London's BT Tower to Undergo Transformation into Luxury Hotel in £275 Million Deal
London's iconic BT Tower, a symbol of the city's 1960s post-war revival, is set for a new chapter as it transitions into a luxury hotel after being sold to MCR Hotels for £275 million. The deal marks a significant shift for the tower, which played a central role in communications but saw its microwave aerials removed over a decade ago as advances in technology saw the towers communication infrastructure rendered obsolete.
BT's Property Director, Brent Mathews, expressed excitement about the transformation, stating, "This deal with MCR will enable BT Tower to take on a new purpose, preserving this iconic building for decades to come."
The BT Tower, originally known as the Post Office Tower, opened in 1965 and featured a revolving restaurant on the 34th floor. Tyler Morse, CEO of MCR Hotels and known for repurposing famous buildings into hotels, affirmed that the conversion would open the doors of the building "for generations to enjoy." MCR Hotels, the third-largest hotel operator in the United States, plans to collaborate with London-based Heatherwick Studio on the project.
London's hospitality scene has been witnessing a surge in luxury hotels, with the BT Tower joining the likes of Claridges and Peninsula London. Mat Oakley, Director in commercial research at Savills, remarked that the deal reflects the potential for rejuvenation and repurposing of interesting and well-located buildings in London.
The sale of the BT Tower is considered the end of an era in the communications industry. Ben Wood, a technology analyst, highlighted the building's impracticality for modern needs but expressed excitement about its repurposing for leisure use.
As MCR embarks on this ambitious project, it pledges to carefully develop proposals that respect the listed building’s rich history and make it accessible to everyone. The transformation is expected to unfold gradually, with BT Group taking several years to vacate the premises, emphasising the scale and complexity of the transition.
