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

Golf Trust Announces Expiration of Agreements To Sell Three Golf Courses To Emerald Dunes Golf Group CHARLESTON, SC, February 1, 2001-- Golf Trust of America, Inc. (AMEX:GTA) today announced that its agreements to sell the Emerald Dunes, Polo Trace and Cypress Creek golf courses have expired as a result of a failure by the proposed purchasers to satisfy applicable closing conditions in a timely manner. The three golf courses are located in the Palm Beach area of South Florida and the proposed purchasers are the current lessees of the golf courses, or their affiliates in the Emerald Dunes Golf Group. W. Bradley Blair, II, president and chief executive officer, stated, “Emerald Dunes, Polo Trace and Cypress Creek will remain subject to their lease agreements. While we will remain open to future negotiations with the current lessees of these golf courses, we will continue to consider other options available to us in the best interest of our shareholders.” Golf Trust of America, Inc. is a self-administered real estate investment trust (REIT) 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.