Ultima Collection
Ultima Collection CEO Petar Krstic [Credit: Ultima Collection]

Ultima Collection names Krstic as CEO

Europe: Luxury chalet / villa operator Ultima Collection has announced the appointment of Petar Krstic as its new CEO.

Krstic, who has previously held managerial roles at the likes of AMAN, Relais & Chateaux and Mandarin Oriental Hotels, will now lead the company, a month after Luxembourg-based Global Hospitality Securities [GHS] bought out a 33 per cent stake owned by Ultima Collection co-founder Max Herve-George.

George and Byron Baciocchi co-founded Ultima Capital and Ultima Collection [the proprietary brand and management company of Ultima Capital] in 2012, before taking the company public seven years later. Baciocchi retains his stake of 25 per cent in the company.

Ultima Collection currently operates 46 residences and owns land in Switzerland, France and Greece [Corfu]. Its existing portfolio includes: Ultima Gstaad; Ultima Crans Montana; Ultima Geneva Grand Villa; Ultima Courchevel Belvédère; Ultima Megève; and Ultima Corfu.

All of the assets managed by and branded as Ultima Collection are owned by Ultima Capital. In addition to the existing portfolio, the company is already developing and planning for the opening of three more projects in Switzerland in 2024 and early 2025.

Ultima Quai Wilson, an entire lakefront building in Geneva, is scheduled to open in April 2024 and will comprise five “ultra-luxury” serviced apartments on the shores of the Lac Leman.

Due to open in June, Ultima Gstaad Promenade is described as a “one-of-a-kind chalet with resort-like facilities and services right on the iconic promenade of Gstaad”.

Ultima Cologny, featuring two contemporary villas in the Genevan residential municipality of Cologny on the shores of Lake Geneva, is expected to open in the first quarter of 2025.

Speaking to CPP-LUXURY last month, Krstic said: “The acquisition of Ultima Capital and Ultima Collection represented an exceptional investment opportunity for us. Ultima is a leader in the one-of-a-kind ultra-luxury chalet and villa space.

“It is unique from most of its competitors, as it owns all of its assets, allowing it full control over the quality and guest experience. I look forward to further consolidating this position.

“With the support of GHS, we have ambitious growth plans for the portfolio and look forward to building upon the incredible foundation that Max, Byron and their team have built,” he added.

Be in the know.

Subscribe to our newsletter »