Form 4: Hill Path Capital Partners Report Changes in Beneficial Ownership of United Parks & Resorts Inc.

Hill Path Capital Partners and related entities report changes in beneficial ownership of United Parks & Resorts Inc. common stock, including the acquisition of shares and allocation among various investment partnerships.

Summary

• Hill Path Capital Partners LP, along with affiliated entities and Scott Ross, filed a Form 4 detailing changes in beneficial ownership of United Parks & Resorts Inc. common stock.
• On September 30, 2024, Scott Ross acquired 1,609 shares of common stock under the Issuer's 2017 Omnibus Incentive Plan, which vests immediately.
• The report indicates indirect ownership of common stock by various Hill Path Capital-related entities, including Hill Path Capital Partners LP (5,885,065 shares), Hill Path Co-Investment Partners LP (176,201 shares), Hill Path Capital Partners Co-Investment E LP (6,109,961 shares), Hill Path Capital Partners Co-Investment E2 LP (402,017 shares), Hill Path Capital Partners-H LP (1,334,162 shares), Hill Path Capital Partners Co-Investment S LP (83,900 shares), HEP Fund LP (10,518,006 shares), and HM Fund LP (2,695,994 shares).
• The reporting persons may be deemed to be part of a Section 13(d) group that collectively owns more than 10% of United Parks & Resorts Inc.'s outstanding shares.
• Each reporting person disclaims beneficial ownership of the securities reported except to the extent of his or its pecuniary interest therein.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the document primarily reports changes in ownership, with a slight positive leaning due to the acquisition of shares by Scott Ross.

Positives

• Scott Ross's acquisition of shares indicates confidence in United Parks & Resorts Inc.
• The vesting of shares immediately suggests a positive outlook on performance.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders, providing transparency to the market.

Comparison to Industry Standards

• The ownership structure involving multiple investment partnerships is common among private equity firms like Hill Path Capital.
• Similar filings can be observed for other publicly traded companies with significant private equity ownership, such as those held by Blackstone, KKR, or Apollo Global Management.

Stakeholder Impact

• The changes in ownership may influence investor perception of United Parks & Resorts Inc.

Key Dates