저자: BillAckman—제목·자막상본인발언이아닌내레이션중심,출연자미상 · 외국인
요약 보기
힐튼 월드와이드의 역사와 사업모델을 소개하고, 빌 애크먼의 힐튼 투자(2016·2018년 매수, 2020년 CDS 헤지 및 저가 추가매수)를 정리한 내레이션 영상이다. 힐튼은 1919년 콘래드 힐튼의 첫 호텔 인수에서 출발해 1943년 미국 최초 대륙횡단 호텔 체인, 1949년 해외 확장 등을 거쳐 2019년 매출 90억 달러, 100여 개국 6000여 개 시설 규모로 성장했다. 사업모델은 직접 소유보다 프랜차이즈 중심의 경자산(asset-light) 구조로, 안정적 로열티 수익과 높은 마진이 강조되었다. 애크먼은 2016년 주당 40~50달러대에 매수해 1년 내 약 32% 이익을 실현했고, 2018년 10월 약 696백만 달러를 투입해 지분 3.7%를 재매수했다. 2020년 초 코로나 대비로 약 2700만 달러를 CDS 보호에 투입했고, 이 헤지로 약 25억 달러 수익을 얻어 힐튼 주식을 주당 44달러 부근에서 추가 매수했다. 2020년 말 주가는 주당 111.26달러 수준이며, 애크먼 보유 지분은 약 1300만 주(약 15억 달러)로 언급됐다. 영상은 기업 분석과 투자 사례 소개에 초점이며, 향후 1~3개월 가격 방향에 대한 명시적 예측은 없다.
다듬은 글
traveling is part of our daily lives whether it's going on a business trip or flying out for a vacation it's common for people to go from one place to another to reach some destinations however getting a place to stay is a necessity some might prefer booking an airbnb while others opt to check in hotels if you're on the ladder side then you probably have seen hilton on the front of your hotel and no it doesn't stand for paris hilton the hilton riding represents one of the leading companies in the hotel industry hilton worldwide holdings inc they manage in franchise hotels and resorts worldwide some of which include hampton embassy suites and doubletree in 2019 the hotel operator generated over nine billion dollars in revenue for more than six thousand units in over 100 countries although news of them becoming a tough competitor in the hospitality industry wouldn't come as a surprise since hilton worldwide is known for their superb customer service and excellent facilities this is reflected with their american customer satisfaction index score of 82 in 2020 that's only a few numbers away from the highest possible score of 100.
the premium experience from their hotels and resorts attracted not only consumers but also investors one of which is bill ackman ceo and founder of pershing square capital management he purchased shares of the company not once but twice in less than two years both of which yielded favorable results for the investor if you were wondering why ackman chose to invest in hilton worldwide then let's first take a look at the company's history conrad hilton the man behind the global hotel operator first entered the industry in 1919 with his purchase of a local 40 room hotel the mobley in cisco texas he initially planned to buy a bank but decided to buy the hotel instead and the business turned out great which urged hilton to aim for a larger scale adding even more hotels in the area by 1925 the first hotel to carry the hilton name opened the dallas hilton was a high-rise hotel with non-customer facilities located on the west side of the building that is to ensure that guest rooms weren't directly facing the sun especially that air conditioners weren't invented yet it was not until 1927 that they opened a hotel with air-conditioned public spaces and cold running water that being the waco hilton even during its early years the company focused on providing the best service to its customers making them a sought-after hotel brand well that wasn't the only reason they were so successful hilton's company also pioneered several milestones and concepts the industry uses to this day in 1943 they bought the roosevelt and plaza hotels in new york given that they were already operating in california the hilton hotel corporation became the first coast-to-coast hotel chain in the united states by 1947 the hotel brands roosevelt hilton was the first in the world to install televisions in its guest rooms a year later they were the first to employ the multi-hotel reservation system similar to the modern reservation system the series of firsts and substantial growth of the company led hilton to open its first hotel outside the continental united states the caribe hilton in puerto rico also marked the foundation of hilton international in 1949 the world was taking notice of the considerable growth of the company conrad hilton became the first ever hotelier to be on the cover of time magazine that in itself was a high honor for anyone from the industry since then hilton international has been on a non-stop expansion buying and renaming hotels with the hilton signature one of their notable purchases was the 111 million dollar statler hotel which was the largest real estate deal in 1954.
