Iconic BT Tower to be turned into hotel in £275m deal

(Sharecast News) - BT Group said on Wednesday that it has agreed to sell the BT Tower to MCR Hotels for £275m.

MCR plans to preserve the BT Tower "as an iconic hotel, securing its place as a London landmark for the future," it said.

Brent Mathews, property director at BT Group, said: "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.

"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."

Tyler Morse, chief executive and owner of MCR Hotels, said: "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."

Completed in 1964, the BT Tower overtook the Millbank Tower to become the tallest structure in London until 1980, when it was surpassed by the NatWest Tower.

It was opened for operations in 1965 by Prime Minister Harold Wilson. As well as acting as a hub for the UK's communication networks, the tower was open to the public until 1971, with a restaurant making use of the revolving top floor.