Cohen Quad on Walton Street was due to be completed on 11 August.
Exeter College booked the Jury's Inn for 86 students when it became clear Cohen Quad would not be ready by 6 October.
It said it was "deeply frustrated by the delay" in the "complex" project. Contractors Alison Brooks Architects declined to comment.
Student Harry Williams said: "I think we were all concerned about where we were going to live and how much of a disruption it was going to be...the college has done very well at easing our fears.
"We have a pool and a gym which is rather nice, but I think the average day isn't dissimilar...it is just a slightly longer commute than usual."
Exeter College said it was careful to ensure students were housed at the same hotel, and that college staff have an office on site seven days a week.
Prices for rooms at Oxford's Jury's Inn start at Â£115 a night.
Nearly 90 Oxford University students are living in a hotel after work on a new halls of residence overran.