London’s iconic BT Tower is set to be turned into a hotel, with its owner announcing that he has signed a deal to sell it for £275 million, Reuters reports.

The 177-meter tower in the financial district of London’s West End was personally opened by the former British Prime Minister Harold Wilson in 1965 and remained the tallest building in the British capital for 16 years.

It was later overtaken in this capacity by NatWest Tower, and over the years its role in telecommunications has diminished as fixed lines and mobile technologies have evolved.

Its last transmitting aerials were removed more than a decade ago when they were no longer needed to connect London to the rest of the country.

Brent Matthews, BT Group’s property director, recalled the tower’s historic role, but said the sale to hotel group MCR would allow it to “find a new purpose, preserving this iconic building for decades to come”.

Tyler Morse, owner and CEO of MCR Hotels, said: “We are proud to have preserved this beloved building and will work to develop proposals that speak to its history as an iconic hotel.”