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PAR CAPITAL MANAGEMENT INC

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13F filer, CIK 1051359, BOSTON, MA

PAR CAPITAL MANAGEMENT INC reported $2,990,410,244 across 49 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 81.89% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001051359-25-000005

Period
2025-03-31
Reported value
$2.99B
Holdings
49
Top 10 weight
81.89%
New
7
Sold out
18

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LUVadded+4,204,300$141M
UBERadded+663,000$48.3M
LYFTadded+1,450,000$17.2M
CVNAadded+72,960$15.3M
ALKadded+224,487$11M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
TSLAexited-192,300-$77.7M
XYZexited-505,500-$43M
DALreduced-891,000-$38.8M
AALexited-2,000,000-$34.9M
CMAexited-500,000-$30.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001051359-25-000005, largest first. % of portfolio is the value over $2,981,916,959, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EXPEEXPEDIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,253,609 shares; 2024Q4: 2,374,844 shares; 2025Q1: 2,387,750 shares 2,387,750$401M13.46%+12,906Timeline
SYFSYNCHRONY FINANCIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,400,000 shares; 2024Q4: 7,400,000 shares; 2025Q1: 7,500,000 shares 7,500,000$397M13.32%+100,000Timeline
UALUNITED AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,841,050 shares; 2024Q4: 4,841,050 shares; 2025Q1: 4,841,050 shares 4,841,050$334M11.21%0Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,353,700 shares; 2024Q4: 3,866,829 shares; 2025Q1: 4,529,829 shares 4,529,829$330M11.07%+663,000Timeline
WEXWEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850,000 shares; 2024Q4: 1,850,000 shares; 2025Q1: 1,850,500 shares 1,850,500$291M9.74%+500Timeline
LUVSOUTHWEST AIRLS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,709,192 shares; 2024Q4: 1,712,192 shares; 2025Q1: 5,916,492 shares 5,916,492$199M6.66%+4,204,300Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 123,230 shares; 2024Q4: 37,761 shares; 2025Q1: 37,731 shares 37,731$174M5.83%-30Timeline
DALDELTA AIR LINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,455,000 shares; 2024Q4: 4,455,000 shares; 2025Q1: 3,564,000 shares 3,564,000$155M5.21%-891,000Timeline
CARGCARGURUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,663,956 shares; 2024Q4: 2,667,056 shares; 2025Q1: 2,810,956 shares 2,810,956$81.9M2.75%+143,900Timeline
CVNACARVANA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 504,400 shares; 2024Q4: 304,240 shares; 2025Q1: 377,200 shares 377,200$78.9M2.64%+72,960Timeline
SCHWCHARLES SCHWAB CORP (THE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,300,000 shares; 2024Q4: 905,000 shares; 2025Q1: 905,000 shares 905,000$70.8M2.38%0Timeline
CARAVIS BUDGET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 835,300 shares; 2024Q4: 751,770 shares; 2025Q1: 751,770 shares 751,770$57.1M1.91%0Timeline
ALKALASKA AIR GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 945,654 shares; 2024Q4: 851,089 shares; 2025Q1: 1,075,576 shares 1,075,576$52.9M1.78%+224,487Timeline
TRIPTRIPADVISOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 891,622 shares; 2024Q4: 2,242,000 shares; 2025Q1: 2,896,475 shares 2,896,475$41M1.38%+654,475Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares 700,000$36.1M1.21%0Timeline
SABRSABRE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000,000 shares; 2024Q4: 10,866,722 shares; 2025Q1: 12,267,052 shares 12,267,052$34.5M1.16%+1,400,330Timeline
SKYWSKYWEST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,941 shares; 2024Q4: 239,941 shares; 2025Q1: 363,451 shares 363,451$31.8M1.06%+123,510Timeline
AVIDXCHANGE HOLDINGS INCAVIDXCHANGE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,350,000 shares; 2024Q4: 3,000,000 shares; 2025Q1: 3,300,000 shares 3,300,000$28M0.94%+300,000
ALGTALLEGIANT TRAVEL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 509,884 shares; 2024Q4: 539,549 shares; 2025Q1: 526,430 shares 526,430$27.2M0.91%-13,119Timeline
SNCYSUN CTRY AIRLS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,505,506 shares; 2024Q4: 2,254,955 shares; 2025Q1: 1,959,372 shares 1,959,372$24.1M0.81%-295,583Timeline
MARMARRIOTT INTL INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,800 shares; 2024Q4: 78,900 shares; 2025Q1: 79,100 shares 79,100$18.8M0.63%+200Timeline
LYFTLYFT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,000 shares; 2024Q4: 125,000 shares; 2025Q1: 1,575,000 shares 1,575,000$18.7M0.63%+1,450,000Timeline
