At least 20 people, including one American, were killed along with two gunmen during the more than seven-hour siege from Friday until early yesterday, a Malian military commander said.
An extremist group led by former al-Qaeda commander Moktar Belmoktar claimed responsibility for the attack in the former French colony, and many in France saw it as a new assault on their country's interests a week after the Paris attacks.
French President Francois Hollande did not link the violence at the Radisson Blu hotel with last week's bloodshed in Paris, he declared that France would stand by the West African country.
"Once again, terrorists want to make their barbaric presence felt everywhere, where they can kill, where they can massacre. So we should once again show our solidarity with our ally, Mali," he said.
Malian state television said yesterday the Government had announced a 10-day state of emergency and a three-day period of mourning beginning tomorrow.
Army Commander Modibo Nama Traore said 20 people had been killed, including an official with Mali's gendarmerie, and five people were injured including two police officers.
The American killed was Anita Datar of Takoma Park, Maryland, who worked for an international development agency. State-owned China Railway Construction Corp said three senior executives had been killed in the attack - Zhou Tianxiang, Wang Xuanshang and Chang Xuehui.
Although Traore had earlier said as many as 10 attackers were involved, he said yesterday there may have been only two gunmen, both of whom were killed. A police officer displayed photos of the dead gunmen, their bodies riddled with bullets.
The siege began when assailants shouting "God is great!" in Arabic burst into the complex and opened fire, Traore said. An employee said by phone amid the attack that the militants used grenades.
About 170 guests and employees were taken hostage, but some apparently escaped or hid in the hotel.
"The intention was clearly to kill, not to necessarily have people being hostage," said UN Mission spokesman Olivier Salgado.
Traore said 126 people had been escorted to safety and at least one guest reported the attackers instructed him to recite the Koran as proof of his Muslim faith before he was allowed to leave.
As people ran for their lives along a dirt road, troops in full combat gear pointed the way to safety. Throughout the siege, officials in various countries from Europe to Asia sought to find out whether their citizens staying at the hotel were safe.
Chinese state broadcaster CCTV, citing its diplomats in Mali, reported about 10 Chinese citizens took shelter in their rooms, and all were safe.
Also reported safe were 12 members of an Air France flight crew and five from Turkish Airlines.
All 20 guests from India were evacuated as well, said Vikas Swarup, spokesman for India's Foreign Ministry.