I am "friends" with the Channel Club on facebook, as we had our wedding there in August, 2010.
Seems they had a ton of damage... there was even a rumor that some boats went through their downstairs window and ended up in their cocktail hour room. They haven't confirmed that, but did say they expect to be closed until at least march for renovations.
Great place though, can't say enough nice things about Fred & Liz... really wish them the best.
Here are some pics from their facebook page:
http://www.facebook.com/media/set/?s...0545216&type=1