London’s iconic BT Tower is to be sold to MCR Hotels for £275 million
Owner BT Group PLC (LSE:BT.A) announced the sale of the grade II listed building in Fitzrovia, London on Wednesday, explaining its role of housing aerials was no longer needed as the country heads to an “all-digital future”.
“We’ve been immensely proud to be the owners of this important landmark since 1984,” BT property director Brent Mathews said.
“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.”
MCR, which owns around 150 hotels, will purchase the building from BT over the coming years as its communications equipment is gradually removed, with the site ultimately being converted into a hotel.
“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,” MCR boss Tyler Morse said.