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BT Group has agreed to the sale of the BT Tower to MCR Hotels for £275m, with plans to preserve the building as “an iconic hotel”.
The decision to sell the BT Tower comes as a number of BT’s network operations that were traditionally provided from the building are now delivered via the group’s fixed and mobile networks.
MCR Hotels, which owns a portfolio of approximately 150 hotels, will make payments for the sale over multiple years.
As BT Group’s equipment continues to be progressively removed from the building, the final payment will be made on completion of the purchase.
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 has 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, CEO and owner of MCR Hotels, added: “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.”
