Starwood increases share repurchase $1.5 billionStaff writer ▼ | August 4, 2014
Starwood Hotels & Resorts Worldwide announced that its board of directors has approved a new $1.1 billion share repurchase authorization.
Hospitality industry To reach and sustain our target leverage ratio
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 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. ■