The hotel, located in Mayfair's Stratton Street, will trade as the London May Fair hotel, and brings Radisson's portfolio of four and five-star hotels in London to 11.
The 289-bedroom hotel has planning consent for refurbishment and an extension of 80-rooms.
A number of buyers had been linked with the hotel, including Cola Holdings and Greek shipping millionaire Achilleas Kallakis, who had planned to develop the UK's most expensive residential block on the site.
The sale is the result of a a strategic review at InterContinental over where to best allocate capital in the future following its spin-off from the old Six Continents in April.
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