In its Oct. 17 cover story “Gib Bets On Death, the Post looks at the retiring Senator’s many business ventures”, the Post states: [“Senator Gib Armstrong’s] Historic Hamilton Suites that he bought in 2002 is currently for sale. The 58 units are available for a cool $3.657 million dollars. In the documents showing potential investors the costs and income, it reveals that Armstrong, who get 40% of profits, his monthly cash flow for this business is $34,840per month!”
WATCHDOG: NewsLanc questioned the Post about their calculations and its news editor forwarded the sales listing for the Hamilton Suites. The listing indicates $418,080 in annual revenue, $83,225 in expenses, with a profit of $334,855 or $27,904 monthly. If Armstrong has a 40% interest as the Post reports, his monthly earnings would amount to $11,162, not the erroneously reported $34,840 per month.
