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Marriott to pay dividend, buy back shares

BETHESDA, Md. (AP) -- Hotel company Marriott International Inc. said on Friday that it will pay a quarterly dividend of 13 cents per share on March 29 to shareholders of record March 1.

It also said it has authorized the repurchase of an additional 25 million shares, bringing its total authorization to 34 million shares. It said it may buy back shares on the open market or in private transactions. It bought back 31.2 million shares for $1.2 billion last year.

Marriott shares rose 12 cents to $41.28 in afternoon trading.