Texas A&M University on Thursday will hold a lottery in which the winners walk away with an unusual—and very expensive—prize: The right to pay $100,000 for a hotel reservation.

The six-figure price tag is largely based on a single amenity: The yet-to-be-built hotel will sit across the street—96 feet away, to be exact—from Kyle Field, where the Aggie football team plays six or seven games each year.

Sound...