The 98-bedroom property, built on the site of a derelict former Parcel Works on Westgate Road in the North East city, was recognised for its architectural excellence and design at the RIBA Hadrian Awards.
The hotel will now be a candidate for a national RIBA award and may also be entered for the prestigious Stirling Prize also judged by the architects' institute.
"We believe in acquiring land that is unusual and extraordinary in shape and transforming it into stylish landmark city centre hotels," David Myers, chief executive of Sleeperz Hotels, said.
The venue located close to Newcastle Central Station is not the first of the Sleeperz Hotels' properties to be recognised for its architectural qualities. The Cardiff site won the RIBA Wales award in 2010.
"To win two RIBA Awards for our first two properties is a monumental achievement and worthy recognition for our vision of creating beautiful budget hotels in Britain’s leading cities," Myers added.
"This award is extremely pleasing," Peter Clash of London-based Clash Associates, which has designed both the UK Sleeperz Hotels, said. "Sleeperz Newcastle is an innovative building made with quality materials and constructed on a difficult city centre site in the central conservation area."
The glass-fronted hotel in Newcastle opened to the public in January becoming the second hotel for the company after launching in Cardiff.
In an exclusive interview for BigHospitality, Myers revealed the brand aims to open 10 hotels by 2015 with Liverpool, Manchester and London in the pipeline.
After winning the RIBA award, Myers added that it also planned to open a hotel in Birmingham within the next three years.