My wife and I, on many of our bike outings in and around Oxford, end up making a right turn onto the Strand with the Tred Avon River on our left. The images flit by: first, the Tred Avon Yacht Club, then the Oxford Ferry straight ahead, and sadly, on our right, a For Sale sign at the historic Robert Morris Inn (RMI).
I don’t pass the Inn without recalling wonderful evenings with good friends, especially in the winter with a fireplace at our back. Last winter the Inn was sporadically open and it seems unlikely that it will be open this winter. It is, of course, now for sale.
Markets for commercial real estate are dynamic. Business prospects, the cost of debt, and supply/demand factors frame pricing. I know the Inn’s sticker price, $3,600,000; beyond that, I remain uninformed about a variety of circumstances that will weigh on pricing, the availability of credit, and timing.
Without taking a deep dive into the market for similar commercial properties, I would offer up several considerations. First, I comment because the RMI is not just another hospitality business for sale. The Inn’s history helps define it; this is not a commodity property. In more ways than one, it also helps define Oxford.
I know my wife and I, while not students of Robert Morris, like to at least characterize his contributions to America’s success in the Revolutionary War. His friendship with George Washington. His financial acumen which earned him the title: “Financier of the Revolutionary War.” Inevitably we comment on the beginning of the Inn as Morris’ house in 1710. The Inn’s history transports a gathering into a special moment.
If the new owner of the Inn is to succeed, he/she will have to build back its reputation and more. This requires continuity and continuity requires some level of profit.
Unless it has a destination reputation, it will keep changing hands. The new owner will have to be given some flexibility with the underlying assets to remain in for the long term. One question: what would the “financier”, Robert Morris, require?
Profitability is not a nice to have; it is a need to have. The Inn At Little Washington is a flickering image of possibility. The RMI setting is more dramatic, but profitability requires more than eye candy.
I presume that due diligence by a prospective buyer will necessarily explore the town government’s attitude before any paperwork is finalized. In Oxford it is not unusual to see an “Applications Pending” sign. If I were a prospective buyer, I would want a streamlined approval process. When I was in the broadcasting business, the most fraught time was during a pending license transfer application period at the Federal Communications Commission (FCC). The FCC had to approve the purchase.
One other thought. Commercial and industrial development agencies in States, Counties, Cities and special districts often offer financial incentives to attract investment and good jobs. I hope Maryland, Talbot County and Oxford are similarly motivated. The Robert Morris Inn is not a crown jewel, but a colonial one well worth preserving.
Final note about the Inn’s namesake: Morris was very bullish on America’s prospects after the war. According to historians this led him to acquire a great deal of land, using debt. The assumptions of rapid growth didn’t materialize and his debt brought him to bankruptcy before bankruptcy laws. A sound business model built on sound assumptions is not optional if success is going to result.
Al Sikes is the former Chair of the Federal Communications Commission under George H.W. Bush. Al writes on themes from his book, Culture Leads Leaders Follow published by Koehler Books.
Richard Marks contributed to this column.
Bryan McGrath says
I’d like to see a family take over the Inn, a big family, and that family would turn it into something akin to a Wisconsin Supper Club. Live on the premises (no more lodging) and serve a straightforward but copious menu of good food without aiming at gourmet. Make a mean Old Fashioned and the place would become even more famous.
Deirdre LaMotte says
I have enjoyed Robert Morris Inn as well: it’s historical importance
was always a draw but the welcoming, tavern atmosphere was its
best attribute. I would say rather than The Inn at Little Washington, I would hope it would retain its charm, not as a Michelin attraction, but as a lovely spot to gather. The Red Fox Tavern in Middleburg comes to mind.
Steve Goldman says
Dear Al: For the sake of historical accuracy please note that The Robert Morris Inn in Oxford, MD was NOT associated in any way to Robert Morris (Junior), who you refer to in your article as “the financier of the Revolution.” The Robert Morris who was the namesake of Oxford’s ROBERT MORRIS INN was Robert Morris, Sr, who was born in 1711 and died in 1750, some 25 years before the start of the American Revolution. The Robert Morris who was the “financier of the Revolution” was Robert Morris, Jr, and was the illegitimate son of Robert Morris, Sr. Robert Morris, Jr was born in 1734 and died in 1806. In fact Robert Morris, Jr (the “financier of the Revolution”) may never have actually lived in Oxford, MD as he lived for the great majority of his life in Philadelphia, PA. As a final note, Robert Morris, Jr (the “financier”) died in debtor’s prison for his failure to be able to pay his debts !! A trip to the Oxford Museum can fill in the details about the two Robert Morris’s. Other than that I enjoyed the nostalgia about the Robert Morris Inn.
