Starwood Board Approves $1Bil Increase in Share Repurchase
Increases in Annual Dividend to $0.90 Per Share
WHITE PLAINS, NY, November 9, 2007. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that its Board of Directors has increased the Company's share repurchase authorization by an additional $1 billion. In the nine months ended September 30, 2007, the Company has repurchased approximately 19.2 million shares for an aggregate purchase price of $1.224 billion.
The Board of Directors also approved a 7% increase in the Company's annual cash dividend, declaring a dividend of $0.90 per share. The dividend will be paid on January 11, 2008 to shareholders of record on December 31, 2007.
"We are pleased that Starwood's balance sheet strength allows the Company to return significant capital to our shareholders while we also continue to invest in the future growth of our business," said Frits van Paasschen, Starwood's Chief Executive Officer.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 900 properties in more than 95 countries and 155,000 employees at its owned and managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le M'eridien(R) and the recently announced AloftSM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
