Pershing Square Capital Management has announced a new investment in Hilton Worldwide Holdings. PSCM has acquired 10.9 million shares of Hilton, representing a 3.7% stake in the company. At its current market value, this investment represents approximately 13.9% of the Net Asset Value of Pershing Square Holdings, Ltd, and a substantially smaller percentage of the PSCM private funds’ portfolios. Pershing Square intends to discuss this investment in greater detail in its third quarter letter and investor call.