Marriott International Declares Two-For-One Stock Split; Increases Cash Dividend by 19 Percent
WASHINGTON, April 28, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Marriott International, Inc. (NYSE: MAR) today announced that its Board of Directors has declared a two-for-one split of all shares of its common stock, payable June 9, 2006 to shareholders of record as of May 18, 2006. The stock split will be implemented as a stock dividend of one share for each share as of the record date.
The Board also approved a quarterly cash dividend of 6 1/4 cents ($0.0625) per share on the company's common stock on a post-split basis, a 19 percent increase over the previous quarterly dividend. The cash dividend is payable on July 21, 2006 to shareholders of record on June 22, 2006.
"We are delighted to announce our two-for-one stock split, as well as a higher cash dividend," said J.W. Marriott, Jr., chairman of the board and chief executive officer. "Today's action reflects our strong confidence in our company's strength, competitive position, and growth prospects."
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MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company with nearly 2,800 lodging properties in the United States and 66 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Washington, D.C., and has approximately 143,000 employees at 2005 year-end. In fiscal year 2005, Marriott International reported sales from continuing operations of $11.6 billion. For more information or reservations, please visit our web site at http://www.marriott.com.
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SOURCE Marriott International, Inc.
Tom Marder, +1-301-380-2553, thomas.marder@marriott.com, or John Wolf, +1-301-380-5718, john.wolf@marriott.com, both of Marriott International, Inc.
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