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☆ London's famed BT Tower sold to U.S. hotel group for $347 million
▼ + stars: | 2024-02-21 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — British telecoms group BT said Wednesday it had agreed to sell London's iconic BT Tower — once an important piece of network infrastructure — to developer MCR Hotels for £275 million ($346.6 million). The 189-meter structure has loomed over the capital city's central Fitzrovia neighborhood since 1965, when it opened as the Post Office tower. It was also known for a revolving restaurant on its 34th floor, which took 22 minutes to complete a rotation. MCR Hotels owns 150 properties, including the TWA Hotel located in the former TWA Flight Center at John F. Kennedy International Airport. Tyler Morse, CEO of MCR Hotels, said the group would "preserve this beloved building and will work to develop proposals to tell its story as an iconic hotel."

Persons: John F, Tyler Morse Organizations: LONDON, BT, MCR, Post, MCR Hotels, TWA, TWA Flight, John, Kennedy International Locations: Fitzrovia, London

☆ The BT Tower, London’s futuristic landmark, to become hotel
▼ + stars: | 2024-02-21 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +4 min

London CNN —Tourists who fancy getting a top-down view of London may soon be able to book themselves a room in the city’s famous BT Tower. Situated in Fitzrovia, central London, it was officially opened by the then-prime minister, Harold Wilson, the following year. An aerial view of the BT Tower Tim Motion/Construction Photography/Avalon/Getty ImagesOriginally known as the Post Office Tower, the building was designed to relay microwave signals carrying telecommunications from London around the country. It remained London’s tallest building until 1980, when it was overtaken by the NatWest Tower in the financial district. It’s been a privilege to adapt the TWA Flight Center into new use for future generations, as it will be the BT Tower.”

Persons: Harold Wilson, Tim, Brent Mathews, “ It’s, Eero Saarinen’s, John F, Kennedy, Muhammad Ali, Tyler Morse, Morse, It’s Organizations: London CNN — Tourists, BT, “, BT Group, British, Post, NatWest, MCR, TWA, Big Apple, Art Deco New Yorker, TWA Flight, Center Locations: London, Westminster, Fitzrovia, England, New, JFK

☆ The BT Tower, a Once-Futuristic London Landmark, Will Become a Hotel
▼ + stars: | 2024-02-21 | by ( Victor Mather | ) www.nytimes.com time to read: +1 min

St. Paul’s Cathedral, the Tower of London and the London Eye are all important landmarks in Britain’s capital. But after another staple of the city’s skyline, the BT Tower, was sold to an American group on Wednesday, plans are afoot to turn it into a hotel: one that rises 581 feet (177 meters) above the ground. “We will take our time to carefully develop proposals that respect the London landmark’s rich history and open the building for everyone to enjoy,” Tyler Morse, the chief executive of MCR Hotels, which bought the tower, said in a statement. The sale price was 275 million pounds ($346 million), the seller, BT Group, said in a statement. MCR owns several notable hotels, including the TWA Hotel, which occupies the Eero Saarinen-designed former TWA terminal at Kennedy Airport, and the High Line Hotel in New York City, which was formerly a dormitory for the General Theological Seminary.

Persons: ” Tyler Morse, MCR, Eero Saarinen Organizations: BT, MCR, BT Group, TWA, Kennedy Airport, General Theological Seminary Locations: Paul’s, London, Britain’s, New York City

June 5 (Reuters) - Tighter lending standards from regional banks are making it harder for U.S. hotel developers to secure funding, slowing construction of new hotels at a time Americans' appetite for travel is ripe. Analysts say slower hotel development will also limit profits of blue-chip manufacturers like Caterpillar Inc. , whose commercial real estate customers account for around 75% of construction sales. Overexposed regional banks are now offloading commercial real estate loans at a discount. Troubled regional lender PacWest Bancorp (PACW.O) announced in May it would sell $2.6 billion worth of real estate construction loans. Banks started to reduce their hotel loan portfolios in the first quarter of 2023, an analysis by S&P Global Market Intelligence found.

Persons: Joseph Delli Santi, James Hansen, Andy Ingraham, Ingraham, Evens Charles, Banks, Mitchell Hochberg, Bianca Flowers, Caroline Stauffer, Deepa Babington Organizations: U.S, Silicon Valley Bank, Shopoff, Reuters, Build Central Inc, Hilton, Hilton Worldwide Holdings Inc, Marriott International, Caterpillar Inc, Signature Bank, First Republic Bank, National Association of Black, Developers, Frontier Development, Hospitality Group, Washington D.C, PacWest Bancorp, P Global Market Intelligence, Lightstone, Thomson Locations: Silicon, California, Florida , Texas, Washington, Arizona, New York, Chicago, Bengaluru

Persons: Joseph Delli Santi, James Hansen, Andy Ingraham, Ingraham, Evens Charles, Banks, Mitchell Hochberg, Bianca Flowers, Caroline Stauffer, Deepa Babington Organizations: U.S, Silicon Valley Bank, Shopoff, Reuters, Build Central Inc, Hilton, Hilton Worldwide Holdings Inc, Marriott International, Caterpillar Inc, Signature Bank, First Republic Bank, National Association of Black, Developers, Frontier Development, Hospitality Group, Washington D.C, PacWest Bancorp, P Global Market Intelligence, Western Alliance, Lightstone, Thomson Locations: Silicon, California, Florida , Texas, Washington, Arizona, New York, Chicago, Bengaluru

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