Press

Multi Capital Group welcomed Mr. Clifford S Perlman to the Board

New York, NY

Multi Capital Group was pleased to announce yesterday, that Mr. Perlman has joined the company and will take the position as Chairman of the board.

Clifford Perlman has been involved in various areas of commercial real estate for the past 50 years. His expertise ranges from acquisition and management to new construction and development in markets such as New Jersey, Florida, Las Vegas, and California, among others. He has a proven track record of excellence in his investments and developments, and is well positioned to participate in real estate transactions of all kinds.

In 1956, Mr. Perlman founded the first store of fast food chain Lum's, Inc. in Miami Beach, Florida. He sold the company in 1971 to John Brown of Kentucky Fried Chicken. At the time of sale, the company owned and franchised 400 stores in the U.S., Hawaii, Puerto Rico, and Europe. In 1969, under the ownership of Mr. Perlman, Lum's, Inc. purchased Caesar's Palace, a 500 room hotel casino on the famous Las Vegas Strip, for $60 million and renamed it Caesar's World. In its first year under Mr. Perlman's ownership, the hotel earned $5.8 million in pre-tax profits. From 1969 to 1982, Mr. Perlman expanded the hotel to 1750 rooms; during this 13 year period, profits rose from $5.8 million to $82 million pre-tax.

Mr. Perlman also developed and built Caesar's Tahoe, a 700-room hotel casino on the south shore of Lake Tahoe; Caesar's Palace Atlantic City, a 500-room hotel/100,000 SF casino complex; and Cove Haven and Paradise Stream in the Pocono's, a hotel complex specializing in honeymoon suites with heart-shaped pools, bath tubs, and beds. Under Mr. Perlman's ownership, Cove Haven's pre-tax profit increased from $1 million in 1972 to $32 million in 1982.

Mr. Perlman was also the first Chairman of MGM Grand Hotels in Las Vegas, including his involvement in financing and building of the project.

In addition to his vast experience as a developer and operator, Mr. Perlman was also a trustee at Mt. Sinai Hospital in Miami Beach and the University of North Las Vegas. In 1981, Mr. Perlman was awarded Man of the Year for his participation in the formation and development of the U.S. Olympic Committee.

Mr. Perlman continues to actively invest in and develop real estate throughout the United States.

About the Firm

Multi Capital Group (www.Multi-Capital.com) is a Real Estate Investment Banking firm prominent in debt and mezzanine placement, equity participation, investment sales, as well as commercial and residential loan sales. Its clients include some of the most active developers and institutions both nationally and in the New York metropolitan area.