In an emotional speech in his hometown of Phoenix, Arizona, John McCain last night conceded defeat in the US presidential election by offering Barack Obama his congratulations and saying that his victory should give African Americans a "special pride".

"I won't spend a moment of the future regretting what might have been," he said. "This campaign was the great honour of my life."

Speaking on the lawn of the Frank Lloyd Wright-inspired Biltmore Hotel, with its long, palm tree lined driveway, lush green lawns, and Wild West mountain backdrop, McCain halted the crowd when it booed his first mention of Obama.

"[He won] by inspiring the hopes of so many Americans," he said. "This is an historic election and I recognise the special significance it has for African Americans. We both recognise that although we have come a long way from the old injustices that denied some Americans the full blessings of Americans citizenship, the memory of that still has the power to wound.

"Let there be no reason now for any American to fail to cherish their citizenship in this greatest nation on earth. Senator Obama has achieved a great thing for him and his country. I applaud him for it.

"I urge all Americans who supported me not just to congratulate him but also to offer our president our goodwill and find ways to come together and find the necessary compromises to bridge our differences and leave our grandchildren and great grandchildren a stronger county than we inherited.

"It's natural tonight to feel some disappointment. Tomorrow we must move beyond it. We fought as hard as we could and although we fell short the failure is mine, not yours." At this, the crowd protested. Some even booed when Senator McCain thanked his vice presidential candidate, the Alaska governor Sarah Palin.

After flying back to Phoenix from a last ditch campaign stop in New Mexico, he had spent the evening watching the election results while sucking on throat lozenges at his 11th floor condominium about a mile away from the Biltmore Hotel.

As early as 6pm local time, the news had been grim. In the McCain campaign's press room at the Biltmore hotel, huge video screens showed red states turning blue, one by one. "I don't think he ever doubted for one second that he wouldn't win tonight," said William Frazier, a disappointed 42-year-old former McCain campaign staffer, who by 9pm was drinking in the hotel bar.

"To get through five years of what he experiened in Vietnam he never questioned his ability to succeed. He wanted this so bad and he did everything he could."

In the end, voter weariness with eight years of Republicanism, a slumping economy, and two seemingly interminable wars?not to mention anxiety over McCain's short-tempered and impulsive behaviour during his campaign added up to an insurmountable obstacle for the veteran Arizona Senator's White House ambitions.

The Biltmore was at least a fitting venue for the final act of Mr McCain's extraordinary career in the top-tier of American politics.

Times Recommends

• 'Lost' cargo ship Arctic Sea gives up its secrets
• Army wants to retreat in Afghanistan
• Jungle angel was Obama’s mother