Form 4: Hill Path Capital and Director Scott Ross Increase Stake in United Parks & Resorts Through Share Grant

Hill Path Capital Partners LP and its affiliates, along with Director Scott Ross, reported an acquisition of 1,980 shares of United Parks & Resorts Inc. common stock at $47.33 per share, increasing their collective beneficial ownership to over 27 million shares.

Summary

• Hill Path Capital Partners LP, along with several affiliated entities and Director Scott Ross, filed a Form 4 reporting changes in beneficial ownership of United Parks & Resorts Inc. (PRKS) common stock.
• On June 30, 2025, Scott Ross acquired 1,980 shares of common stock at a price of $47.33 per share.
• This acquisition was a grant under United Parks & Resorts Inc.'s 2017 Omnibus Incentive Plan and vested immediately.
• Following this transaction, Scott Ross indirectly beneficially owns 90,925 shares.
• The collective beneficial ownership by all reporting persons, including Hill Path Capital Partners LP and its various co-investment funds (Hill Path Capital, Hill Path Co-Investment, Hill Path E, Hill Path E2, Hill Path H, Hill Path S, HEP Fund, HM Fund), totals 27,296,221 shares of common stock.
• The reporting persons, along with HAT Fund LP and HAT Fund II LP (who do not own shares), are deemed to be a Section 13(d) group collectively owning more than 10% of the Issuer's outstanding common stock.
• This filing is the first of two identical reports due to the SEC's electronic filing system limit of 10 joint filers per report.

Sentiment

Score: 6

Explanation: Slightly positive, as an insider (director and 10% owner) increased their stake, even if through a grant. This indicates continued alignment of interests and potential confidence in the company's value.

Positives

• The acquisition of shares by Director Scott Ross, even if a grant, increases insider ownership, which can align management interests with shareholders.
• The immediate vesting of the granted shares indicates a direct and immediate increase in the director's stake.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• Scott Ross, as the managing partner of Hill Path Investment Holdings LLC, Hill Path Capital LP, and Hill Path Holdings LLC, signed the filing on behalf of multiple reporting entities.

Industry Context

This filing is a routine disclosure of insider ownership changes within the leisure and entertainment industry, specifically for a company operating theme parks and resorts. It reflects an increase in a significant shareholder's and director's stake, which can be viewed as a sign of confidence in the company's prospects within its sector.

Corporate Governance

Related Party Transactions

• The acquisition of 1,980 shares by Scott Ross, a director and 10% owner, from United Parks & Resorts Inc. is a related party transaction, specifically an equity grant under an incentive plan.

Stakeholder Impact

• Shareholders may view the increased insider ownership as a positive signal, indicating confidence from a key director and major investor group.
• Employees are not directly impacted by this specific filing, though the incentive plan itself is relevant to employee compensation structures.

Key Dates

Keywords

United Parks & Resorts, PRKS, Hill Path Capital Partners, Scott Ross, SEC Form 4, Insider Trading, Beneficial Ownership, Share Acquisition, Equity Grant, Investment Management, Theme Parks, Leisure Industry