Hilton Hotels Corp. said Tuesday that its stockholders have approved the $20 billion sale of the company to the Blackstone Group LP.

The transaction, the largest ever for a hotel company, was supported by 98 percent of votes cast at a shareholders’ meeting at the company’s corporate headquarters in Beverly Hills, Hilton said in a statement.

Stockholders will receive $47.50 a share, a 32 percent premium over the price of the shares the day before the deal was announced.

The sale still needs approval from European regulators who recently began a procedural anti-trust investigation on the deal.

If all goes well, Hilton said the transaction should be complete by the end of October.