Jay-Z's Hotel Plans Fall Flat
At the beginning of this year, we saw the announcement of J Hotels, the first hotel from rapper Jay-Z to be located in New York City. Now as the year ends we learn that the J Hotel is not to be. The NY Times reveals that developer Charles Blaichman, who was behind Soho House, cannot secure financing for the hotel. Blaichman is now trying to rent the former Time Warner Cable warehouse after failing to raise $370 million for three luxury hotels. Hotel Chatter predicts that the J Hotel will rise again but I'm wondering if celebrity hotel projects might be doomed for the time being.