Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) last week announced that its Board of Directors has approved a new $1.1 billion share repurchase authorization. Including approximately $400 million remaining under the prior authorization, Starwood’s total share repurchase authorization is now approximately $1.5 billion. Starwood has repurchased approximately $200 million of shares to date in 2014 and expects to accelerate the pace of its repurchases.
Frits van Paasschen, President and Chief Executive Officer, said, “Starwood has a strong balance sheet and we are executing well on our asset-light strategy. Accordingly, our Board has determined that we can substantially increase the pace of share repurchases and move quickly to reach and sustain our target leverage ratio of 2.5-3.0x.”
Starwood’s Board today declared a regular quarterly dividend of $0.35 per share, payable on September 26, 2014 to stockholders of record on September 5, 2014. The Board also today declared a special dividend of $0.65 per share, payable on September 26, 2014 to stockholders of record on September 5, 2014.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with nearly 1,200 properties in 100 countries and 181,400 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and Element®. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG®), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands.
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