Marriott Announces 14% Increase in Cash Dividend; Increases Stock Repurchase Authorization by 25M Shares

Marriott International, Inc. MAR today announced that its Board of Directors declared a one and a quarter cent ($0.0125) increase in the company's quarterly cash dividend, to ten cents ($0.10) per share of common stock, a 14 percent increase over the previous dividend amount. The dividend is payable on June 24, 2011 to shareholders of record on May 20, 2011. Marriott also announced that the Board has increased the authorization to repurchase the Company's Class A common stock by 25 million shares. When combined with the approximately 9 million shares remaining from the previous authorization, the company's total outstanding repurchase authorization is approximately 34 million shares. Year-to-date through May 4, 2011, the company has repurchased approximately 15 million shares for slightly more than $540 million. Shares may be purchased in the open market or in privately negotiated transactions.