London’s iconic BT Tower is being sold and will be converted into a hotel.
BT
BT.A,
said it’s selling the BT Tower to MCR Hotels for £275 million ($347 million).
BT said network operations that were provided from the tower are now being provided elsewhere. For instance, microwave aerials were removed more than a decade ago, BT said.
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.
Privately-held MCR operates properties including The High Line Hotel and TWA 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,” said Tyler Morse, CEO and owner of MCR Hotels, in a statement.
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