Scottish Rugby aims to develop a building containing between 100 and 200 rooms, which is expected to be in the three/four star sector.
Commercial property agent JLL has been tasked with finding offers of interest in the project from both investors and operators.
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Keith McBain, director, JLL, said: "Edinburgh's hotel market is flourishing and this is a unique opportunity to develop a hotel in a prominent location.
"BT Murrayfield is the home of Scottish Rugby and very well located. We expect a high level of interest from investors and operators in developing the site."
Scottish Rugby's Chief Executive, Mark Dodson, added: "This is part of our continuing aim to improve the facilities and enhance the customer experience at BT Murrayfield. It will help us to develop and diversify our revenue streams for the benefit of Scottish Rugby as a whole."
(LM)
