BT Group has agreed to the sale of the BT Tower for £275m to MCR Hotels, who plan to preserve BT Tower as an iconic hotel, securing its place as a London landmark for the future.
As the UK heads rapidly into an all-digital future, a number of network operations that were traditionally provided from BT Tower are now delivered via BT Group’s fixed and mobile networks.
For example, the Tower’s microwave aerials were removed more than a decade ago, as they were no longer needed to carry telecommunications traffic from London to the rest of the country.
The BT Tower has long been an important site for BT Group’s Media & Broadcast business, as one of the key global interchange points for live television. As part of its long-term strategy, the Media & Broadcast division has already been migrating services onto its cloud-based platform, which will allow a more straightforward move to more modern and efficient premises. This will enable the division to continue to sit at the heart of UK and global media distribution.
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.”
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.”
MCR Hotels own around 150 hotels, including the historic landmark Eero Saarinen-designed TWA Hotel in New York City. Payment for the sale will be made over multiple years, as BT Group equipment is progressively removed from the building, with final payment on completion of the purchase.
