Pershing Square Activist Presentation Deck
Hilton Worldwide ("HLT")
Hilton Hilton is a high-quality business with a multi-year runway of accelerated
earnings growth and an exceptional management team
Industry conditions poised to exceed pre-COVID levels in the near term
Average daily revenue per room ("RevPAR") likely to recover to pre-COVID levels
before the end of 2022
■ Occupancy is improving with average daily rate ("ADR") already above pre-COVID levels
Ability to change room rates daily provides hedge against inflation
HLT well positioned for enhanced long-term performance
Market share likely to increase over time
✓ Committed to higher long-term structural margins given productivity actions
✓ Substantial capital return over time
COVID-19 validated HLT's unique high-quality asset-light business model
Ability to deftly navigate the "1,000-year-flood" supports higher valuation
Hilton is poised to deliver long-term earnings meaningfully greater than pre-2020 levels
Source: Company filings.
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