Rap Basement

Jay Z

Recession Hits Jay-Z, Hotel Construction Halted

Posted By on December 29, 2008

    Even Jay-Z can't escape the recession. The New York Times is reporting that the construction of Jay-Z's "J Hotel" in Manhattan's Chelsea area has been stopped due to lack of funding. Jigga's partner in the hotel Charles Blaichman told the Times "Even the banks who want to give us money can't." Earlier this month we repoted that Jay-Z partnered with Blaichman along with Abram Shnay and Scott Blaichman to launch the "J Hotels" chain.

    In related news, Jay-Z will open his new nightclub in Las Vegas tomorrow. The new club located in the Venetian Hotel will become Jigga's second club, after his 40/40 spot opened in New York. Forbes recently reported that Jay-Z made $82 million dollars last year, just $2 million more than his wifey, Beyonce.