West London Mental Health NHS Trust hopes to interest a developer to convert the old Grade II Victorian buildings at Crowthorne, Berks.
Officials said the plans would help fund a £254million redevelopment of the remaining facilities at the hospital.
The homes and hotel rooms would be just a few hundred metres away from the new psychiatric unit but would be shielded by trees outside the high security perimeter.
Last month Bracknell Forest Council approved plans for an upgrade of the hospital, which will have 10 new wards, providing accommodation for 210 patients.
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