London's Iconic BT Tower Sold To Become Hotel

British telecoms giant BT Group announced Tuesday the sale of its famous BT Tower and that the building located in the heart of London will be transformed into a hotel.

The London-listed company has agreed to sell the building for GBP275 million ($347 million) to New York-based MCR Hotels.

"MCR Hotels... plan to preserve BT Tower as an iconic hotel, securing its place as a London landmark for the future," BT said in a statement.

A number of operations that were traditionally provided from the listed building are now delivered instead via fixed and mobile networks.

"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 building, originally called the Post Office Tower, was completed in 1964 and officially opened one year later by then-prime minister Harold Wilson.

The tower is 177 metres (580 feet) in height, or 189 metres including aerial rigging.

It originally included a revolving restaurant on the top floor and a panoramic viewing gallery.

However, this was closed after a bomb explosion in 1971 on the 31st floor that caused significant damage but no casualties.