Marriott International and Starwood Hotels & Resorts Worldwide announced on Tuesday that they have received approval from the Chinese Ministry of Commerce for their merger transaction, the last hurdle to close the deal.

China's antitrust regulator's review was the last remaining clearance Marriott needed to close its proposed purchase of Starwood. It has already received a green light from regulators in 40 other countries including Canada, the European Union, and the United States.

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The merger would create the biggest hotel group in the world with an enterprise value reaching up to $36 billion and more than 5,500 hotels with 1.1 million rooms. It will also become the biggest hotelier in China, accounting for 4.1 percent market share, Reuters reported.

As part of the deal, shareholders of Starwood will receive $21 in cash and 0.8 of a share of Marriott Class A common stock for each share of Starwood common stock, according to the Wall Street Journal.

Marriott and Starwood are expected to complete the transaction before the market opening on Sept. 23.

China's Anbang Insurance Group paved the way for its rival Marriott International to acquire the Sheraton and Westin hotel operator amid a three-week bidding war. Anbang outbid Marriott's offer but dropped days after because of "market consideration."

Starwood opted to stick with Marriott's sweetened offer, which at the new price forced the hotelier to pay an extra of nearly $1 billion for Starwood.

Marriott currently has 91 properties in China and 146 more under construction. Starwood, on the other hand, has 283 hotels in the country.

TagsChina antitrust regulators, marriott, Starwood Hotel, Anbang, Sheraton, merger and acquisition