Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 3)1
Dave & Buster’s Entertainment, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
238337109
(CUSIP Number)
SCOTT I. ROSS
HILL PATH CAPITAL LP
150 East 58th Street, 32nd Floor
New York, New York 10155
(212) 632-5420
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 13, 2022
(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 ¨.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
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).
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH CAPITAL PARTNERS LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
WC | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,095,246 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,095,246 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,095,246 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
4.3% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
2 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH CAPITAL PARTNERS II LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
WC | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,869,527 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,869,527 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,869,527 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
5.9% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
3 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH CAPITAL CO-INVESTMENT PARTNERS LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
WC | |||||||||||||||||||
& #xA0; | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | ||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 53,231 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
53,231 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
53,231 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
4 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH CAPITAL PARTNERS GP LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,148,477 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,148,477 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,148,477 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
4.4% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
5 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH CAPITAL PARTNERS II GP LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,869,527 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,869,527 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,869,527 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
5.9% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
6 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH INVESTMENT HOLDINGS LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,148,477 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,148,477 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,148,477 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
4.4% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
7 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH INVESTMENT HOLDINGS II LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 2,869,527 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
2,869,527 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,869,527 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
5.9% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
8 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH CAPITAL LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 5,018,004 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
5,018,004 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
5,018,004 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
10.3% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IA, PN |
9 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HILL PATH HOLDINGS LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 5,018,004 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
5,018,004 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
5,018,004 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
10.3% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
10 |
CUSIP No. 238337109
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
SCOTT I. ROSS | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
xA0; | USA | ||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 5,018,004 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
5,018,004 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
5,018,004 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
10.3% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IN |
11 |
CUSIP No. 238337109
The following constitutes Amendment No. 3 to the Schedule 13D filed by the undersigned (“Amendment No. 3”). This Amendment No. 3 amends the Schedule 13D as specifically set forth herein.
Item 5. | Interest in Securities of the Issuer. |
Items 5(a) – (c) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each person named herein is based upon 48,565,997 Shares outstanding, as of March 18, 2022, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 29, 2022.
A. | Hill Path Capital |
(a) | As of the close of business on the date hereof, Hill Path Capital beneficially owned directly 2,095,246 Shares. |
Percentage: Approximately 4.3%
(b) | 1. Sole power to vote or direct vote: 2,095,246 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,095,246 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path Capital has not entered into any transactions in the Shares during the past sixty days. |
B. | Hill Path Capital II |
(a) | As of the close of business on the date hereof, Hill Path Capital II beneficially owned directly 2,869,527 Shares. |
Percentage: Approximately 5.9%
(b) | 1. Sole power to vote or direct vote: 2,869,527 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,869,527 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path Capital II has not entered into any transactions in the securities of the Issuer during the past sixty days except as set forth in Item 6 and Schedule A, which are incorporated herein by reference. |
C. | Hill Path Co-Investment |
(a) | As of the close of business on the date hereof, Hill Path Co-Investment beneficially owned directly 53,231 Shares. |
Percentage: Less than 1%
12 |
CUSIP No. 238337109
(b) | 1. Sole power to vote or direct vote: 53,231 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 53,231 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path Co-Investment has not entered into any transactions in the Shares during the past sixty days. |
D. | Hill Path GP |
(a) | Hill Path GP, as the general partner of each of Hill Path Capital and Hill Path Co-Investment, may be deemed the beneficial owner of the (i) 2,095,246 Shares owned by Hill Path Capital and (ii) 53,231 Shares owned by Hill Path Co-Investment. |
Percentage: Approximately 4.4%
(b) | 1. Sole power to vote or direct vote: 2,148,477 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,148,477 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path GP has not entered into any transactions in the Shares during the past sixty days. |
E. | Hill Path GP II |
(a) | Hill Path GP II, as the general partner of Hill Path Capital II, may be deemed the beneficial owner of the 2,869,527 Shares owned by Hill Path Capital II. |
Percentage: Approximately 5.9%
