HNA Group beat its rivals—Qatar Sovereign Wealth Fund and a fund under LVMH—in the competition to purchase the high-end hotel chain Aman, according to a foreign website specialized in hospitality news. Citi Group and Goldman Sachs were both consultants in the process and the transaction was expected to close January 15.

Aman has a total of 25 small, high-end holiday resorts worldwide, including Amanfayun in Hangzhou and Aman at Summer Palace in Beijing. Aman was majority-owned by India’s biggest real estate developer DLF, which purchased the Singapore-based brand with $400 million in 2007. DLF accepted biddings from HNA Group, Qatar Sovereign Wealth Fund, LVMH and a South Korean company, which offered $400 million to $450 million.