How much was BT Tower sold for? London’s iconic landmark to turn into a luxury hotel

The BT Tower located in London has been recently sold to MCR Hotels. The news was confirmed by the BT Group and the price of the deal is said to be around $346 million, as per CNBC. The structure would be replaced with a luxurious hotel established by Heatherwick Studio.

BT Tower has been in the headlines for different reasons and its 31st floor was targeted in 1971 when an anonymous person threw a bomb. The Guardian states that the building was initially famous as the Post Office Tower and it originally started operating in October 1965.

It is additionally known for being a perfect place to see all of London from the top. It weighs around 13,000 tons and is 620 ft tall. The building's top floor has been useful for various events and has been captured in multiple films and TV shows over the years.

Meanwhile, MCR Hotels has not revealed anything about the kind of hotel they are planning to bring up at the place. It is expected to take a long time considering the hard work that would be needed in the tower's removal followed by the hotel construction.

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BT Tower's sale is part of BT Group's strategy to reduce workforce: Details explored

The sale of BT Tower to MCR Hotels has been trending in the headlines and BT Group has got its reasons for the same. The company is reportedly aiming to bring changes in its operations and reduce expenses along with the number of offices.

Brent Mathews, who serves as the property director for BT Group, stated that the sale is intended to improve the medium of communication and will contribute to saving the building for better use in the future, as per The Sun.

According to BBC News, MCR Hotels owner Tyler Morse also expressed his excitement in a statement which reads:

"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 of BT Tower's sale comes at a time when BT Group is planning to depend less on workforce by 2030 and the same was confirmed in May last year, as per CNBC. Philip Jansen, who serves as the Chief Executive of the company said that they were planning to depend on a "smaller workforce and a significantly reduced cost base."

According to Forbes, MCR Hotels is currently the owner of multiple properties in around 37 states. The price of their overall assets is reported to be almost $5 billion.

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BT Tower worked as a medium of communication over the years

BT Tower has been known as one of the tallest buildings in London. The building was designed by architect Eric Bedford and a revolving restaurant was established at the top of the tower in May 1966, as per The Guardian.

In 2003, the tower received Grade II-listed status, and multiple dishes were equipped on top. However, the dishes were removed around 13 years ago after it was considered a health risk. BBC states that the process to remove the dishes started in 2010.

The info band screen on top has proved helpful in delivering important messages to the public, including the alert to stay safe during the COVID-19 pandemic in 2020.