Jay-Zs hotel investment on hold due to recessionJanuary 2nd, 2009 - 4:47 pm ICT by ANI
Melbourne, Jan 2 (ANI): American hip-hop artist Jay-Z has been hit by the economic recession, and his investment in a New York hotel that is being developed has been put on hold.
Jay-Z and his partners, who put money into J Hotels that had acquired a 66million-dollar plot, had to put a stop to the project as they had run out of finances.
But now due to the ongoing recession, they have failed to pull in investors, causing a 370million-dollar shortfall in funds, with even banks not willing to bail them out.
A year ago it would have seemed a reasonable amount. Not now. Even the banks who want to give us money can”t, the Daily Telegraph quoted Charles Blaichman, one of Jay-Z’’s partners, as telling the New York Times. (ANI)
Tags: american hip hop, daily telegraph, dollar shortfall, economic recession, even banks, hip hop artist, hotel investment, hotels, investors, jay z, jay zs, melbourne, money, new york hotel, new york times