The 52-room property, which comprises 274 beds, has been sold by Union Hanover and Topland Group.
Eric Jafari, European managing director of Union Hanover, said that a strategic decision had been made to sell the hostel to concentrate on the development of the company's new Urban Villa extended stay brand, which launched in Brentford, west London, last year. Union Hanover is also looking to create a collection of independent hotels, starting with the Penny Brook, a 220-bedroom New-York-inspired property in Stratford City, east London.
Hoax Liverpool was originally launched in 2013 by Uniton Hanover in conjunction with Starboard Hotels, before selling its share to Topland Group.
Aimed at the student and sports markets, Hoax comprises the Hopskotch Restaurant & Bar and a relaxation area with pool table. It is located in the former Kansas Buildings tea warehouse which was later occupied by Wade Smith department store.
William McClelland, managing director of EuroHostel said: "We are delighted to have secured such a great hostel in a popular location in a great city. The business fits perfectly with EuroHostel's growth plans within the UK."
EuroHostels currently operates outlets in Glasgow, Edinburgh and Newcastle.
The sale of Hoax Liverpool was handled by Lambert Smith Hampton.