Jay -Z
The rapper along with one of the various partners are struggling to secure financial aid to begin work on the multi million dollar project
He might be one of the wealthiest in the music industry but Jay Z is also feeling the credit crunch just like everybody else.
Last year the super mogul announced that he was diversifying in a hotel chain having bought a block of prime real estate in Manhattans Chelsea area to turn into a hotel.
The rapper along with one of the various partners are struggling to secure financial aid to begin work on the multi million dollar project.
Chris Blaichman, one of the gentlemen involved in the project said that ‘the $370 million they are seeking from financial organizations was in 2007 a reasonable amount but now the banks who want to give the company money can’t.’
The first project within the J Hotels kingdom was expected to open in 2010 but right now it is uncertain when work will even commence on the lavish hotel, let alone open its doors to paying customers.