The development, on green belt land near the city's Hazlehead Park, will also include a spa, swimming pool, restaurants and an equestrian centre.
An economic study suggests the hotel would generate millions of pounds in visitor spending annually, and provide around 250 full-time equivalent jobs in the hotel and up to 400 jobs during a two-year construction phase.
Steve Harris, chief executive of North-east tourism body VisitAberdeen, submitted a letter in support of the plans, which he said could fill a gap in the market and make a significant contribution to the city as a destination.
Ramsay Milne, planning development management convener councillor, said: "The five star hotel will complement the existing recreational uses within Hazlehead Park and will bring real economic and social benefits for the city by providing a riding centre, swimming pool, spa, restaurant and conference facilities.
"Although the site is in the green belt, the development is well screened by surrounding woodland, while there would be little impact on the character of the green belt."
Planning permission will be withheld pending an agreement on developer contributions towards access roads, recreational and wildlife enhancements to Hazlehead Park, public bus services and to the Strategic Transport Fund.
The decision at full council follows a pre-determination public hearing that was held in Aberdeen in November last year.