Richard Marks says
Steve (and George),
Thanks for clarifying and for the history lesson. I hope you both agree that despite the correct attribution, the property is no less important to preserve for the town and residents.
R.
George Meyer says
Al, wrong Robert Morris. The inn is named for the senior and not the revolutionary patriot junior. Junior lived in Oxford for a few years as a teen.
Al Sikes says
Thank you for distinguishing between Sr. And Jr. I would suggest that the Inn’s owner have Oxford Museum oversee a room accentuating the Inn’s lineage.
Al Sikes says
Thank you for distinguishing between Sr. And Jr.
Wilson W Wyatt Jr says
The historic Robert Morris Inn deserves a thoughtful, resourceful buyer. It is one of the jewels of the Eastern Shore of the Chesapeake Bay! While I’m saddened to see it is “for sale,” I am reminded of the many outstanding memories when venturing to the Eastern Shore from Washington, D.C. (I now live in St. Michaels.) From Thanksgiving, Christmas, Easter, and other family celebratory occasions, to cocktails with friends before the stone fireplace, the Inn has been a treasure for us for many years. It’s a reason to come to the wonderful town of Oxford, whether by boat or car. I hope it settles on a wonderful new owner!
Thomas Eliason says
It’ll be tough to turn a profit at that price. Seems to me it sold for 1 mil the last time, and at that price it sat on the market for a long time.
Stuart Parnes says
What’s in a Name?
The letter Al Sikes wrote about the Robert Morris Inn was very timely and captured the feelings and concerns many of us here in Oxford have. The Inn is so central to our community’s identity that we all want to see it succeed.
But there is another problem beyond the peeling paint and sagging floors. The Inn and Morris Street are named for Englishman Robert Morris, who was born in Liverpool around 1710 and settled here in Oxford around 1738 as a merchant for the British trading company Foster Cunliffe & Sons. From his offices, located where the Inn now stands, he developed very profitable connections between Eastern Shore landowners and European markets. British vessels sailed regularly into Oxford’s harbor with European manufactured goods, indentured servants and occasionally enslaved Africans. They sailed out again with their holds full of tobacco, wheat and native lumber. More than any other single Oxford businessman, Morris was responsible for the town’s tremendous growth and prosperity in the 1740s and 50s.
Robert Morris died in 1750, at age 40, as the result a freak accident in Oxford’s harbor. He did not live to see the Revolution. In his will, he references “a youth now living in Philadelphia named Robert Morris, Jr.” though never actually called him “son.” As far as records show, Robert Jr. was born in Liverpool in 1735, arrived in Philadelphia as a young man. He never lived in Oxford or participated in his father’s commercial activities, but Junior became a shrewd and wealthy businessman in his own right. He was a patriot and a signer of the Declaration of Independence. He was appointed Minister of Finance for the United Colonies for which he is correctly recognized as the “Financier of the Revolution.”
The confusion of the two Roberts has always vexed Oxford residents, but with the most recent re-branding of the Inn and its dining room, Junior has replaced Senior to become Oxford’s most famous son. I know we live in an age of “alternative facts,” but could we please return Robert Sr. to his rightful place in our history and as the namesake of our beloved Inn?
Stuart Parnes
Curator, Oxford Museum
Peter Greenberg says
The Robert Morris Inn is a cornerstone of the historical district of Oxford. I agree that in the long term, a destination inn and restaurant makes the most sense financially. There is not enough business generated in such a small town to support what is needed to bring the property back. I think it would be smart for the town to take a more proactive role in supporting a new owner in the refurbishment of the inn. I am not suggesting the town take any kind of ownership stake in a new enterprise but marketing assistance in locating a compatible and financially able buyer with the right strategy and/or offering some kind of tax abatement makes sense to me.