Starwood Cuts Annual Cash Dividend By 70 Cents
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WHITE PLAINS, N.Y. (AP) Hotel and leisure company Starwood Hotels & Resorts Worldwide Inc. said Monday that it lowered its annual cash dividend by 70 cents to 20 cents per share.
The company, which owns Sheraton, W and other hotel brands, will pay the dividend on Jan. 14, 2010 to shareholders of record Dec. 31. Late last month, Starwood said its third-quarter profit dropped 64 percent as it cut room rates to try to bring customers back and forecast another tough year ahead. The company's stock shed 29 cents to $28.77 in morning trading.- Loading Comments...
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