SCHEDULE: Hill Path Capital Group Amends SEC Filing, Disclosing Significant Stake in United Parks & Resorts and Director Share Grants

Hill Path Capital and its affiliates, along with key individuals, have updated their Schedule 13D filing for United Parks & Resorts Inc., detailing their collective beneficial ownership of 49.6% of common stock and disclosing recent RSU grants to directors.

Summary

• This is an Amendment No. 21 to Schedule 13D for United Parks & Resorts Inc., updating beneficial ownership information.
• Aayushi Dalal has been added as a new Reporting Person. She serves as a Vice President at Hill Path and is a member of the Board of Directors of United Parks & Resorts Inc.
• Scott Ross, as the managing partner of Hill Path Investment Holdings, Hill Path Capital, and Hill Path Holdings, beneficially owns an aggregate of 27,266,576 shares, representing approximately 49.6% of the Issuer's common stock.
• Hill Path Capital LP, Hill Path Investment Holdings LLC, and Hill Path Holdings LLC each beneficially own 27,205,306 shares, representing approximately 49.5% of the common stock.
• The total number of shares outstanding used for percentage calculation is 54,974,409 as of May 7, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on May 12, 2025.
• Scott Ross directly owns 61,270 shares, James P. Chambers directly owns 24,219 shares, and Aayushi Dalal directly owns 54 shares, all awarded in their capacity as directors.
• Recent Restricted Stock Unit (RSU) grants include 1,980 RSUs to Mr. Ross and 1,082 RSUs to Mr. Chambers, both vested immediately on June 30, 2025.
• Ms. Dalal received 5,358 RSUs on June 13, 2025, which will vest 100% on the day before the Issuer's 2026 Annual Meeting of Stockholders.
• Additionally, Ms. Dalal was granted 54 RSUs and 54 Deferred Stock Units (DSUs) on June 30, 2025, which vested immediately; shares from DSUs will be issued three months after her separation from service as a director.
• All Reporting Persons entered into a Joint Filing Agreement on July 2, 2025, to facilitate joint Schedule 13D filings.

Sentiment

Score: 6

Explanation: The filing is largely informational, detailing beneficial ownership and director compensation. The addition of a new director and the significant, stable stake held by Hill Path Capital are neutral to slightly positive signals of continued engagement and alignment, but do not indicate major positive or negative operational news.

Positives

• Increased alignment of interests between directors and shareholders through recent RSU grants.
• Hill Path Capital and its affiliates maintain a significant ownership stake (49.6%), indicating continued commitment and potential strategic influence in United Parks & Resorts Inc.

Future Outlook

The document does not provide specific forward-looking statements or guidance beyond the vesting schedule for certain RSU grants.

Industry Context

This filing is a routine update on beneficial ownership by a significant institutional investor group in the leisure and entertainment industry, specifically theme parks. It reflects the ongoing investment and governance involvement of Hill Path Capital in United Parks & Resorts Inc., a common practice for large shareholders seeking to influence corporate strategy and performance.

Management Changes

Corporate Governance

Related Party Transactions

• Award of 61,270 shares to Mr. Ross in his capacity as a director.
• Award of 24,219 shares to Mr. Chambers in his capacity as a director.
• Award of 54 shares to Ms. Dalal in her capacity as a director.
• Grant of 1,980 Restricted Stock Units (RSUs) to Mr. Ross on June 30, 2025, under the Issuer's 2017 Omnibus Incentive Plan.
• Grant of 1,082 RSUs to Mr. Chambers on June 30, 2025, under the Issuer's 2017 Omnibus Incentive Plan.
• Grant of 5,358 RSUs to Ms. Dalal on June 13, 2025, under the Issuer's 2017 Omnibus Incentive Plan.
• Grant of 54 RSUs and 54 Deferred Stock Units (DSUs) to Ms. Dalal on June 30, 2025, under the Issuer's 2017 Omnibus Incentive Plan.

Stakeholder Impact

• Shareholders: The filing clarifies the significant and coordinated ownership stake held by Hill Path Capital and its affiliates, potentially signaling stability or strategic influence from a major investor.

Next Steps

• Issuance of shares to Ms. Dalal three months after her separation from service as a director for the 54 Deferred Stock Units.
• Vesting of Ms. Dalal's 5,358 RSUs on the day before the Issuer's 2026 Annual Meeting of Stockholders.

Key Dates

Recommendation

Keywords

United Parks & Resorts Inc., Hill Path Capital, Schedule 13D, Beneficial Ownership, Common Stock, SEC Filing, Institutional Investor, Director Compensation, RSU, Deferred Stock Units, Corporate Governance, Shareholder Stake