United Parks & Resorts: Hill Path Ownership Climbs to 49% in New 13D

Q: What percentage of United Parks & Resorts common stock does Hill Path own?

The combined filings represent about 49.4 % of the outstanding shares .

Q: Which Hill Path entity holds the largest single stake in PRKS?

HEP Fund LP holds 10,518,006 shares, or 19.1 % of the class.

Q: When was Amendment No. 20 to Schedule 13D filed?

The event date requiring the filing is June 13, 2025 .

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13D/A

Rhea-AI Filing Summary

Schedule 13D/A (Amendment No. 20) filed on 06/13/2025 discloses the current equity position of Hill Path Capital–affiliated entities in United Parks & Resorts Inc. (CUSIP 81282V100).

Hill Path Capital Partners LP: 5,885,065 shares (10.7%).
Hill Path Capital Co-Investment Partners LP: 176,201 shares (0.3%).
Hill Path Capital Partners-H LP: 1,334,162 shares (2.4%).
Hill Path Capital Partners Co-Investment E LP: 6,109,961 shares (11.1%).
Hill Path Capital Partners Co-Investment E2 LP: 402,017 shares (0.7%).
Hill Path Capital Partners Co-Investment S LP: 83,900 shares (0.2%).
HEP Fund LP: 10,518,006 shares (19.1%).
HM Fund LP: 2,695,994 shares (4.9%).

Based on the figures reported, the Hill Path group collectively controls approximately 27.2 million shares, or about 49.4 % of United Parks & Resorts’ outstanding common stock. All entities list “WC” (working capital) as the source of funds and are organized in Delaware. No shared voting or dispositive power is reported; each entity holds sole power over its respective shares. The filing does not include earnings data, transaction pricing, or strategic commentary—its sole purpose is to update beneficial ownership information.

Positive

Hill Path Capital–affiliated entities report owning 49.4 % of PRKS, indicating substantial institutional interest and potential long-term commitment.

Negative

Nearly half of the company’s shares are concentrated in one investor group, potentially reducing free float and amplifying governance risk for minority holders.

Insights

TL;DR: Hill Path group now holds ~49 % of PRKS, signaling potential control influence; liquidity and governance impact warrant monitoring.

The amended Schedule 13D shows eight Hill Path-related limited partnerships with sole voting and dispositive power over a combined 27.2 million PRKS shares. The largest holder, HEP Fund LP, owns 19.1 %, while the second-largest, Hill Path Capital Partners LP, owns 10.7 %. Although the filing lacks narrative, the scale of ownership—just below majority—gives Hill Path substantial influence over board elections, strategic direction, and any potential change-of-control transactions. Investors should track subsequent filings for intent (e.g., board seats or strategic initiatives).

TL;DR: Concentrated 49 % stake heightens governance leverage; minority shareholders face reduced float and bargaining power.

With nearly half of outstanding shares under the Hill Path umbrella, United Parks & Resorts effectively has a single dominant shareholder group. While each fund reports sole rather than shared power, common control of the partnerships could enable coordinated voting. Such concentration can streamline decision-making but also raises entrenchment and minority-protection considerations. Stakeholders should watch for any shareholder agreements, poison-pill provisions, or governance reforms triggered by this threshold.

06/18/2025 - 05:32 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 20)

United Parks & Resorts Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

81282V100

(CUSIP Number)

SCOTT ROSS
HILL PATH CAPITAL LP, 150 East 58th Street, 33rd Floor
New York, NY, 10155
212-632-5420

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/13/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock, par value $0.01 per share

(b)

Name of Issuer:

United Parks & Resorts Inc.

(c)

Address of Issuer's Principal Executive Offices:

6240 SEA HARBOR DRIVE, ORLANDO, FLORIDA , 32821.

Item 3.

Source and Amount of Funds or Other Consideration

Item 3 is hereby amended to add the following: The 59,290 Shares beneficially owned directly by Mr. Ross were awarded to him in his capacity as a director of the Issuer. The 23,137 Shares beneficially owned directly by Mr. Chambers were awarded to him in his capacity as a director of the Issuer.

Item 4.

Purpose of Transaction

Item 4 is hereby amended to add the following: At the Issuer's 2025 annual meeting of stockholders held on June 13, 2025, stockholders of the Issuer elected Aayushi Dalal, a Vice President of Hill Path, to the Issuer's Board of Directors (the "Board"), along with Mr. Chambers and Mr. Ross. In connection with Ms. Dalal's nomination by the Issuer for election to the Board, the Board determined to grant a one-time waiver of the limitation in the Stockholders Agreement by and between Hill Path and the Issuer, dated May 27, 2019, as amended on February 27, 2024 (the "Stockholders Agreement"), that no more than two Hill Path Designees (as defined in the Stockholders Agreement) may be affiliated with Hill Path solely to permit Ms. Dalal to join the Board.