five years later they once again proved themselves to be a tough competitor in the market as they pioneered the first airport hotel the 380 room san francisco airport hilton you have them to thank for introducing the idea of a private space as you wait for your flight aside from that they also launched a hotel geared toward women travelers the lady hilton in 1965.
it's been a series of hotel acquisitions from there naming each one of their estimated 6400 properties could take a while while the aggressive expansion of hilton international ensued a promising future they didn't stop there in 1987 the company also introduced a guest loyalty program hilton honors where guests receive hotel credit points and airline credit miles basically the facilities and services weren't the only things bringing in customers but also the perks which come along with it the company truly aced customer service by 2006 hilton international and hilton hotels corporation reunited and their combined portfolio became bigger than ever making them the largest full-service hotel brand in 2009 at the time they rebranded the name and logo of the company to hilton worldwide which entered the new york stock exchange in 2013.
while the significant growth of hilton worldwide was already a selling point to any investor its attractive business model also urged ackman into putting his money into the company as pershing square stated hilton is a high quality asset light high margin business with significant growth potential led by a superb management team meaning even if the demand for travel and leisure activities were slumping hilton worldwide wouldn't suffer incredible losses due to their light capital business model they focus more on franchising their brand rather than actually owning the units and spending on operational costs which allows them to save some bucks and manpower while expanding their company through these franchise agreements they are provided with a consistent revenue stream and royalties to add hilton worldwide is a high margin industry since premium hotel and resort experiences are on the luxurious end of prices basically ackman believed that a high earning and fast expanding company like hilton worldwide would yield great returns and so he purchased shares worth about 40 to 50 a piece in 2016.
obviously his bet on the company paid off as he gained a 32 profit after selling the shares in less than a year unfortunately these were the only details which were disclosed to the public speculators believe however that the initial stake was less than the sum he'll invest on hilton worldwide two years later when the hotel industry was experiencing slow growth ackman used the opportunity to purchase 10.9 million shares of hilton worldwide he invested an estimated 696 million dollars or about 13.9 percent of the net asset value of pershing square for a 3.7 stake of hilton worldwide in october 2018.
he was taking on the company again in hopes of generating such considerable returns like his previous one after ackman's purchase of the stake shares increased by 5.1 percent from 63.82 to 67 and six cents in just one day since then the company has exhibited steady growth finally exceeding the 100 per share price by the end of 2019 unfortunately the financial market was in for a rough time as the virus outbreak approached in 2020 before virus containment measures were imposed ackman knew the risk this would bring to his holdings to address such possibilities he spent a total of 27 million dollars on every credit default swap cds he could get by the end of february 2020 cds protects the portfolio of the buyer from downward volatility in the market similar to how an insurance works in this case if a negative credit event occurred for hilton and his other holdings ackman receives a sum from the other party this move may prove riskier compared to liquidating his assets since the other party will only be obligated to pay him given that a credit rating downgrade happens but obviously with every investment comes risk and this was something ackman decided to take the investor proceeded to shield agilent berkshire hathaway hilton lowe's and a few of his other investments so even when the market showed sharp declines ackman's pershing square still managed to stay afloat or more accurately receive a 100 fold price return from his hedges in just a month the 27 million portfolio protection earned him an estimated 2.5 billion dollars some of which he used to increase holdings in hilton worldwide when the outbreak started shares of the global hotel operator sunk to a low of 44.
that is compared to the 100 share price before the year started this was a great opportunity for ackman to buy cheap from the company unfortunately with the stay-at-home setup hitting the travel industry he needed the outbreak to be over as soon as it could he proclaimed on a news broadcast no business can survive for 18 months without revenue and so ackman demanded those in power to take action he even posted controversial tweets suggesting to president trump to shut down the country for a month as containment actions were taken the financial market has seen a steady increase by december 2020 ackman held more than 13 million shares of hilton worldwide worth roughly 1.5 billion dollars the company which experienced a sharp drop in march was at 111.26 cents per share by the end of 2020.
do you think hilton worldwide would survive the global outbreak without controversial remarks made by bill ackman let us know in the comment section below and if you're new to the channel don't forget to leave a like and subscribe you
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