The decision was made to dispose of the land to the preferred bidder at a meeting of the Policy Oversight and Strategy Committee on 7 February.
Leader of Basildon Council and chairman of the committee, Councillor Andrew Baggott, said: "This is an important and exciting step forward for the area and the borough. After consulting with businesses it became evident that a quality hotel and conference facilities were needed to achieve wider economic benefits.
"This sends a very clear message that not only is Basildon open for business but also that now, in Basildon's 70th year, it has both come of age and deserves top quality investment and facilities.
"I would like to thank council officers for their hard work in getting this ambitious plan to this stage."
The recommendations for approval include the council undertaking the necessary works to create a new access road into the site from the Nethermayne junction.
Basildon Council's cabinet approved the acquisition of the land in March 2017 and authorised officers to progress with the selection of a suitable partner for the development of a quality hotel.
The council has secured an agreement in principle with a hotel developer but is unable to confirm the name of the brand until the necessary legal documentation is completed.