Starwood Hotels & Resorts Worldwide, (the “Company”) today declared a regular quarterly dividend of $0.35 per share. The first regular quarterly dividend will be paid on March 28, 2014 to stockholders of record on March 11, 2014. In addition, Starwood has realized approximately $500 million in net cash after capital expenditures from the recently completed St. Regis Bal Harbour residential project and sale of the hotel. The Company intends to return this cash to shareholders in the form of special dividends to be paid out quarterly over the next four quarters. The first special dividend of $0.65 per share will also be paid on March 28, 2014 to stockholders of record on March 11, 2014. It is the Company’s intent to continue to return cash to shareholders through regular dividends, stock buybacks and special dividends contingent on business conditions, asset sales and other factors.
Frits van Paasschen, Chief Executive Officer, said, “We are pleased to continue our long track record of returning capital to shareholders with the shift of our regular dividend to a quarterly payout schedule and the declaration of a special dividend. We are declaring this special dividend in connection with the completion of the St. Regis Bal Harbour residential project and sale of the hotel, and it is consistent with our commitment to return capital to shareholders. Over the past 10 years, we have returned nearly $10 billion of cash to shareholders through regular dividends, stock buybacks and special dividends.”
Source:- Starwood Hotels
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