Melbourne, Jan 2 : American hip-hop artist Jay Zhas been hit by the economic recession, and his investment in a New York hotel that is being developed has been put on hold.

Jay-Z and his partners, who put money into J Hotels that had acquired a 66million-dollar plot, had to put a stop to the project as they had run out of finances.

But now due to the ongoing recession, they have failed to pull in investors, causing a 370million-dollar shortfall in funds, with even banks not willing to bail them out.

"A year ago it would have seemed a reasonable amount. Not now. Even the banks who want to give us money can''t," the Daily Telegraph quoted Charles Blaichman, one of Jay-Z''s partners, as telling the New York Times. (ANI)