The key thing is though is the new lease with the council, if the council are not putting money into this then they should not retain 100% ownership of a redeveloped ground, hopefully an agreement will be reached whereby perhaps the council own 50% share but are unable to sell that 50% share unless the other parties are in agreement and vice versa.
It worth bearing in mind that in property development terms a 250 year lease is essentially freehold anyway as any yields for investors or later purchasers would be calculated on considerably shorter terms than that (to illustrate - think about it this way 250 years back from now is 1762 and how much the world has changed since then and no-one would have based investment decisions on that length of time).
I really cannot see them running a hotel themselves as it is a very specialised business, I would suggest it would be at best a JV with an operator, I think something similar is happening at the Reebok.