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

Golf Trust of America, Inc. Acquires 18-Hole Golf Facility Near Orlando, Florida CHARLESTON, SC, DECEMBER 1, 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 Black Bear Golf Club, an 18-hole upscale golf course located near Orlando, Florida, for $4.1 million in cash and the issuance of operating units in Golf Trust of America, L.P. valued at approximately $650,000. The course will be leased to Granite Golf Group Inc.(Bulletin Board:GGGI). The initial term of the lease will be 10 years with six 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, and manages the Club of the Country located in Overland Park, Kansas, an 18-hole private upscale course, both 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 presence in Central Florida, and strengthens our relationship with Granite Golf Group, which presently manages over 30 courses in the United States." The Company funded the acquisition with proceeds of its recently completed follow-on equity offering which raised approximately $73 million. Since the completion of its initial public offering, the Company has obtained interest in ten golf courses, for a total investment of over $100 million. Golf Trust of America, Inc., with headquarters in Charleston, SC, 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 20 courses located in Florida(6), South Carolina(4), Georgia(2), Virginia(2), Alabama, Kansas, Nebraska, North Carolina, Ohio, and Texas. 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.