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The College Board voted Thursday to sell 1.1 acres near what MSU calls the Cooley Building to developer Mark Castleberry for $460,000.
The Starkville structure was built in 1902.
Castleberry plans to develop a Courtyard by Marriott or similar hotel at the site.
The sale will only be completed if MSU can reach a deal with Castleberry for renovation of the Cooley Building and development of adjoining MSU property.
In 2010, the College Board approved a plan by developer Mark Nicholas of Ridgeland that called for the Cooley Building to be renovated into a convention center. After the contract with Nicholas expired, MSU called for new proposals and chose Castleberry.