The Chamberlin Hotel has been a vital part of Fort Monroe, located in Hampton, Virginia. The Chamberlin is now on the national register of historic buildings and Fort Monroe recently became the country’s newest National Park.
In 2006, the prior owner restored The Chamberlin to its original beauty as part of its conversion to senior housing. Unfortunately, in 2009 and 2011, The Chamberlin suffered multi-million dollar losses from hurricanes. The renovation had breached the building’s envelope and The Chamberlin was no longer water tight, risking the building becoming uninsurable. Operating issues and losses were mounting.
In early spring 2012, Smith/Packett was approached by the owner of The Chamberlin and its lender because of Smith/Packett’s proven ability to close a transaction and its reputation of honoring its commitments.
Smith/Packett signed a letter of intent on April 13th, 2012, and immediately retained a nationally known firm, having expertise in historic buildings and in solving structural envelope issues, to develop a solution to the problem. Smith/Packett then evaluated the financial feasibility of the proposed solution developed the plan to reach profitability, while working with both the United States Government and the Fort Monroe Authority.
Within 80 days of signing the letter of intent, Smith/Packett completed its due diligence, developed a plan to solve the envelope issues and save The Chamberlin, created a business plan to restore profitability, dealt with and obtained written consent from agencies of the both the United States and Commonwealth of Virginia and closed on this acquisition.