Jay-Z to launch chain of luxury hotels

Jay-Z is to launch a chain of luxury hotels in the US.

The hip-hop mogul, who stood down as president of Def Jam Records at the beginning of the year, has bought a plot of land in New York via his company J Hotels.

He reportedly spent £33 million on the land in the Chelsea area of Manhattan, where he plans to build the first hotel with partners Charlie Blaichman and Abraham and Scott Shnay.

The chain will be named after the company and will extend across the US from its New York base.

Estate agent Ronald Solarz, who sold the property for firm Eastern Consolidated, said: "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 lifestyle-oriented five-star hotel."

Jay-Z recently denied reports that he had secretly married singer Beyoncé Knowles.