At least 12 people are thought to have been killed, including gunmen and Malian soldiers, after suspected Islamist insurgents battled the army in the central Malian town of Sevare.
Four United Nations workers survived the siege, but at least four other foreign nationals are feared to have died at and around Hotel Byblos.
The gunmen had retreated to the hotel after attacking a nearby army base.
No-one has claimed responsibility for the attack.
At least three gunmen are dead and seven have been arrested, while five Malian soldiers were said to have been killed in the attack.
Two South Africans, one Russian and one Ukrainian walked out alive from the hotel, after a pre-dawn raid by Malian paramilitaries.