UK: BT Group, which owns the BT Tower in London, has agreed to sell the 177 metre-tall building to owner-operator MCR Hotels for £275 million.
The BT Tower is a Grade II-listed communications tower located in Fitzrovia, London. Upon completion in 1964, it overtook the Millbank Tower to become the tallest structure in London until 1980, when it was surpassed by the NatWest Tower.
Since 1984, BT Tower has been operated by BT Group, with its top floor regularly hosting corporate and charity events.
As a result of BT Group’s long-term strategy, its media and broadcast division has been migrating its services to a cloud-based platform. The tower has therefore become increasingly obsolete.
BT Group also has plans to simplify its operations and lower costs across the company, including reducing the number of offices in its estate from more than 300 to around 30.
MCR Hotels owns and operates 150 properties globally including the TWA Hotel at JFK Airport and The High Line Hotel in New York City.
Payment for the sale will take several years as BT Group equipment is progressively removed from the building. The final payment will be made on completion of the purchase.
MCR said it will “partner with Camden-based Heatherwick Studio to consider how best to reimagine its use as a hotel”.
Tyler Morse, CEO 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.”
Brent Mathews, property director, 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.”
Appeared first on: boutiquehotelnews.com