The Holiday Inn Express in Picardy Place was put up for sale in November after its Aberdeen-based owners, the European Development Company (EDC), ran into financial difficulties.
It was bought by International Hotel Properties Limited (IHL) for £17.7m, plus costs.
The property takes IHL's portfolio to nine hotels.
The sale was announced by administrators from FRP Advisory.
The Grade B listed building consists of 161 rooms and has planning permission for a 20-bedroom extension at the rear of the property.
FRP said it was continuing to operate two other hotels in Aberdeen which were also placed under administration following EDC's collapse.
The Holiday Inn in Westhill and Holiday Inn Express on Chapel Street will be placed on the market "shortly", the administrators said.
Joint administrator Iain Fraser added: "Trade has been firm over the festive period and the administration of EDC represents a rare opportunity to acquire quality hotels in Aberdeen in busy locations.
"We would therefore encourage interested parties to contact the Aberdeen office of FRP Advisory as soon as possible."

7 January 2017 Last updated at 17:08 GMT
It is the oldest church with this number of bells in the UK. Twelve bell ringers recreated the historical chimes from 1767.

Seven straight wins have lifted the Warriors into third place in the table.
"We've put ourselves in a good position and the players are confident they can finish off well over the next three games," Murray told BBC Scotland.
"There is a great desire and passion among the guys to do well again this year. I'm confident that we can do it and go to another Pro12 final."
Glasgow lost in the semi-finals in 2013 before reaching the final 12 months later, and went one better last year by beating Munster in the final to be crowned champions.
The Warriors are two points behind leaders Leinster and Connacht with three games remaining - away to Scarlets, home to Zebre, and away to Connacht in the final round on 7 May.
The top four enter the end-of-season play-off semi-finals, with the top two enjoying home advantage.
"We've managed to steadily climb our way back up the league and we've got ourselves back into the top four," said Murray.
"Our target is to get in the top four and then, from our performances, we might get in the top two.
"But we are in a good place and we're starting to play some really good rugby at the right time of the season."
Glasgow travel to Wales to face a Scarlets side sitting three points behind them in fourth and who will be looking to leapfrog their visitors with a victory.
"We've played them there already this season in Europe and we beat them 9-6, so we'll take a lot of confidence from that," said Murray.
"Our target is to win all three of those games and it depends on what happens in other games.
"Other teams in the top four all have hard games, so there could be a lot more ups and downs for all the teams.
"There are four good sides in the top four at the moment and, for us to put ourselves in a position where we win it, we have to be better than them."
Murray thinks the prospect of a final in Scotland, on Saturday, 28 May, should also provide motivation.
"What a great opportunity to go play at a Pro12 final at Murrayfield, but there's a lot of rugby to be played before then," he added.
A prominent Edinburgh hotel has been sold by administrators in a multi-million pound deal.
[NEXT_CONCEPT]
Church bells have rung out in Cirencester to celebrate the moment 250 years ago when the first peal of the 12 bells of the town's parish church took place.
[NEXT_CONCEPT]
Assistant coach Kenny Murray says there is a growing belief at Glasgow Warriors that they can retain the Pro12 title.