The development would also include food outlets and a Leeds United museum.
Details of the plan were announced by the chairman in the match programme for United's derby game against Huddersfield Town on Saturday.
He said the hotels would strengthen the club's conference and banqueting (C&B) business, and added: "I believe that the income from an enlarged C&B market would enable us to buy a quality player every year!"
So far no start date for the development has been announced.