MCR Hotels Acquires London's BT Tower for £275 Million
Posted by Emily on 22nd Feb 2024
In a landmark deal, BT Group announced the sale of the iconic BT Tower in Fitzrovia, London, to North American hotel giant MCR Hotels for £275 million. MCR Hotels, recognised as the third-largest hotel owner-operator in the United States, is set to transform the BT Tower into a distinguished hotel, maintaining its status as a significant landmark.
Ian Beales, CC BY-SA 4.0, via Wikimedia Commons
Constructed in 1964 and officially opened to the public in 1971, the 189m high BT Tower is a Grade II-listed building. It has played a crucial role in the UK's telecommunications infrastructure, initially housing microwave aerials for network operations. Since 1984, BT Group has managed the tower, which has shifted to support the company's fixed and mobile networks and cloud-based services in recent years.
MCR Hotels, established in 2006 and headquartered in Dallas, Texas, boasts approximately 150 hotels across 37 states and 107 cities. The company has a rich history of developing properties under prestigious brands like Hilton and Marriott, including the renowned Eero Saarinen-designed TWA Hotel in New York City.
BT Group's property director Brent Mathews expressed pride in the tower's historical significance and its pivotal role in the UK's communication landscape. He highlighted the sale to MCR Hotels as a strategic move to repurpose the BT Tower, ensuring its preservation for future generations.
brian gillman, CC BY 3.0, via Wikimedia Commons
Tyler Morse, CEO and owner of MCR Hotels, echoed Mathews' sentiment, committing to honour the tower's legacy while reimagining it as a unique hotel experience that celebrates its storied past.
The transaction will be completed over several years through instalments. BT Group will gradually relocate its remaining equipment from the tower. Addleshaw Goddard provided legal guidance for selling BT Group and Herbert Smith Freehills for MCR Hotels.
We welcome your thoughts and comments on this significant development. How do you see the BT Tower's transformation impacting London's Fitzrovia and the broader hotel industry? Share your views below.
Image Title Source: sebastiandoe5, CC BY-SA 2.0, via Wikimedia Commons
