Whitbread has completed the transfer of its franchised Marriott hotels business to a newly formed 50/50 joint venture with Marriott International, announced in March.
Under the agreement, Whitbread has received an initial payment of approximately £710m and 50% of the joint venture's ordinary and preferred share capital as well as deferred payment.
The UK biggest hotelier expects total proceeds from the transaction of at least £1b.
Of the £710m paid to Whitbread, the company previously announced it would return £400m to shareholders, £100m would go towards reducing the company's pension deficit and the rest would be used to reduce overall debt.
Whitbread said it will pay a special dividend of 135p per ordinary share on 20 May to shareholders registered on 13 May.
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