  The hyper luminous X-ray source HLX-1 in the galaxy ESO 243-49, currently the
best intermediate mass black hole candidate, displays spectral transitions
similar to those observed in Galactic black hole binaries, but with a
luminosity 100-1000 times higher. We investigated the X-ray properties of this
unique source fitting multi-epoch data collected by Swift, XMM-Newton & Chandra
with a disk model computing spectra for a wide range of sub- and
super-Eddington accretion rates assuming a non-spinning black hole and a
face-on disk (i = 0 deg). Under these assumptions we find that the black hole
in HLX-1 is in the intermediate mass range (~2 x 10^4 M_odot) and the accretion
flow is in the sub-Eddington regime. The disk radiation efficiency is eta =
0.11 +/-0.03. We also show that the source does follow the L_X ~ T^4 relation
for our mass estimate. At the outburst peaks, the source radiates near the
Eddington limit. The accretion rate then stays constant around 4 x 10^(-4)
M_odot yr^(-1) for several days and then decreases exponentially. Such
"plateaus" in the accretion rate could be evidence that enhanced mass transfer
rate is the driving outburst mechanism in HLX-1. We also report on the new
outburst observed in August 2011 by the Swift-X-ray Telescope. The time of this
new outburst further strengthens the ~1 year recurrence timescale.
