Repped 53,425 Times in 7,839 Posts Blog Entries: 1 Neg Reps: 53 Neg Repped at 93 Times in 86 Posts	Jay-Z's J Hotel Construction Halted Due To Recession Jay-Z's J Hotel Construction Halted Due To Recession Jay-Z's J Hotel Construction Halted Due To Recession December 29th, 2008 The recent recession has claimed yet another victim, this time it's Hip Hop mogul Jay-Z and his company J Hotels. Earlier this month, it was reported that Jay-Z along with partners Abram Shnay, Scott Blaichman, and Charles Blaichman were to build a luxury hotel on a piece of land Jay-Z's company J Hotels purchased in Manhattan's Chelsea area. Due to the recession, construction on the land has been delayed because of lack of funding. The recession has made it much harder to find funding and borrow loans from the bank. "Even the banks who want to give us money can't," Charles Blaichman told the New York Times. J Hotels and developer Charles Blaichman aren't the only ones being hit hard by the recession, $5 billion worth of development projects have either been delayed or canceled. There is no word yet on how long the project will be delayed. Aside from the potential Chelsea hotel, Jay-Z also has his New York nightclub 40/40 and a club in Las Vegas' Venetian Hotel which will open on December 30. Most recently, Jay-Z made headlines when he sold his Rocawear line to Iconix Brand Group for $204 million. Source: hiphopdx __________________ JBanksblog.com - check it out __________________

12-29-2008, 06:59 PM	#2
ajizzle94 Join Date: Dec 2008 Location: Gilbert, Arizona Posts: 16 Repped: 0 Repped 0 Times in 0 Posts Neg Reps: 0 Neg Repped at 0 Times in 0 Posts	o that pretty cool __________________

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

12-29-2008, 07:10 PM	#3
HENCHMAN Banned Join Date: Dec 2008 Location: Kings NY Posts: 205 Repped: 4 Repped 18 Times in 3 Posts Neg Reps: 0 Neg Repped at 2 Times in 2 Posts	his club in vegas is already been closed down