Starwood Announces New $1.1 Bln Share Buyback, Special Dividend - Quick Facts

(RTTNews) - Starwood Hotels & Resorts Worldwide, Inc. (HOT) Friday said its Board of Directors has approved a new $1.1 billion share repurchase authorization.

Including around $400 million remaining under the prior authorization, Starwood's total share repurchase authorization is now approximately $1.5 billion.

Starwood has repurchased about $200 million of shares to date in 2014 and expects to accelerate the pace of its repurchases.

Starwood's Board also declared a regular quarterly dividend of $0.35 per share, payable on September 26 to stockholders of record on September 5.

The Board also declared a special dividend of $0.65 per share, payable on September 26 to stockholders of record on September 5.

HOT, which closed at $76.84 on Thursday, is up 2.9 percent in pre-market activity.