Starwood Board Approves $1B Increase in Share Repurchase Authorization and Increase in Annual Dividend to $0.90 Per Share
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on monday 12 november 2007
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:
HOT) announced today that its Board of Directors has increased the Company’s share repurchase
authorization by an additional $1 billion. In the nine months ended September 30, 2007, the Company
has repurchased approximately 19.2 million shares for an aggregate purchase price of $1.224 billion.
The Board of Directors also approved a 7% increase in the Company’s annual cash dividend, declaring
a dividend of $0.90 per share. The dividend will be paid on January 11, 2008 to shareholders of record
on December 31, 2007.
“We are pleased that Starwood’s balance sheet strength allows the Company to return significant
capital to our shareholders while we also continue to invest in the future growth of our business,” said
Frits van Paasschen, Starwood’s Chief Executive Officer.
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