A Dubai investment group and a New York real estate company have finalised the deal to buy a majority share of Sahara Group's Plaza Hotel in New York for $600 million, media reports have revealed.

The buyers - Shahal Khan, founder of the Dubai-based family office White City Ventures and Kamran Hakim of the Hakim Organization - are expected to close the deal on or about June 25, a report in the New York Times said.

The deal was confirmed by Sandeep Wadhwa, head of corporate finance at the Sahara Group, which owns a 70 per cent stake in the hotel, and Sant Singh Chatwal, a hotelier who owns 5 per cent being sold, it said.

A partnership of the real estate firm Ashkenazy Acquisition Corp and Saudi Prince Al-waleed bin Talal-controlled Kingdom Holdings owns the remaining 25 per cent of the Plaza, the report said.