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.
Jay-Z poured money into J Hotels, which acquired a $66 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 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."
Jay-Z poured money into J Hotels, which acquired a $66 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 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."
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