HSBC tower in Canary Wharf could be redeveloped as a hotel

Parts of the HSBC tower in London’s Canary Wharf could reportedly be converted into a hotel once the global bank exits its headquarters in 2027.

Sources familiar with the matter told Reuters that landlord Canary Wharf Group (CWG) has met with around 20 architectural practices to shortlist the proposals for the 42-storey building, which could see it turned into a hotel or flats.

The tower is wholly owned by the Qatar Investment Authority (QIA) and has been occupied by HSBC since 2002.

No final decisions have been made as to the future of the building, the sources added.

In recent months, CWG has raised £400m from its shareholders Brookfield and the QIA, which includes an £80m loan for the construction of two new serviced apartment buildings for short and medium stays in the area.

CWG’s portfolio includes the London Marriott Hotel Canary Wharf, Marriott Executive Apartments London, Canary Wharf, and lifestyle hotel Tribe, which launched in August 2022.

It comes after BT Group agreed to sell the BT Tower in London’s Fitzrovia to the North American MCR Hotels in a £275m deal, which will see the 189m high communications tower “preserved as an iconic hotel”.

CWG and the QIA have been approached for comment.