200712jayz.jpgEarlier this month, Sarah Lewitinn (Ultragrrrl) brought her label, Stolen Transmission, back to the bedroom after leaving Island/Def Jam. This was just one of many things that signaled more changes for the major, and now it turns out that the president of Def Jam, Jay-Z, is stepping down from his position. The NY Times reports:

Jay-Z made the announcement with Def Jam’s parent, Universal Music Group, as his employment contract was expiring. Under a separate long-term recording contract with Def Jam, Jay-Z, whose real name is Shawn Carter, still owes the company one or more albums.

Upon his departure he stated, “It’s time for me to take on new challenges.” What's left after already having his hand in a fashion line, nightclubs, the New Jersey Nets and of course the music industry? Looks like the most immediate project is a downtown 5-star hotel. Jay-Z purchased a development site in Chelsea which will be home to a 150,000 square-foot luxury hotel called The J-Hotel -- he hopes this will be the flagship of what a chain that will span the nation's major cities.

The $66.4 million spot will be located at 511 W 21st Street. There's no word on when you can expect to make reservations, but Hotel Chatter projects a 2009/2010 opening.