Patrick provided an excellent analysis below. I would like to expand on his analysis just a little so that the rationale is clearer, at least in my opinion.
Patrick showed that the last two digits must be 00. The rest of the digits must sum to 9 because 9 is a factor of 225.
The least number of digits, other than the 00, must be 5. Why? 2+2+2+2+1=9. If you convert a 2 into two 1's, you will then have 7 digits (other than the 00). This will result in a larger number. Likewise for converting more than one 2 into 1's.
Note that no combination of 2's and 1's with less than 5 digits can possibly add up to 9. 9/2 = 4 with a remainder of 1.
If you put any zeros into this number (other than a leading zero which will not change the number's value), you will make the number larger because it will have more digits.
If 2 is the first digit, it will be greater than any 5 digit number beginning with 1. Thus the least value will be 12222 which you tack on to 00, resulting in 1,222,200.