Ackman Says He Took Stake in Hilton Worldwide, Sold This Year

Billionaire investor Bill Ackman built a stake in hotel operator Hilton Worldwide Holdings Inc. last year, but has sold all his shares after the stock hit all-time highs.

Pershing Square Capital Management started buying Hilton Worldwide during 2016 and has exited the stock over the last 45 to 60 days, Ackman told investors on a conference call Wednesday. The hedge fund made about a 30 percent return on its investment, which at one point accounted for as much as 5 percent of its total portfolio, he said.