MCR buys BT Tower for £275 million to convert it into hotel
The BT Tower, one of central London’s most recognisable landmarks, has been sold to MCR Hotels for £275 million and will be converted into an upmarket hotel, BT Group said yesterday.
“The BT Tower sits at the heart of London and we’ve been immensely proud to be the owners of this important landmark since 1984,” said Brent Mathews, Property Director, BT Group. “It’s played a vital role in carrying the nation’s calls, messages and TV signals, but increasingly we’re delivering content and communication via other means. This deal with MCR will enable BT Tower to take on a new purpose, preserving this iconic building for decades to come.”
The 177-metre high tower is a Grade II-listed building. When it was completed in 1964 it was London’s tallest building, with an aerial that brings its total height to 189 metres. Until 1971 it was open to the public, with a restaurant on the revolving top floor giving diners 360-degree views over the city. Since 1984, BT Tower has been operated by BT Group, with its top floor hosting corporate and charity events.
MCR Hotels own around 150 hotels, including the High Line hotel in New York City and the historic TWA Hotel at JFK aiport. Payment for the sale will be made over multiple years, as BT Group equipment is progressively removed from the building, with final payment on completion of the purchase.
“We are proud to preserve this beloved building and will work to develop proposals to tell its story as an iconic hotel, opening its doors for generations to enjoy,” said Tyler Morse, CEO and owner, MCR Hotels.
Morse said he saw many parallels between BT Tower and its JFK TWA hotel, which was a reimagining of the Finnish-American designer Eero Saarinen’s 1962 landmark flight centre and received a national architecture award from the American Institute of Architects. “It has been a privilege to adapt the TWA Flight Center into new use for future generations, as it will be the BT Tower,” Morse said.
BT explained that the tower has long been an important site for BT Group’s Media & Broadcast division, which is now migrating services onto its cloud-based platform, which which allow “a more straightforward move to more modern and efficient premises”.
Similarly, the evolution of fixed and mobile networks means BT no longer relies on the tower to carry microwave signals from the capital to the rest of the UK. The tower’s microwave aerials were removed over a decade ago.
BT has been selling some of its real estate in an effort to simplify its operations and lower costs. It sold BT Centre, its former London headquarters, in 2019 for £210 million and moved into a new building in Aldgate.
