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Hilton shares hit a more than one year low on Thursday on
concerns over a slowdown in the hotel industry against the
backdrop of international trade worries.
The activist fund said that the 10.9 million Hilton shares
purchased represent about 13.9 percent of the net asset value of
Pershing Square Holdings. Hilton has a market capitalization of
$19 billion.
Pershing Square, which this month announced a $900 million
position in Starbucks, said it intends to discuss the Hilton
investment in greater detail in its third-quarter letter and
investor call.
Ackman has made his name as a passionate advocate of his
investment positions, even breaking down in tears on occasion
while defending bets on companies such as Herbalife Nutrition (HLF.N)
and Target Corp (TGT.N).
Pershing Square, which has $8.4 billion in assets under
management, has also unveiled positions this year in Nike (NKE.N),
United Technologies Corp (UTX.N) and Lowe’s Companies Inc (LOW.N).
(Reporting by Bhargav Acharya in Bengaluru and Dasha Afanasieva
in London; Editing by David Goodman)
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