(b) | 1. Sole power to vote or direct vote: 2,869,527 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,869,527 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path GP II has not entered into any transactions in the Shares during the past sixty days. The transactions in the securities of the Issuer on behalf of Hill Path Capital II during the past sixty days are set forth in Item 6 and Schedule A and are incorporated herein by reference. |
F. | Hill Path Investment Holdings |
(a) | Hill Path Investment Holdings, as the managing member of Hill Path GP, may be deemed the beneficial owner of the (i) 2,095,246 Shares owned by Hill Path Capital and (ii) 53,231 Shares owned by Hill Path Co-Investment. |
Percentage: Approximately 4.4%
13 |
CUSIP No. 238337109
(b) | 1. Sole power to vote or direct vote: 2,148,477 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,148,477 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path Investment Holdings has not entered into any transactions in the Shares during the past sixty days. |
G. | Hill Path Investment Holdings II |
(a) | Hill Path Investment Holdings II, as the managing member of Hill Path GP II, may be deemed the beneficial owner of the 2,869,527 Shares owned by Hill Path Capital II. |
Percentage: Approximately 5.9%
(b) | 1. Sole power to vote or direct vote: 2,869,527 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,869,527 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path Investment Holdings II has not entered into any transactions in the Shares during the past sixty days. The transactions in the securities of the Issuer on behalf of Hill Path Capital II during the past sixty days are set forth in Item 6 and Schedule A and are incorporated herein by reference. |
H. | Hill Path |
(a) | Hill Path, as the investment manager of each of Hill Path Capital, Hill Path Capital II and Hill Path Co-Investment, may be deemed the beneficial owner of the (i) 2,095,246 Shares owned by Hill Path Capital, (ii) 2,869,527 Shares owned by Hill Path Capital II and (iii) 53,231 Shares owned by Hill Path Co-Investment. |
Percentage: Approximately 10.3%
(b) | 1. Sole power to vote or direct vote: 5,018,004 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 5,018,004 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path has not entered into any transactions in the Shares during the past sixty days. The transactions in the securities of the Issuer on behalf of Hill Path Capital II during the past sixty days are set forth in Item 6 and Schedule A and are incorporated herein by reference. |
I. | Hill Path Holdings |
(a) | Hill Path Holdings, as the general partner of Hill Path, may be deemed the beneficial owner of the (i) 2,095,246 Shares owned by Hill Path Capital, (ii) 2,869,527 Shares owned by Hill Path Capital II and (iii) 53,231 Shares owned by Hill Path Co-Investment. |
Percentage: Approximately 10.3%
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(b) | 1. Sole power to vote or direct vote: 5,018,004 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 5,018,004 4. Shared power to dispose or direct the disposition: 0 |
(c) | Hill Path Holdings has not entered into any transactions in the Shares during the past sixty days. The transactions in the securities of the Issuer on behalf of Hill Path Capital II during the past sixty days are set forth in Item 6 and Schedule A and are incorporated herein by reference. |
J. | Mr. Ross |
(a) | Mr. Ross, as the managing partner of each of Hill Path Investment Holdings, Hill Path Investment Holdings II, Hill Path and Hill Path Holdings, may be deemed the beneficial owner of the (i) 2,095,246 Shares owned by Hill Path Capital, (ii) 2,869,527 Shares owned by Hill Path Capital II and (iii) 53,231 Shares owned by Hill Path Co-Investment. |
Percentage: Approximately 10.3%
(b) | 1. Sole power to vote or direct vote: 5,018,004 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 5,018,004 4. Shared power to dispose or direct the disposition: 0 |
(c) | Mr. Ross has not entered into any transactions in the Shares during the past sixty days. The transactions in the securities of the Issuer on behalf of Hill Path Capital II during the past sixty days are set forth in Item 6 and Schedule A and are incorporated herein by reference. |
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 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:
As of the close of business on the date hereof, Hill Path Capital II has entered into cash-settled total return swap agreements with Nomura Global Financial Products Inc. as the counterparty (collectively, the “Swaps”) that establish economic exposure to an aggregate of 727,698 notional Shares (the “Subject Shares”). The Swaps provide Hill Path Capital II with economic exposure to the Subject Shares, representing approximately 1.5% of the outstanding Shares, that is comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting of or to dispose or direct the disposition of the Subject Shares. The Reporting Persons hereby expressly disclaim beneficial ownership of the Subject Shares. Hill Path Capital II may increase or decrease its economic exposure to Shares through Swaps in compliance with Rule 10b5-1 of the Exchange Act.
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CUSIP No. 238337109
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: April 15, 2022
Hill Path Capital Partners LP | |||
By: |
Hill Path Capital LP Investment Manager | ||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title: | Managing Partner |
Hill Path Capital Partners II LP | |||
By: |
Hill Path Capital LP Investment Manager | ||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title: | Managing Partner |
Hill Path Capital Co-Investment Partners LP | |||
By: |
Hill Path Capital LP Investment Manager | ||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title: | Managing Partner |
Hill Path Capital Partners GP LLC | |||
By: |
Hill Path Investment Holdings LLC Managing Member | ||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title: | Managing Partner |
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CUSIP No. 238337109
Hill Path Capital Partners II GP LLC | |||
By: |
Hill Path Investment Holdings II LLC Managing Member | ||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title: | Managing Partner |
Hill Path Investment Holdings LLC | |||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title | Managing Partner |
Hill Path Investment Holdings II LLC | |||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title | Managing Partner |
Hill Path Capital LP | |||
By: |
Hill Path Holdings LLC General Partner | ||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title: | Managing Partner |
Hill Path Holdings LLC | |||
By: | /s/ Scott I. Ross | ||
Name: | Scott I. Ross | ||
Title: | Managing Partner |
/s/ Scott I. Ross | |
Scott I. Ross |
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CUSIP No. 238337109
SCHEDULE A
TRANSACTIONS IN SECURITIES OF THE ISSUER DURING THE PAST SIXTY DAYS
Class of Security |
Notional Share Exposure |
Price Per Notional Share ($) |
Date |
HILL PATH CAPITAL PARTNERS II LP
Cash-Settled Total Return Swap | 90,325 | 40.4292 | 04/08/2022 |
Cash-Settled Total Return Swap | 218,217 | 42.2334 | 04/11/2022 |
Cash-Settled Total Return Swap | 155,000 | 43.1884 | 04/12/2022 |
Cash-Settled Total Return Swap | 166,000 | 45.1566 | 04/13/2022 |
Cash-Settled Total Return Swap | 98,156 | 46.0173 | 04/14/2022 |