BT Tower sold to hotel group in £275m deal

BT Group has signed a £257 million deal with MCR Hotels to turn the iconic BT Tower into a hotel.

The company stated MCR Hotels plans to preserve the tower as a hotel, with payment for the site to be made over the coming years.

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As part of the move, the telecom giants’ remaining equipment will be removed from the building, with the final payment will be made on completion. 

BT Group Property Director, Brent Mathews, 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 CEO and owner, Tyler Morse, 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.”

The news comes as EE boss Marc Allera has revealed customers are “not sentimental” about losing the BT brand following its £12.5 billion acquisition.

He said: “We’re effectively rebranding a national institution. Most are aware of the changes and they understand it” claiming the telecoms business has not “seen much resistance”.