NEW YORK CITY Rap mogul Jay-Z has reached a settlement with lenders over his failed bid to open a boutique hotel in New York City’s High Line area.
Jay-Z had planned to acquire a former warehouse and convert it into the first of many J Hotels, but his investment partners, Charles Blaichman and Abram Shnay, defaulted on a US$52 million senior loan last year, spurring a legal battle over their interest payments.
The rapper, whose given name is Shawn Carter, has deeded the property back to lenders Highland Capital Management and Nexbank SSB, The Real Deal reports. Terms of the settlement have not been disclosed, but the matter is said to be resolved.