London’s iconic BT Tower in £275 million sale to hotel owner MCR - Hindustan Times
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London's iconic BT Tower in £275 million sale to hotel owner MCR

Bloomberg |
Feb 21, 2024 09:49 PM IST

The BT Tower, one of London’s most distinctive buildings, is set to become a hotel after BT Group Plc agreed to sell the site to MCR Hotels for £275 million

The BT Tower, one of London’s most distinctive buildings, is set to become a hotel after BT Group Plc agreed to sell the site to MCR Hotels for £275 million.

FILE PHOTO: A view of BT Group logo displayed on BT tower, in London, Britain, July 21, 2023. REUTERS/Hollie Adams/File Photo(REUTERS)
FILE PHOTO: A view of BT Group logo displayed on BT tower, in London, Britain, July 21, 2023. REUTERS/Hollie Adams/File Photo(REUTERS)

The tower used to provide a number of network operations and antennas for connectivity, but the technology isn’t needed any longer. The sale is part of BT’s plan to cut costs and real estate holdings, the company said in a statement on February 21.

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The London tower dates from 1964 and is 177 meters (581 feet) high, and was the tallest building in London until 1980. The top floor was used as a revolving restaurant until 1971, and BT has used the floor as a venue for corporate and charity events since 1984.

MCR Hotels, the third largest hotel owner-operator in the US, runs some of New York’s best-known hotels, including The High Line Hotel and the TWA Hotel at JFK Airport. The firm plans to repurpose the Grade II listed BT Tower as a hotel through a partnership with London-based Heatherwick Studio, whose design credits include the updated Routemaster bus, the 2012 Olympic Cauldron and the Vessel sculpture in New York’s Hudson Yards.

BT will take a number of years to vacate the premises, according to a statement from MCR Hotels, due to the complexity of the work. That will allow time for design development and engagement with local communities, MCR said.

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