Marriott International Inc. is boosting its quarterly dividend by 30 percent to 13 cents per share from 10 cents per share.
The lodging company, whose brands include The Ritz-Carlton, Courtyard and others, said Friday that the dividend will be paid on June 22 to shareholders of record on May 18.
Last month Marriott reported that its first-quarter profit rose, aided by higher room rates and improved occupancy.
Shares of Marriott International, which is based in Bethesda, Md., fell 84 cents, or 2.1 percent, to $39.25 in morning trading. Over the past year, the stock has traded in a 52-week range of $25.49 to $40.45.