| Golf Trust of America, Inc. Announces the Consummation of its Sale of the Black Bear Golf Club
CHARLESTON, SC, September 27, 2004 - Golf Trust of America, Inc. (AMEX:GTA) announced today that on September 24, 2004 it consummated its sale of Black Bear Golf Club to Ashley Fields, LLC, a Florida limited liability company, for total consideration of $1.55 million. Black Bear Golf Club is an 18-hole public golf course located in Eustis, Florida.
Golf Trust of America, Inc., formerly a real estate investment trust, is now engaged in the liquidation of its interests in golf courses in the United States pursuant to a plan of liquidation approved by its stockholders. After the sale, the Company owns an interest in three properties (7.0 eighteen-hole equivalent golf courses). Additional information regarding Golf Trust of America, Inc. is available in Golf Trust's filings with the Securities and Exchange Commission and on the Company's website at www.golftrust.com.
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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.
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