The one-year-old girl and her parents were staying at Meldrum House Hotel in Aberdeenshire when she fell approximately three metres on to paving below in April 2012.
Owners Meldrum House Estates admitted a health and safety breach over the incident and were fined today at Aberdeen Sheriff Court.
The court heard the family were staying in a room in the converted stable block when the fall happened shortly after they arrived.
The youngster was taken to hospital but it is understood she was not seriously injured.
Gary Aitken, head of the health and safety division at the Crown Office and Procurator Fiscal Service, said afterwards: "Immediately after this incident the company had the windows fixed shut and have since introduced new risk assessments.
"This was an accident that could have resulted in the severe injury or death of a little girl.
"Thankfully she only sustained minor injuries which have had no long lasting effect."
The company pleaded guilty to contraventions of the Health and Safety at Work Act 1974 and were fined £10,000, the Crown Office confirmed.