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

Golf Trust of America, Inc. Acquires 18-Hole Golf Facility Near Kansas City, Kansas CHARLESTON, SC, OCTOBER 20, 1997 -- Golf Trust of America, Inc. (AMEX:GTA), a self-administered real estate investment trust, today reported that the Company had closed its acquisition of the Club of the Country, an 18-hole private upscale golf course located near Kansas City, Kansas for $2.55 million in cash and the issuance of operating units in Golf Trust of America, L.P. The course will be leased to an affiliate of the seller and managed by Granite Golf Group Inc.(Bulletin Board:GGGI). The initial term of the lease will be 10 years with four 5-year options. The lease is structured to permit GTA to participate in increased golf revenue at the facility. Granite Golf also leases the Tiburon Golf Club located in Omaha, Nebraska, a 27-hole upscale course owned by Golf Trust of America, Inc. Commenting on the acquisition, W. Bradley Blair, II, President and Chief Executive Officer of Golf Trust of America, said, "This acquisition expands Golf Trust's geographic presence and further enhances its multiple independent lessee structure -- both essential elements of the Company's growth strategy. Additionally, our continued relationship with Granite Golf Group should provide the Company with additional acquisition opportunities in the future. Granite Golf presently manages over 30 courses in the United States." Elliot Lewis, Chairman of Granite Golf, stated, "Our continuing relationship with Golf Trust of America will enhance our ability to lease and manage golf courses throughout North America. We are excited by the opportunity to work with Golf Trust in this and future acquisitions." The Company funded the acquisition with proceeds of the $100 million line of credit provided by NationsBank, N.A. and three other lenders. Since the completion of its initial public offering, the Company has obtained interest in nine golf courses, for a total investment of over $100 million. Golf Trust of America, Inc., with headquarters in Charleston, SC, is a self-administered real estate investment trust (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 an interest in 19 courses located in Florida(5), South Carolina(4), Georgia(2), Virginia(2), Alabama, Kansas, Nebraska, North Carolina, Ohio, and Texas. On September 30, 1997, the Company filed a registration statement with the SEC 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, 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 16, 1997 and the annual report on Form 10-K dated March 31, 1997.