Plans are underway to turn London's historic BT Tower into a hotel.
The property, which opened as a communications tower in 1965, has been acquired by hotel owner-operator MCR from telecommunications firm BT Group for 275 million British pounds (about $347 million).
Located in London's Fitzrovia neighborhood, the 620-foot structure was the city's tallest building until 1980, when it was surpassed by the NatWest Tower. The property, which is listed by England's Historic Buildings and Monuments Commission, was once home to a revolving top-floor restaurant and remained open to the public until 1971.
Most recently, it was operated by BT Group as a private corporate and charity event space.
According to MCR, the transformation of the BT Tower will take "significant time" due to BT Group requiring "a number of years to vacate the premises, due to the scale and complexity of the work to move technical equipment."
The design development process is also expected to be lengthy, with MCR citing the need for "engagement with local communities."
"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," said MCR owner and CEO Tyler Morse.
MCR is no stranger to repurposing architectural landmarks. The hotel group revamped the former TWA Flight Center at New York's Kennedy Airport, reopening the Eero Saarinen-designed building as the TWA Hotel in 2019.
MCR is also in the process of redeveloping Manhattan's historic Gramercy Park Hotel, which was built in the 1920s.
The company has a portfolio of about 150 hotels.