News Column

Starwood Board Increases Share Repurchase Authorization to $1.5 Billion

August 1, 2014

Declares Regular Quarterly Dividend of $0.35 and Special Dividend of $0.65 Per Share

STAMFORD, Conn.--(BUSINESS WIRE)-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that its Board of Directors has approved a new $1.1 billion share repurchase authorization. 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 today 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.

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.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Further results, performance and achievements may be affected by general economic conditions including the impact of war and terrorist activity, natural disasters, business and financing conditions (including the condition of credit markets in the U.S. and internationally), foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses, relationships with associates and labor unions, customers and property owners, the impact of the internet reservation channels, our reliance on technology, domestic and international political and geopolitical conditions, competition, governmental and regulatory actions (including the impact of changes in U.S. and foreign tax laws and their interpretation), travelers’ fears of exposure to contagious diseases, risk associated with the level of our indebtedness, risk associated with potential acquisitions and dispositions and the introduction of new brand concepts and other risks and uncertainties. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. There can be no assurance as to the development of future hotels in the Company’s pipeline or additional vacation ownership units. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.




Starwood Hotels & Resorts Worldwide, Inc.

Investors:

Stephen Pettibone, 203-351-3500

stephen.pettibone@starwoodhotels.com

or

Media:

Carrie Bloom, 203-252-4022

carrie.bloom@starwoodhotels.com


Source: Starwood Hotels & Resorts Worldwide, Inc.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters