Golf Trust of America, Inc.
(AMEX: GTA)

Golf Trust of America, Inc. Announces Purchase of Two New Golf Courses CHARLESTON, SC, October 16, 1997 - Golf Trust of America, Inc. (AMEX:GTA), a self-administered real estate investment trust, today announced that the Company had acquired two new golf courses located in Georgia and Florida. Eagle Watch Golf Course, an 18-hole daily fee course designed by Arnold Palmer and located near Atlanta, Georgia, was acquired for approximately $6.4 million, including the issuance of operating units in GTA's operating partnership. Eagle Watch was owned by an affiliate of the prior owner of Olde Atlanta Golf Club, one of the ten courses acquired by GTA through its initial public offering. Eagle Watch is leased to an affiliate of its prior owner. Lost Oaks, formerly known as Tarpon Woods Golf & Country Club, an 18-hole daily fee course located near Tampa, Florida, was acquired for approximately $5.9 million in cash. GTA expects to fund an additional $1.25 million in upgrades and renovations to the facility. It is leased to an affiliate of Troon Golf Management, one of the leading golf course management, development and consulting companies in the U.S. Troon Golf, an affiliate of Starwood Capital Group, LLC, also operates the golf course facilities at the nearby Innisbrook Resort, which is security for a $79 million participating mortgage made by GTA to an affiliate of Starwood Capital Group, LLC. Each of the courses is leased for an initial term of 10 years with extension options. Both leases are structured so that GTA will participate in increased golf revenue from the facilities. Since the completion of its initial public offering, the Company has obtained interests in eight golf courses, for a total investment of over $100 million. Golf Trust of America, Inc., with headquarters in Charleston, South Carolina, is a self-administered REIT formed to capitalize on the consolidation opportunities in the ownership of golf courses in the United States. The Company's business strategy is to acquire high quality golf courses and lease them to qualified third party operators, including affiliates of the sellers. The Company currently has interests in 18 courses in Florida(5), South Carolina(4), Virginia(2), Georgia(2), Alabama, North Carolina, Texas, Ohio, Colorado and Nebraska. On September 30, 1997, the Company filed a registration statement with the Securities and Exchange Commission for the sale of an additional 3.0 million shares of common stock. # # # Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, quality of golf course lessees, the availability of equity and debt financing, interest rates and other risk factors as outlined in the Company's SEC reports, including the prospectus dated February 6, 1997 and the annual report on Form 10-K dated March 31, 1997.