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Starwood Hotels & Resorts Worldwide's (NYSE: HOT) opened sharply higher Friday after its board boosted a buyback authorization to $1.5 billion and declared a special dividend of $0.65 per share.
The increased buyback plan includes $400 million remaining under the board's prior authorization.
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Starwood didn't disclose plans to pay for the stock repurchase program, but said it "has a strong balance sheet."
The pace of its repurchases will be increased, according to Chief Executive Frits van Paasschen, who noted buybacks of about $200 million so far in 2014.
The special dividend is part of Starwood's plan announced in February to pay special dividends over four quarters to return to shareholders the $500 million from the sale of its St. Regis Bal Harbour project. The first special dividend of $0.65 per share was paid March 28.
The latest special dividend is payable on September 26, to holders of record September 5.
Starwood's board also declared a regular quarterly dividend of $0.35 per share with the same record and payment dates as the special dividend.
Starwoodsopened sharply higher Friday and traded recently at $79.00, up 2.8 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.