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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Hilton is in the early stages of a multi-year recovery which we believe will deliver long-term earnings meaningfully greater than pre-2020 levels",
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      "text": "Worldwide lockdowns and stay-at-home restrictions catalyzed a precipitous drop-off in hotel occupancy; occupancy bottomed in Q2 and is now recovering. Hilton full-year comparable revenue growth (\"RevPAR\") of negative 57%",
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      "text": "Proactively fortified HLT's balance sheet, but did not need to raise equity capital. Rationalized costs and capital expenditures resulting in only modest cash burn",
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      "text": "Market share likely to increase over time given independent hotels' desire to seek affiliation with global brands. Committed to higher long-term structural margins given productivity actions. Robust cash balance allows for substantial capital return over time",
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      "text": "Source: Company filings",
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