Global Hospitality Securities – Press Release

Luxembourg, 12 November 2023

Global Hospitality Securities is pleased to announce the acquisition of a significant stake in Ultima Capital SA, a major player in ultra-luxury hospitality.

Global Hospitality Securities (« GHS »), a Luxembourg-based investment company and manager of European institutional capital, announces that it has entered into an agreement with Max- Hervé George, co-founder of Ultima Capital SA (« Ultima »).

This agreement provides for the purchase of 33.3% shareholding indirectly held in Ultima by Max-Hervé George and call options to buy 25% of Ultima shares held directly and indirectly by Byron Baciocchi. These call options may be exercised until 31 March 2026.

GHS is delighted with this acquisition, which required several months of negotiations with Max-Hervé George and an in-depth due diligence process.

Ultima, as a pioneer in ultra-luxury hospitality in Switzerland and Europe, represents a tremendous diversification opportunity for GHS and its clients in a constantly growing sector. With the continued growth of the UHNWI market, reinforced by the Covid-19 pandemic, and the assets’ quality held by Ultima, GHS looks forward to contributing to the future development of the value of the company’s real estate portfolio both through the completion of current projects and new acquisitions in increasingly exclusive destinations.

To this end, GHS has already begun its collaboration with Ultima’s management with the appointment of Mr Petar Krstic as Group Operating Director. Mr. Petar Krstic is a seasoned global luxury hospitality executive with over 20 years of experience. He joins Ultima Capital after a 6 year tenure with the global luxury powerhouse Aman, which saw him manage their properties in Europe, Asia, Africa and the United States. He most recently opened their much- anticipated Aman New York property, a $1.4B project in Manhafan. He previously held management positions with Rosewood Hotels & Resorts and Mandarin Oriental Hotel Group, amongst others.

Mr. Krstic will bring with him a team of experienced global luxury hospitality executives to shape the future of Ultima Capital and Ultima Collection. Under Krstic’s leadership, Ultima has ambitious growth plans for the portfolio, and are actively looking for opportunities to bring the Ultima brand to locations such as St. Tropez, Paris, London, amongst others. They will also seek to build upon Ultima’s already strong foundations by bringing new food and beverage concepts, wellness concepts as well as bring awareness of the brand to an even more global UHNWI audience.

GHS would like to thank the law firms Dentons and Baker Mckenzie for their active contribution to the conclusion of this transaction.