Jay-Z recently stepped down as the head of Def Jam records, perhaps because he's got a new project, a chain of five-star hotels. Various sources are reporting that he
recently paid $66 million for a piece of land in Manhattan's Chelsea neighborhood in order to create the first of his new J Hotels. Jay-Z, born Shawn Carter, already as a clothing line (Rocawear) as well as his own bar chain, the 40/40 Club (he opened the Las Vegas 40/40 Club over New Year's) so this deal seems more secure than some of the others we've seen, such as Nicky Hilton's attempt at the hotel business.
