Breaking news about M&A, development, data and more
MCR will turn BT
Tower into hotel. London-based telecommunications company BT Group
has sold the BT Tower for £275 million ($347 million) to MCR Hotels, which
plans to turn the London landmark into a hotel. The tower, which was built in
1964 and is 620 feet tall, was used by the BT Group as one of its key
interchange points for live television, but that technology is outdated. MCR
Hotels, which owns around 150 hotels around the world, will partner with
London-based Heatherwick Studio on the adaptive reuse of the tower.
Strawberry, Slättö to open new chain. Oslo, Norway-based
Strawberry is partnering with property investor Slättö to launch an unnamed hotel chain with plans to open at least 20 hotels across Nordic territories in
the next 10 years. This will be Strawberry’s first new chain in 30 years. The
first hotel is scheduled to be launched in Falkenberg, Sweden, in the second
quarter of 2025.
KSL exploring sale of Village Hotels. Denver-based KSL
Capital Partners is exploring the sale of its Village Hotels portfolio, which
is currently valued at £800 million, according to multiple reports. The move
would be a strategic pivot for KSL since it acquired the Village Hotels from De
Vere Group almost a decade ago for £485 million.
Marriott issues $1.5B in unsecured notes. On Tuesday,
Marriott International issued $1.5 billion of unsecured notes at a 5.36%
weighted average interest rate, according to analyst R.W. Baird. Marriott
priced a dual-tranche unsecured bond offering – $500 million of five-year notes
with a 5.14% yield to maturity (YTM) and $1 billion of 10-year notes with a
5.47% YTM.
New SIRO hotel at Port Montenegro. Kerzner International Holdings is adding a 96-key SIRO hotel at
the Porto Montenegro marina in Tivat, Montenegro. The new Boka Place
neighborhood will also feature 144-SIRO-managed residences and 69 private
residences.