Starwood Hotels & Resorts Announces Dividend Increase and Repurchase Program

Starwood Hotels & Resorts, the largest hotel real estate investment trust in the United States, announced a significant increase in its quarterly dividend and the introduction of a stock repurchase program. The company declared a dividend of $0.52 per share for the first quarter of 1998, representing a 33% increase over the previous year's dividend of $0.39 per share. This increase highlights the company's strong financial performance and commitment to returning value to shareholders.

Key Takeaways:

Starwood Hotels & Resorts declared a quarterly dividend of $0.52 per share, a 33% increase over the previous year's dividend of $0.39 per share.
The dividend will be payable on April 24, 1998, to shareholders of record on April 10, 1998.
The company approved an open market stock repurchase program for up to 1,000,000 paired shares of the Trust and Corporation.
Chairman and CEO Barry Sternlicht stated that the proposed REIT legislation will not affect Starwood's current EBITDA and that the company will evaluate the proposed legislation and alternative corporate structures.
The company owns extraordinary hotel brands, including Westin, Sheraton, Ciga, St. Regis, Four Points, and Caesars, and expects to continue leading the REIT industry in FFO growth in 1998 and 1999.

Statistics:

$0.52: the quarterly dividend declared by Starwood Hotels & Resorts for the first quarter of 1998, a 33% increase over the previous year's dividend of $0.39 per share.
1,000,000: the maximum number of paired shares that can be repurchased under the company's stock repurchase program.
$0.39: the quarterly dividend declared by Starwood Hotels & Resorts for the first quarter of 1997.

Sources:

Business Wire, "Starwood Hotels & Resorts Declares Quarterly Dividend of $0.52 Per Share," March 27, 1998.
Business Wire, "Starwood Hotels & Resorts and Starwood Hotels & Resorts Worldwide Announce Stock Repurchase Program," March 27, 1998.