Having kept its interests in the land where the Hilton and Crowne Plaza hotels stand at the time of the sale in January, it has now decided to dispose of the freehold in a separate deal.
The hotels are not expected to be affected by any deal.
The council's deputy leader Ian Ward said the decision to sell was part of a continual process of looking at city properties.
"We have an ongoing review of all of our assets to ensure they provide best value to the citizens of Birmingham," he said.
"The decision to keep the sale separate from the wider NEC Group deal is clear evidence of how we proactively manage our property portfolio to make best use of them.
"Both the Crowne Plaza and Hilton play an integral role on the NEC site - and, with the development of Resorts World at the complex, they will continue to be well-used facilities that would represent a good investment for any buyer."
The council's Labour cabinet is expected to approve the decision to sell when it meets next Monday and it is thought the sale will eventually go through next year.
In January, the city council sold the NEC Group to private equity firm LDC in a deal worth £307 million.
LDC, part of the Lloyds Banking Group, took control of the business which includes the Barclaycard Arena, ICC, Genting Arena, National Exhibition Centre and the soon to be launched Resorts World.
Money raised from the sale was expected to be used to help finance its historic equal pay liabilities of more than £1.1 billion.
Hilton Birmingham Metropole is wholly owned by Tonstate and managed by Hilton Worldwide. Tonstate has a long-term lease agreement with the freehold owner, Birmingham City Council.
The hotel added: "A future change in ownership of the property's freehold would not affect the hotel as a standalone business, which continues to welcome guests and operate as one of our flagship UK properties."