(AP) — A northeast Mississippi city has agreed to sell land to a developer for an upscale hotel in the city’s downtown.

The Northeast Mississippi Daily Journal reports the Tupelo City Council voted Tuesday to sell the property to the Hattiesburg-based Thrash Group for $300,000. Either side can back out for 90 days.

The city bought the land from BankPlus for $500,000, conveying it to Thrash through the Tupelo Redevelopment Authority.

The location is part of the Fairpark development adjoining Tupelo’s traditional downtown area.

The idea is to build a boutique, specialty hotel with 80 rooms and a restaurant. The Thrash Group plans to study the market and develop hotel plans during the 90-day period.

Tupelo Mayor Jason Shelton says the city has been seeking a hotel for five years or more.