BT Group to sell off BT Tower

BT Group has agreed to sell the iconic BT Tower to a US hotel group in a deal worth £275 million.

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. BT’s Media & Broadcast division has already been migrating services onto its cloud-based platform.

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.

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.”

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.

“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.The grade II listed communications tower in Fitzrovia, London was opened in 1965, was originally known as the Post Office Tower which was responsible for Britain’s then state-owned telecommunications operations.

The rotating restaurant at its top was open to the public until 1971 and has subsequently been used for corporate events.

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