Jay-Z Opens Hotel

So Jay-Z is stepping down from Def Jam records. We knew that… hell, it was among the worst kept secrets in the media and music industry for a whie. Which is why the world gave a great big yawn when it was announced the other day.

So what’s Jay-Z’s next project? He’s joining in with some investors in opening a hotel on the Chelsea-Meatpacking District border in a $66.4 million deal:

Hip-Hop entertainment mogul Jay-Z, with co-developers Charlie Blaichman and Abe Shnay, has selected a site here for J Hotel, an upscale five-star 150,000-square-foot luxury hotel slated to be the flagship for his new hospitality brand, which he intends to roll out in select cities. J Hotel will be sited at 510 West 22nd St. in the emerging High Line neighborhood. [...] Currently the site is occupied by a five-story, 88,000-square foot warehouse and parking facility net leased to Time Warner Cable, Inc., which will vacate the premises.

Subtext? Time Warner, a longtime resident of the building, most likely made a fair amount of cash off of this. No word on hotel opening date or when Time Warner will vacate the building.

(Image via Sneakerboxx)

Launch a social media campaign that will build your brand and deliver results in our online Social Media Marketing Boot Camp starting June 7. Speakers include Abigail Cusick (Bravo Digital), Gregory Galant (Sawhorse Media), Alex Leo (Thomson Reuters Digital), Jim Tobin (Ignite Social Media), and many more. Read the reviews.