Marriott International (MAR) will raise its quarterly dividend by 24.2 percent to $0.41 per share in the second quarter of 2018. This follows a 10 percent dividend hike by the hotel company last year.

The next dividend is payable on June 29, 2018 to shareholders of record as of May 18, 2018. Marriott has now raised its dividend for 9 consecutive years and yields 1.2% based on the new annual dividend of $1.64 per share.

Marriott International, Inc. operates and franchises hotels and licenses vacation ownership resorts worldwide. The company's brands include Marriott, The Ritz-Carlton, Sheraton, Westin, Renaissance Hotels, Le Meridien, Autograph Collection Hotels, Delta Hotels, Bulgari, Gaylord Hotels, Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, Element Hotels and Moxy Hotels. MAR was organized as a corporation in Delaware in 1997 and became a public company in 1998 when it was spun off as a separate entity by the company formerly named “Marriott International, Inc.”