Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) (the “Company”) today declared a regular quarterly dividend of $0.35 per share. The regular quarterly dividend will be paid on June 27, 2014 to stockholders of record on June 6, 2014.
In addition, Starwood declared a special dividend of $0.65 per share. The special dividend will be paid on June 27, 2014 to stockholders of record as of June 6, 2014. This is the second special dividend to be paid to stockholders in connection with the previously announced realization of approximately $500 million in net cash after capital expenditures from the completion of the St. Regis Bal Harbour residential project and sale of the hotel. The Company intends to continue to return this cash through special dividends to stockholders over the next two quarters.
The Company intends to continue returning cash to stockholders through regular dividends, special dividends and stock buybacks and intends to utilize the approximately $614 million that remains available under the Company’s share repurchase authorization by the end of 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. For more information, please visit www.starwoodhotels.com.