Pershing Square Capital Management acquired 3.7% stake in Hilton Worldwide Holdings for about $703m.

Pershing Square Capital Management acquired 10.9 million shares of Hilton, representing a 3.7% stake in the company. Value of this investment is about $703m. At its current market value, this investment represents approximately 13.9% of the Net Asset Value of Pershing Square Holdings. Pershing Square intends to discuss this investment in greater detail in its third quarter letter and investor call.