Item 5.

Interest in Securities of the Issuer

(a)

Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 54,974,409 Shares outstanding as of May 7, 2025, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 12, 2025. A. Hill Path Capital As of the close of business on the date hereof, Hill Path Capital beneficially owned 5,885,065 Shares. Percentage: Approximately 10.7% B. Hill Path Co-Investment As of the close of business on the date hereof, Hill Path Co-Investment beneficially owned 176,201 Shares. Percentage: Less than 1% C. Hill Path H As of the close of business on the date hereof, Hill Path H beneficially owned 1,334,162 Shares. Percentage: Approximately 2.4% D. Hill Path E As of the close of business on the date hereof, Hill Path E beneficially owned 6,109,961 Shares. Percentage: Approximately 11.1% E. Hill Path E2 As of the close of business on the date hereof, Hill Path E2 beneficially owned 402,017 Shares. Percentage: Less than 1% F. Hill Path S As of the close of business on the date hereof, Hill Path S beneficially owned 83,900 Shares. Percentage: Less than 1% G. HEP Fund As of the close of business on the date hereof, HEP Fund beneficially owned 10,518,006 Shares. Percentage: Approximately 19.1% H. HM Fund As of the close of business on the date hereof, HM Fund beneficially owned 2,695,994 Shares. Percentage: Approximately 4.9% I. HAT Fund As of the close of business on the date hereof, HAT Fund does not beneficially own any Shares. Percentage: 0% J. HAT Fund II As of the close of business on the date hereof, HAT Fund II does not beneficially own any Shares. Percentage: 0% K. Hill Path GP Hill Path GP, as the general partner of each of Hill Path Capital, Hill Path Co-Investment and Hill Path H, may be deemed the beneficial owner of the (i) 5,885,065 Shares owned by Hill Path Capital, (ii) 176,201 Shares owned by Hill Path Co-Investment and (iii) 1,334,162 Shares owned by Hill Path H. Percentage: Approximately 13.5% L. Hill Path E GP Hill Path E GP, as the general partner of each of Hill Path E and Hill Path E2, may be deemed the beneficial owner of the (i) 6,109,961 Shares owned by Hill Path E and (ii) 402,017 Shares owned by Hill Path E2. Percentage: Approximately 11.8% M. Hill Path S GP Hill Path S GP, as the general partner of Hill Path S, may be deemed the beneficial owner of the 83,900 Shares owned by Hill Path S. Percentage: Less than 1% N. HE GP HE GP, as the general partner of HEP Fund, may be deemed the beneficial owner of the 10,518,006 Shares owned by HEP Fund. Percentage: Approximately 19.1% O. HM GP HM GP, as the general partner of HM Fund, may be deemed the beneficial owner of the 2,695,994 Shares owned by HM Fund. Percentage: Approximately 4.9% P. Hill Path Investment Holdings Hill Path Investment Holdings, as the managing member of each of Hill Path GP, Hill Path E GP, Hill Path S GP, HE GP and HM GP, may be deemed to beneficially own the (i) 5,885,065 Shares owned by Hill Path Capital, (ii) 176,201 Shares owned by Hill Path Co-Investment, (iii) 1,334,162 Shares owned by Hill Path H, (iv) 6,109,961 Shares owned by Hill Path E, (v) 402,017 Shares owned by Hill Path E2, (vi) 83,900 Shares owned by Hill Path S, (vii) 10,518,006 Shares owned by HEP Fund and (viii) 2,695,994 Shares owned by HM Fund. Percentage: Approximately 49.5% Q. Hill Path Hill Path, as the investment manager of each of Hill Path Capital, Hill Path Co-Investment, Hill Path H, Hill Path E, Hill Path E2, Hill Path S, HEP Fund and HM Fund, may be deemed to beneficially own the (i) 5,885,065 Shares owned by Hill Path Capital, (ii) 176,201 Shares owned by Hill Path Co-Investment, (iii) 1,334,162 Shares owned by Hill Path H, (iv) 6,109,961 Shares owned by Hill Path E, (v) 402,017 Shares owned by Hill Path E2, (vi) 83,900 Shares owned by Hill Path S, (vii) 10,518,006 Shares owned by HEP Fund and (viii) 2,695,994 Shares owned by HM Fund. Percentage: Approximately 49.5% R. Hill Path Holdings Hill Path Holdings, as the general partner of Hill Path, may be deemed to beneficially own the (i) 5,885,065 Shares owned by Hill Path Capital, (ii) 176,201 Shares owned by Hill Path Co-Investment, (iii) 1,334,162 Shares owned by Hill Path H, (iv) 6,109,961 Shares owned by Hill Path E, (v) 402,017 Shares owned by Hill Path E2, (vi) 83,900 Shares owned by Hill Path S, (vii) 10,518,006 Shares owned by HEP Fund and (viii) 2,695,994 Shares owned by HM Fund. Percentage: Approximately 49.5% S. Mr. Ross As of the close of business on the date hereof, Mr. Ross beneficially owned directly 59,290 Shares. Mr. Ross, as the managing partner of each of Hill Path Investment Holdings, Hill Path and Hill Path Holdings, may be deemed to beneficially own the (i) 5,885,065 Shares owned by Hill Path Capital, (ii) 176,201 Shares owned by Hill Path Co-Investment, (iii) 1,334,162 Shares owned by Hill Path H, (iv) 6,109,961 Shares owned by Hill Path E, (v) 402,017 Shares owned by Hill Path E2, (vi) 83,900 Shares owned by Hill Path S, (vii) 10,518,006 Shares owned by HEP Fund and (viii) 2,695,994 Shares owned by HM Fund. Percentage: Approximately 49.6% T. Mr. Chambers As of the close of business on the date hereof, Mr. Chambers beneficially owned 23,137 Shares. Percentage: Less than 1%

