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).
Credit: NY Post</>
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