Hilton Hotels Corp. shareholders overwhelmingly approved the company's $20.1 billion sale to The Blackstone Group LP, the hotel operator said yesterday.

More than 98 percent of votes cast at a special shareholder’s meeting held at the Beverly Hilton hotel favored the buyout, the company said.

Pending approval by the European Commission, the deal is expected to close by the end of October, Hilton said.

Under terms of the buyout, Blackstone will pay Hilton shareholders $47.50 per share in cash. Including assumed debt, the total deal is valued at $26 billion.

Shares of Hilton were up 31 cents to $46.29 in afternoon trading. Shares of Blackstone rose 52 cents to $24.16.

Beverly Hills-based Hilton Hotels operates more than 2,800 hotels around the world, including the Hilton Hawaiian Village, the Hilton Waikoloa Village and the Hilton Kauai Beach Resort. The company generated $8.11 billion in revenue last year.