(b)

Item 5(b) is hereby amended and restated to read as follows: A. Hill Path Capital 1. Sole power to vote or direct vote: 5,885,065 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 5,885,065 4. Shared power to dispose or direct the disposition: 0 B. Hill Path Co-Investment 1. Sole power to vote or direct vote: 176,201 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 176,201 4. Shared power to dispose or direct the disposition: 0 C. Hill Path H 1. Sole power to vote or direct vote: 1,334,162 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,334,162 4. Shared power to dispose or direct the disposition: 0 D. Hill Path E 1. Sole power to vote or direct vote: 6,109,961 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 6,109,961 4. Shared power to dispose or direct the disposition: 0 E. Hill Path E2 1. Sole power to vote or direct vote: 402,017 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 402,017 4. Shared power to dispose or direct the disposition: 0 F. Hill Path S 1. Sole power to vote or direct vote: 83,900 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 83,900 4. Shared power to dispose or direct the disposition: 0 G. HEP Fund 1. Sole power to vote or direct vote: 10,518,006 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 10,518,006 4. Shared power to dispose or direct the disposition: 0 H. HM Fund 1. Sole power to vote or direct vote: 2,695,994 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,695,994 4. Shared power to dispose or direct the disposition: 0 I. HAT Fund 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 0 J. HAT Fund II 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 0 K. Hill Path GP 1. Sole power to vote or direct vote: 7,395,428 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 7,395,428 4. Shared power to dispose or direct the disposition: 0 L. Hill Path E GP 1. Sole power to vote or direct vote: 6,511,978 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 6,511,978 4. Shared power to dispose or direct the disposition: 0 M. Hill Path S GP 1. Sole power to vote or direct vote: 83,900 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 83,900 4. Shared power to dispose or direct the disposition: 0 N. HE GP 1. Sole power to vote or direct vote: 10,518,006 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 10,518,006 4. Shared power to dispose or direct the disposition: 0 O. HM GP 1. Sole power to vote or direct vote: 2,695,994 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,695,994 4. Shared power to dispose or direct the disposition: 0 P. Hill Path Investment Holdings 1. Sole power to vote or direct vote: 27,205,306 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 27,205,306 4. Shared power to dispose or direct the disposition: 0 Q. Hill Path 1. Sole power to vote or direct vote: 27,205,306 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 27,205,306 4. Shared power to dispose or direct the disposition: 0 R. Hill Path Holdings 1. Sole power to vote or direct vote: 27,205,306 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 27,205,306 4. Shared power to dispose or direct the disposition: 0 S. Mr. Ross 1. Sole power to vote or direct vote: 27,264,596 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 27,264,596 4. Shared power to dispose or direct the disposition: 0 T. Mr. Chambers 1. Sole power to vote or direct vote: 23,137 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 23,137 4. Shared power to dispose or direct the disposition: 0

(c)

