It seems as if the rapper is eager to build a hotel in his home state of New York.
He recently filed a lawsuit against Highland Capital Management for failing to deliver on a loan agreement.
According to Businessweek:
Shawn Carter, the rap music artist and Rocawear clothing business founder known as Jay-Z, sued the investment firm Highland Capital Management LP in a dispute over loan guarantees.
Carter, in his complaint filed yesterday in federal court in New York, claims Highland and co-defendant NexBank SSB are attempting to “bleed” from him funds in excess of those he and two other men pledged to pay when they guaranteed the non- principal obligations of a company planning to build a hotel in Manhattan’s west side neighborhood of Chelsea.
Highland Capital, based in Dallas, was founded by James Dondero and Mark Okada in 1993. It oversees about $25 billion in assets, chiefly in credit markets. NexBank is based in the same city.
Highland and NexBank acted in bad faith when they declined to clear Carter and his fellow guarantors of their obligations after receiving a deed in lieu of foreclosure on the property, according to the complaint.
The rap star is seeking a declaratory judgment that he has met those obligations. He’s also seeking damages of more than $3.7 million for the additional interest and other costs incurred while still being held liable under the agreements.
Building hotels is the new retirement plan for artist and entertainers within Hollywood.