Jay-Z to Open Chain of Luxury Hotels..

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Jay-Z and his financial partners, Charlie Blaichman and Abraham and Scott Shnay, have announced plans to launch a chain of high end five-star hotels. According to Globest.com, the chain will be called J Hotels and the flagship location will be developed on the 150,000 square foot property that the group recently purchased in Manhattan’s Chelsea neighborhood. Jay and his partners plan to expand J Hotels into other cities following the opening of the New York location.

The property stretches from 510 W. 22nd Street to 512 W. 21st Street and is currently the occupied by a five story warehouse and parking facility that is under lease to Time Warner Cable. Ronald Solarz and Eric Anton of Eastern Consolidated closed the $66.4 million deal which included the property and air rights. “West 22nd Street, between 10th and 11th Avenue, is arguably the heart and soul of the West Chelsea High Line district and is a perfect location for an upscale life style-oriented five star hotel,” Solarz said of the location. In related news, Jay recently landed the No. 4 spot on Forbes Magazine’s list of the 20 Biggest Celebrity Paydays of 2007. The mogul’s sale of his Rocawear clothing line to the Iconix Brand Group netted him $82 million, placing him just behind radio personality Howard Stern and 50 Cent.

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