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

GOLF TRUST OF AMERICA, INC. ANNOUNCES SALE OF WOODLANDS GOLF COURSE FOR $6.4 MILLION CHARLESTON, SC, May 7, 2001 -- Golf Trust of America, Inc. (AMEX:GTA), a real estate investment trust, announced today that the Company has sold Woodlands Golf Course for total consideration of $6.4 million. On May 1, the Company closed the sale of Woodlands Golf Course, an 18-hole golf course, located in Gulf Shores, Alabama, to Brights Creek Development Company, LLC, an affiliate of the lessee and previous owner of the golf course. Commenting on recent sales, W. Bradley Blair II, president and chief executive officer, stated “In our ordinary course of business, we have closed on the sale of 9.5 18-hole equivalent golf courses for total consideration of approximately $41 million.” Mr. Blair added, “I am encouraged by the sales prices received, which are meeting our expectations and the fundamentals of our plan of liquidation set forth in our special proxy to stockholders.” Golf Trust of America, Inc. will hold a special meeting of stockholders at 10:00 a.m. on May 22, 2001 to vote on the plan of liquidation, as set forth in the Company’s special proxy to stockholders of record as of April 6, 2001. Stockholders should read the proxy statement carefully because it contains important information, and submit their votes in a timely manner to ensure receipt prior to the recorded vote on May 22, 2001. The special meeting of stockholders will be held at The Charleston Place Hotel, located at 205 Meeting Street, Charleston, South Carolina. Golf Trust of America, Inc. is a real estate investment trust involved in the ownership of high-quality golf courses in the United States. The Company currently owns an interest in 37.5 (eighteen-hole equivalent) golf courses. Additional information, including an archive of all corporate press releases, is available over the Company’s website at www.golftrust.com. # # # 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.