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Jay-Z's Hotel Gets Credit Crunched

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He’s got 99 problems, and it looks like launching a luxury hotel chain in the middle of the worst financial crisis in our lifetime may be one of them. A year ago, rap superstar, producer and all around mega mogul Jay-Z was poised to become New York’s hippest hotelier, with the first of his planned line of J Hotels slated to begin construction on the site of an old Tim Warner Cable warehouse in the hot hood of West Chelsea.  Jigga (as those in the know call him) had teamed with Charles Blaichman, the man behind SoHo House and the High Line Building, to bring his dream of a five-star hotel with his signature downtown style to life. 

But with banks suddenly holding on to their money, Blaichman’s financing for the venture has dried up, and he is now reportedly trying to rent out the space that was supposed to be razed for the “J” as is.   So it appears the hip hop king’s dream or becoming the next Baron Hilton is on hold, at least for now.  But as long as he still has Beyonce on his arm, we won’t feel too sorry for him.  Who knows?  Maybe tough times will force him back into the recording studio…

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