| Golf Trust of America Assigns Leases to Legends National Golf Managment
Legends National Golf Management expands course operations from South Carolina
Charleston, SC, August 30, 1999 – Golf Trust of America, Inc. (AMEX:GTA), the leading owner of premier golf properties, announced today that it has assigned four of its leases to Legends National Golf Management. These leases include Tiburon Golf Club in Nebraska, Persimmon Ridge in Kentucky, and Black Bear Golf Club and Silverthorn Country Club in Florida.
Larry D. Young, President of Legends National Golf Management and Legends Golf Group, stated, "Our goal is to expand our position in the management of golf facilities. We have been very successful in the Myrtle Beach area and we are thrilled with the opportunity to advance our company into new markets." In addition to the newly acquired leased properties, Legends Golf Group operates the Legends Resort (Heathland, Moorland and Parkland), Heritage Club, Oyster Bay and Marsh Harbor in South Carolina; Bonaventure Resort in Florida; and Royal New Kent and Stonehouse, both in Virginia and ranked in the top 100 courses in the United States.
W. Bradley Blair, II, President and Chief Executive Officer of Golf Trust of America, Inc., added, "We believe that Legends National Golf Management will be effective in providing new synergies and economies of scale in marketing and operations, which will add significant value to our properties."
Established in 1997, Golf Trust of America Inc. is a self-administered real estate investment trust, or REIT, formed to capitalize on the consolidation opportunities in the ownership of golf courses in the United States. Golf Trust of America’s portfolio contains 47 golf facilities, operated by 18 lessees, with locations in 17 states (Alabama, California, Florida, Georgia, Illinois, Kansas, Kentucky, Michigan, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Texas, Virginia and West Virginia).
More information on Golf Trust of America and associated golf courses may be found on its web site at www.golftrust.com. Golf Trust stock is publicly traded on the American Stock Exchange (AMEX:GTA).
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 statement 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 November 4, 1997 and the annual report on Form 10-K/A dated March 31, 1999.
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