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

Golf Trust of America, Inc. Announces Sale of Two Golf Courses for $10.65 Million AT THE COMPANY W. Bradley Blair, II President and Chief Executive Officer Scott D. Peters Chief Financial Officer (843)723-4653 CHARLESTON, SC, January 10, 2001 -- Golf Trust of America, Inc. (AMEX:GTA), a self-administered real estate investment trust, announced today that the Company has closed on the sale of Raintree Golf Course and Ohio Prestwick Country Club, two 18-hole golf courses located near Akron, Ohio, to the lessee, the prior owner of Raintree Golf Course, for total consideration of $10.65 million, recognizing a net book gain of $1.0 million. Proceeds from the sale will be used to reduce outstanding indebtedness. Commenting on the sale, W. Bradley Blair, II, president and chief executive officer stated, "The sale of Raintree and Ohio Prestwick is another step in our business plan, which includes the sale of certain assets in the ordinary course of business. We are pleased with the price obtained for these two courses, given their stable historical performance and national and local golf market economics." Mr. Blair further stated, "We expect to conclude other course sales in order to further enhance Golf Trust's financial position. Furthermore, we are nearing completion of a proposed plan of liquidation and proxy for submission to our board of directors for their consideration and, if approved, to shareholders for vote." Golf Trust of America, Inc. is a self-administered real estate investment trust involved in the ownership of high-quality golf courses in the United States. The Company currently owns an interest in 45 (eighteen-hole equivalent) golf courses. # # # 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.