Item 5(c) is hereby amended and restated to read as follows: Other than as set forth in Item 6, the Reporting Persons have not entered into any transactions in the securities of the Issuer during the past sixty days. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6 is hereby amended to add the following: On December 31, 2024, Mr. Ross was granted 1,676 restricted stock units ("RSUs") pursuant to the Issuer's 2017 Omnibus Incentive Plan (the "Incentive Plan"), which vested immediately. On March 31, 2025, Mr. Ross was granted 2,024 RSUs pursuant to the Incentive Plan, which vested immediately. On June 13, 2025, Mr. Ross was granted 5,358 RSUs pursuant to the Incentive Plan, which vest 100% on the day before the Issuer's 2026 Annual Meeting of Stockholders. On December 31, 2024, Mr. Chambers was granted 916 RSUs pursuant to the Incentive Plan, which vested immediately. On March 31, 2025, Mr. Chambers was granted 1,106 RSUs pursuant to the Incentive Plan, which vested immediately. On June 13, 2025, Mr. Chambers was granted 5,358 deferred stock units pursuant to the Incentive Plan, which vest 100% on the day before the Issuer's 2026 Annual Meeting of Stockholders (the Shares subject to these units will be issued to Mr. Chambers three months after his "separation from service" as a director of the Issuer).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hill Path Capital Partners LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner
Date:	06/18/2025

Hill Path Capital Co-Investment Partners LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

Hill Path Capital Partners-H LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

Hill Path Capital Partners Co-Investment E LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

Hill Path Capital Partners Co-Investment E2 LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

Hill Path Capital Partners Co-Investment S LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

HEP Fund LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

HM Fund LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

HAT Fund LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

HAT Fund II LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LP, its Investment Manager
Date:	06/18/2025

Hill Path Capital Partners GP LLC

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LLC, its Managing Member
Date:	06/18/2025

Hill Path Capital Partners E GP LLC

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LLC, its Managing Member
Date:	06/18/2025

Hill Path Capital Partners S GP LLC

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LLC, its Managing Member
Date:	06/18/2025

HE GP LLC

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LLC, its Managing Member
Date:	06/18/2025

HM GP LLC

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LLC, its Managing Member
Date:	06/18/2025

Hill Path Investment Holdings LLC

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner
Date:	06/18/2025

Hill Path Capital LP

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner of Hill Path Capital LLC, its General Partner
Date:	06/18/2025

Hill Path Holdings LLC

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross, Managing Partner
Date:	06/18/2025

ROSS SCOTT I

Signature:	/s/ Scott Ross
Name/Title:	Scott Ross
Date:	06/18/2025

CHAMBERS JAMES P.

Signature:	/s/ James P. Chambers
Name/Title:	James P. Chambers
Date:	06/18/2025

Source: View Original Filing on SEC EDGAR

FAQ

How many PRKS shares are disclosed in the new Schedule 13D/A?

The Hill Path group reports beneficial ownership of approximately 27,205,306 shares.

What percentage of United Parks & Resorts common stock does Hill Path own?

The combined filings represent about 49.4 % of the outstanding shares.

Which Hill Path entity holds the largest single stake in PRKS?

HEP Fund LP holds 10,518,006 shares, or 19.1 % of the class.

When was Amendment No. 20 to Schedule 13D filed?

The event date requiring the filing is June 13, 2025.

What is the CUSIP number for United Parks & Resorts common stock?

The CUSIP is 81282V100.

United Parks & Resorts: Hill Path Ownership Climbs to 49% in New 13D

Rhea-AI Filing Summary

Positive

Negative

Insights

FAQ

How many PRKS shares are disclosed in the new Schedule 13D/A?

What percentage of United Parks & Resorts common stock does Hill Path own?

Which Hill Path entity holds the largest single stake in PRKS?

When was Amendment No. 20 to Schedule 13D filed?

What is the CUSIP number for United Parks & Resorts common stock?

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Trending News

United Parks & Resorts: Hill Path Ownership Climbs to 49% in New 13D

Rhea-AI Filing Summary

Positive

Negative

Insights

Securities Analyst neutral

Corporate Governance Expert neutral

FAQ

How many PRKS shares are disclosed in the new Schedule 13D/A?

What percentage of United Parks & Resorts common stock does Hill Path own?

Which Hill Path entity holds the largest single stake in PRKS?

When was Amendment No. 20 to Schedule 13D filed?

What is the CUSIP number for United Parks & Resorts common stock?

NYSE:PRKS

PRKS Rankings

PRKS Latest News

PRKS Latest SEC Filings

PRKS Stock Data