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Starwood increases share repurchase $1.5 billion

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


 

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