United Parks & Resorts (PRKS) has 15-20% short interest with Hill Path Capital owning 58% and growing through buybacks, potentially triggering a 70% threshold that halts future buybacks. The company's valuable real estate holdings (particularly 400+ acres near SeaWorld Orlando valued at $500-600k per acre) may be worth more than its current market valuation, and amended 2024 governing documents enable a take-private offer from Hill Path, creating potential squeeze dynamics if property sales unlock hidden value or Hill Path increases its stake.