London: Indian-origin Jasminder Singh, one of Britain's richest Asian businessmen, has bought the prestigious Inter Continental May Fair London Hotel at a cost of 115 million Pounds.

Singh, who owns the Radisson Edwardian, a luxury hotel chain, acquired the 289-bedroom hotel, which was opened in 1927 by King George V.

The hotel's clients have included pop stars Michael Jackson and Madonna and members of the Royal family.

Chris Rouse, senior director at CB Richard Ellis Hotels, the consultants, said the deal, priced at 400,000 Pounds per room, showed the underlying robustness of London's hotel market since September 11.

He said there were still investors keen to buy prime freehold hotel sites in London.

A spokeswoman for Inter Continental said the sale was part of its strategy to improve returns by selling hotels it no longer needed.

PTI