Will Smith sells off hotel project
Will Smith has scrapped plans to develop a hotel in Philadelphia, Pennsylvania, because he feared the project would be a huge flop.
The actor and his brother bought a derelict property in the city's Society Hill five years ago with a view to developing it as a top hotel.
The businessmen secured millions in tax incentives from local authorities to get the project up and running, but a recent plunge in hotel business in the city has prompted the Smiths to sell off the land.
The sale is great news for Smith and his partners as they've made three times what they paid for the site in 2000.
Smith's real-estate company, Treyball Development, regularly invests in building projects in Philadelphia. The brothers currently co-own a former furniture company and a funeral home among other projects.
