BETHESDA, Md., Feb. 11, 2016 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) today announced that its board of directors declared a quarterly cash dividend of 25 cents ($0.25) per share of common stock. The dividend is payable on March 31, 2016 to shareholders of record as of February 25, 2016.
Marriott also announced that its board has increased the authorization to repurchase the Company's Class A common stock by an additional 25 million shares, for a total of approximately 36 million shares currently authorized for repurchase. Shares may be purchased in the open market or in privately negotiated transactions. The company repurchased 25.7 million shares for $1.94 billion in 2015.
The company's ability to repurchase Marriott shares has been limited by restrictions under the securities laws relating to the proposed merger with Starwood. These restrictions will continue until Starwood stockholders complete their vote on the proposed merger.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 85 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 Moxy Hotels®. 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 53 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
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SOURCE Marriott International, Inc.