Starwood Hotels & Resorts (HOT) revealed plans Friday to use the $500 million remaining funds from its recently completed St. Regis Bal Harbour residential project and hotel sale to return cash to shareholders through special dividends.

The payouts will occur quarterly over the next four periods, with the first special dividend of 65 cents a share being paid on March 28 to shareholders of record on March 11.

"We are pleased to continue our long track record of returning capital to shareholders with the shift of our regular dividend to a quarterly payout schedule and the declaration of a special dividend,” Starwood CEO Frits van Paasschen said in a statement.

The hotel giant, which operates the St. Regis, Westin and W hotel brands, also declared a regular quarterly dividend of 35 cents, payable March 28 to shareholders of record on March 11.

Starwood said it intends to continue returning cash to investors through regular and special dividends, stock buybacks, asset sales and other factors.

Its shares were up 1.6% to $79.88 in recent trade. 

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