Justin Sullivan/Getty

Marriott International (MAR - Get Report)  will look to return as much as $11 billion to shareholders over the next three years under a new business plan that includes nearly 300,000 new rooms, the company said Monday ahead of its annual investor presentation in New York.

Marriott said it sees diluted earnings in the range of $7.65 to $8.50 each, a figure that largely matches the Refinitiv forecast of $7.72 per share, as it adds between 275,000 and 295,000 new rooms and assumes a compounded average revenue per room growth rate of between 1% and 3%. The expansion will help Marriott pay around $2 billion in dividends over the three year period, the company said ahead of its investor day in New York, while returning a further $9 billion to shareholders via stock buybacks.

"Our new three-year plan, with Starwood fully integrated, demonstrates how our fee-based, asset-light business model generates even stronger and more sustainable cash flows," said CFO Leeny Oberg. "This allows us to invest profitably in our core business at high rates of return and also return significant amounts of capital to shareholders."

"Our proven business model combined with opportunities to leverage our significant scale from the Starwood acquisition uniquely position us for additional shareholder value creation," he added.

Marriott shares were marked 2.5% higher in early Monday trading to change hands at $125.46 each to extend the stock's year-to-date gain to around 16% and value the Bethesda, Maryland-based hotel chain at around $43 billion.

Earlier this month, Marriott topped analysts' forecasts with fourth quarter earnings of $1.44 per share, but fell shy of revenue estimates with a topline tally of $5.29 million thanks in part to labor strikes in eight North American markets and weaker-than-expected travel demand.

Marriott was also hit by a massive data breach in September that could have affected as many as 500 million customers that included passport numbers and credit card details.

Marriott said the September 8 breach involved its Starwood guest reservation data base as far back as 2014.

"We deeply regret this incident happened," said CEO Arne Sorenson. "We fell short of what our guests deserve and what we expect of ourselves. We are doing everything we can to support our guests, and using lessons learned to be better moving forward."

Marriott said that data linked to around 327 million guests includes personal details such as name, date of birth, mailing and emailing address and phone numbers as well as passport numbers and Starwood Preferred Guest account information.