THE ALGONQUIN IN SOLD TO JAPANESE HOTELIER

The Algonquin Hotel, fabled haunt of writers and artists, has been sold for $29 million to a Brazilian subsidiary of a Tokyo corporation, it was announced yesterday.

The announcement ended months of speculation that proved as intriguing as the history of the hotel at 59 West 44th Street. It was the place where, in the 1920's and 30's, such luminaries as Dorothy Parker, Robert Benchley, Franklin P. Adams, Edna Ferber, Alexander Woollcott held forth at the Round Table, famous for its literary -and catty - discussions.

The sale, to Caesar Park International Inc., marks the second time in the 85-year history of the hotel that it has changed owners and the first time it will not be owned by New Yorkers. The new owner, which has two hotels in Brazil and one in Taiwan, pledged, however, to maintain the character and traditions of the hotel.

''We bought the hotel for what it is today, more than what we can do with it,'' the new general manager, Andrew Noble, said. ''Nothing ever stays stationary. It never should. But all changes will be in keeping with the hotel's existing style and operations.'' 'The Very Special Atmosphere'

Ben and Mary Bodne, who have owned and operated the 200-room hotel for 41 years, will continue to live there. The managing director, Andrew Anspach, will be a consultant.

''My family and I are proud to have been a part of the Algonquin's illustrious history,'' Mr. Bodne, who is 85 years old, said in a statement. ''I am confident that the new owners will maintain the very special atmosphere that has made the Algonquin all that it is today.''

The sale, which surprised many hotel employees, was announced four months after Mr. Bodne had told reporters that the hotel was not for sale and would not be torn down.

''This is my home,'' he said in February. ''I love it here. And it's not for sale.'' 'People Change Their Minds'

At the time, he did not rule out the possibility of a future sale and said he favored designating the hotel a historic landmark.

''People change their minds, and circumstances change,'' Mr. Anspach said of the reversal. He added that Mr. and Mrs. Bodne had been influenced by the fact that no younger relatives had shown great interest in taking over the business.

In the mahogany-paneled lobby and lounge - studded with old-fashioned couches, shaded brass lamps and fresh-cut flowers - employees and visitors accepted the notion that change has come to the hotel.

Unlike 50 years ago, many patrons are executives. Many famed writers have been demystified in books about the hotel. And the Round Table itself, situated among tables of similar size in the Oak Room, is more often frequented by tourists, who ''just want to touch it,'' according to Denny Reggio, headwaiter. 'They Did a Good Job'

''I wouldn't like to see this place change,'' said Jacqueline Lampert, a writer of children's books who sat near a window in the lobby writing a letter. ''I feel like an Agatha Christie novel, like Miss Marple, who goes into one of these Old Worldy English hotels.''

Harry A. Celentano, who operates the newsstand and has also worked as a bellman and elevator operator for more than 41 years, said he had mixed emotions.

''In one way, I'm glad, because the Bodnes are getting up in years and they just couldn't do it anymore,'' Mr. Celentano said. ''On the other hand, they did a good job. They were here as long as me.''