Qatar Investment Authority has agreed to buy Indian diversified group Sahara's stake in three overseas hotels for a whopping $1.6 billion, said a report.

According to a report on CNBC-TV18, the agreement to buy stakes in Grosvenor House (London), New York Plaza and Dream Downtown (NY) nears a close after a 24-month long negotiation period.

Out of the total money, Sahara is expected to pay $995 million to Reuben brothers, its prime lender. The Indian group is looking to move the Supreme Court tomorrow for its approval.

After Supreme Court nod, the deal completion will take about two months, the report said.