Jobless lorry driver Anthony Lee, 49, of Broad Lane, Beal, near Goole found victims who were interested in trophy properties and sucked them in with false promises until they handed over £1 million.
Lee was convicted earlier this month of obtaining payment by deception.
He had convinced potential buyer Terence Collins that he was a "close friend and associate" of the reclusive billionaire Barclay brothers, owners of the prestigious hotel in Piccadilly.
Sentencing him at London's Southwark Crown Court, Judge Stephen Robbins said: "You were found guilty by a jury of this elaborate and outrageous scam, purporting to sell the Ritz hotel, thereby obtaining £1 million from your victim.
"This con or scam or sting, whatever term is used, was probably motivated by your mistaken belief that Terry Collins had deprived you of another potentially lucrative property deal and it may be that this offence was done out of revenge."
Earlier, Nicholas Johnson, defending Lee said: "The custodial setting has hit him hard. He is very different in his aspect."