RYAAYRYANAIR HOLDINGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 345,000 shares; 2025Q1: 356,000 shares 356,000$15.1M0.51%+11,000Timeline
TRVGTRIVAGO N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,928,130 shares; 2024Q4: 3,544,231 shares; 2025Q1: 3,567,969 shares 3,567,969$14.6M0.49%+23,738Timeline
LTMLATAM AIRLINES GROUP SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 467,500 shares; 2024Q4: 467,500 shares; 2025Q1: 467,500 shares 467,500$14.6M0.49%0Timeline
JBLUJETBLUE AIRWAYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,969,505 shares; 2024Q4: 2,672,555 shares; 2025Q1: 2,672,555 shares 2,672,555$12.9M0.43%0Timeline
ULCCFRONTIER GROUP HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,756,100 shares; 2024Q4: 1,756,100 shares; 2025Q1: 2,156,100 shares 2,156,100$9.36M0.31%+400,000Timeline
HHYATT HOTELS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,961 shares; 2024Q4: 56,961 shares; 2025Q1: 56,961 shares 56,961$6.98M0.23%0Timeline
GBTGGLOBAL BUSINESS TRAVEL GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 746,730 shares; 2024Q4: 746,730 shares; 2025Q1: 746,730 shares 746,730$5.42M0.18%0Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,571 shares; 2024Q4: 1,000,571 shares; 2025Q1: 1,000,571 shares 1,000,571$3.94M0.13%0Timeline
CARTMAPLEBEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,000 shares; 2024Q4: 84,500 shares; 2025Q1: 86,500 shares 86,500$3.45M0.12%+2,000Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,900 shares; 2024Q4: 21,600 shares; 2025Q1: 21,900 shares 21,900$3.42M0.11%+300Timeline
WHWYNDHAM HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,000 shares; 2024Q4: 27,000 shares; 2025Q1: 27,000 shares 27,000$2.44M0.08%0Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 380 shares; 2024Q4: 1,300 shares; 2025Q1: 1,370 shares 1,370$790K0.03%+70Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 640 shares; 2025Q1: 2,140 shares 2,140$750K0.03%+1,500Timeline
DASHDOORDASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,000 shares; 2024Q4: 4,500 shares; 2025Q1: 4,000 shares 4,000$731K0.02%-500Timeline
CCITIGROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,200 shares; 2025Q1: 10,000 shares 10,000$710K0.02%+2,800Timeline
BACBANK OF AMER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,300 shares 15,300$638K0.02%newTimeline
SEICSEI INVTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,500 shares; 2024Q4: 7,500 shares; 2025Q1: 7,500 shares 7,500$582K0.02%0Timeline
CCLCARNIVAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,500 shares; 2024Q4: 23,500 shares; 2025Q1: 27,200 shares 27,200$531K0.02%+3,700Timeline
GRABGRAB HOLDINGS LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 120,000 shares; 2025Q1: 117,000 shares 117,000$530K0.02%-3,000Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,600 shares 2,600$495K0.02%newTimeline
FLEXFLEX LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,910 shares; 2024Q4: not reported; 2025Q1: 9,910 shares 9,910$328K0.01%newTimeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 400 shares; 2025Q1: 500 shares 500$274K0.01%+100Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 950 shares 950$216K0.01%newTimeline
EBEVENTBRITE INC-CLASS AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,000 shares; 2024Q4: 58,000 shares; 2025Q1: 53,000 shares 53,000$112K<0.01%-5,000Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
UALUNITED AIRLS HLDGS INC Stockput100,000$6.91Mnew
UBERUBER TECHNOLOGIES INC COMput15,500$1.13Mnew
CCLCARNIVAL CORP Stockput23,500$459Knew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TSLATESLA INC192,300$77.7Mshares
XYZBLOCK INC505,500$43Mshares
AALAMERICAN AIRLINES GROUP INC2,000,000$34.9Mshares
CMACOMERICA INC500,000$30.9Mshares
VLRSCONTROLADORA VUELA COMP DE A1,261,904$9.39Mshares
CARGCARGURUS INC31,000$1.13Mput
WIXWIX COM LTD4,800$1.03Mshares
WIXWIX COM LTD4,800$1.03Mput
VACASA INCVACASA INC139,654$684Kshares
PNCPNC FINL SVCS GROUP INC3,500$675Kshares
CFGCITIZENS FINL GROUP INC15,000$656Kshares
BILLBILL HOLDINGS INC7,500$635Kshares
BILLBILL HOLDINGS INC7,500$635Kput
TFCTRUIST FINL CORP14,500$629Kshares
EBAYEBAY INC.7,000$434Kshares
SHOPSHOPIFY INC3,000$319Kshares
NCLHNORWEGIAN CRUISE LINE HLDGS11,000$283Kshares
PYPLPAYPAL HLDGS INC3,000$256Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001051359-25-000005 base2025-05-15acceptance time not in the bulk data set