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Pierre Cardin’s grand-nephew and successor, Rodrigo Basilicati-Cardin, will soon lease Maxim’s restaurant, considered one of the best in the world in the 20th century. The buyer? The hotel group Accor, always in expansion. The latter wishes to give back some of its glory to the mythical brand.
The famous Maxim’s restaurant, located in the heart of Paris, is one of the most famous addresses of the French gastronomy. At the beginning of the last century, during the Belle Époque, it was a theater for sumptuous parties and one of the best restaurants in the world.
Pierre Cardin, who died in 2020 at the age of 98, had expressed his wish to sell the establishment located at 3 rue Royale, in the 8th arrondissement, about ten years ago. This never materialized. But his heir, Rodrigo Basilicati-Cardin, should soon entrust the premises, in the form of a management lease, to a new operator.
Several specialized groups have been consulted and some have responded, such as Accor, Olivier Bertrand and Paris Experience Group.
Accor, still in the running, seems particularly determined and should win the contract. According to an intermediary of the file, who confided in Challenges magazine, the managers of Maxim’s staff should be officially informed during a Social and Economic Committee (CSE) this Wednesday, March 29, whose purpose is to “rule on the management lease”.
Declining value
Bought in 1981 by the designer Pierre Cardin, the establishment has lost over time its superb. The famous fashion designer and businessman has indeed metamorphosed the famous luxury restaurant by extending its perimeter to a boutique of branded products, reception rooms, nightclub and museum.
“The deal is much less attractive than one might think”, the anonymous intermediary tells Challenges. “It’s not a question of selling the restaurant and its famous brand but of a four-year lease management contract, an uncomfortable situation in addition to being uncertain. The dispute between the different heirs of Pierre Cardin makes the whole situation very fragile, but moreover, the position of tenant without any right of control over the brand, will make it difficult to launch investments at the level of a revival of Maxim’s in the world of luxury at the international level.”
Rodrigo Basilicati-Cardin would ask for an annual rent representing 15% of the establishment’s turnover with a guaranteed minimum of 1.2 million euros per year. A price considered unrealistic by many investors, especially since the Maxim’s restaurant and its many lounges need major renovation work.
Expansion of the Accor group
The French hotel group Accor is the largest in Europe and sixth largest in the world. It already has a portfolio of 40 brands in the hotel sector, with a presence in 110 countries and more than 5,200 hotels worldwide. But since 2016, the company led by Sebastien Bazin is undertaking a great diversification of its activities, investing in luxury residences (Onefinestay), shared offices (Wojo, Mamaworks), concierge (John Paul), and recently, catering and events.
In December 2021, Accor had already acquired the Lido cabaret from the Sodexo group, but its latest big move came last November. The hotel group acquired 100% of the shares of Paris Society, a key player in the hotel industry, after a takeover valued at 330 million euros.
Read also >Accor has rebounded well in 2022
Featured photo : © Maxim’s[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Pierre Cardin’s grand-nephew and successor, Rodrigo Basilicati-Cardin, will soon lease Maxim’s restaurant, considered one of the best in the world in the 20th century. The buyer? The hotel group Accor, always in expansion. The latter wishes to give back some of its glory to the mythical brand.
The famous Maxim’s restaurant, located in the heart of Paris, is one of the most famous addresses of the French gastronomy. At the beginning of the last century, during the Belle Époque, it was a theater for sumptuous parties and one of the best restaurants in the world.
Pierre Cardin, who died in 2020 at the age of 98, had expressed his wish to sell the establishment located at 3 rue Royale, in the 8th arrondissement, about ten years ago. This never materialized. But his heir, Rodrigo Basilicati-Cardin, should soon entrust the premises, in the form of a management lease, to a new operator.
Several specialized groups have been consulted and some have responded, such as Accor, Olivier Bertrand and Paris Experience Group.
Accor, still in the running, seems particularly determined and should win the contract. According to an intermediary of the file, who confided in Challenges magazine, the managers of Maxim’s staff should be officially informed during a Social and Economic Committee (CSE) this Wednesday, March 29, whose purpose is to “rule on the management lease”.
Declining value
Bought in 1981 by the designer Pierre Cardin, the establishment has lost over time its superb. The famous fashion designer and businessman has indeed metamorphosed the famous luxury restaurant by extending its perimeter to a boutique of branded products, reception rooms, nightclub and museum.
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Pierre Cardin’s grand-nephew and successor, Rodrigo Basilicati-Cardin, will soon lease Maxim’s restaurant, considered one of the best in the world in the 20th century. The buyer? The hotel group Accor, always in expansion. The latter wishes to give back some of its glory to the mythical brand.
The famous Maxim’s restaurant, located in the heart of Paris, is one of the most famous addresses of the French gastronomy. At the beginning of the last century, during the Belle Époque, it was a theater for sumptuous parties and one of the best restaurants in the world.
Pierre Cardin, who died in 2020 at the age of 98, had expressed his wish to sell the establishment located at 3 rue Royale, in the 8th arrondissement, about ten years ago. This never materialized. But his heir, Rodrigo Basilicati-Cardin, should soon entrust the premises, in the form of a management lease, to a new operator.
Several specialized groups have been consulted and some have responded, such as Accor, Olivier Bertrand and Paris Experience Group.
Accor, still in the running, seems particularly determined and should win the contract. According to an intermediary of the file, who confided in Challenges magazine, the managers of Maxim’s staff should be officially informed during a Social and Economic Committee (CSE) this Wednesday, March 29, whose purpose is to “rule on the management lease”.
Declining value
Bought in 1981 by the designer Pierre Cardin, the establishment has lost over time its superb. The famous fashion designer and businessman has indeed metamorphosed the famous luxury restaurant by extending its perimeter to a boutique of branded products, reception rooms, nightclub and museum.
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