Golf Trust of America CEO Reports on Hurricane Floyd Impact
W. Bradley Blair, II, President and Chief Executive of Golf Trust of America, describes impact of Hurricane Floyd on coastal Florida, South Carolina and Virginia golf courses
Charleston, SC, September 21, 1999 - In the aftermath of Hurricane Floyd, which hit Oak Island, North Carolina, on Wednesday, September 15, 1999, W. Bradley Blair, II, president and chief executive officer of Golf Trust of America, reported minimal impact on Golf Trust of America facilities in the coastal areas of Florida, South Carolina and Virginia.
Blair stated, "Hurricane Floyd brought high winds which left tree limbs and debris to be cleared on our coastal courses in Florida, South Carolina and Virginia. Golf course staff were able to return the day after the hurricane hit North Carolina, and we were open for golf one day later on Friday. One of the advantages of owning upscale properties is their ability to function under extreme circumstances by having the best available resources, and especially, management staff. Furthermore, it's important to note that hurricane season falls during the off season for our Southeast courses making any impact more manageable."
Ray Finch, president of Emerald Dunes Golf Group, and operator of Golf Trust of America courses, Emerald Dunes, Cypress Creek and Polo Trace, located in West Palm Beach, Florida, added, "We expect to lose one week of normal business, but we are fortunate that hurricane season falls during our off season. Even if our area received a direct hit from a large hurricane, our courses are not close enough to the ocean to experience a storm surge. Our primary concern would be those hotels which send us golf groups, but we have a strong tourism bureau staffed with people and budgets to get the message out that the area is open and ready for visitors."
Golf Trust of America headquarters, located in Charleston, South Carolina, received only sustained winds of 50 to 60 miles per hour from Hurricane Floyd. Blair emphasized, "We were prepared to reopen our office and work from Charlotte the day after an evacuation was ordered by the governor. Obviously, our main concern is for the golf courses and staff, and in that regard, we were very fortunate."
The last hurricane to make landfall in South Carolina was in 1989 when Hurricane Hugo crossed between Charleston and Myrtle Beach. Gary Edwards, managing director of Coastal South Carolina USA, commented, "Tourism is very important to our state, and since hosting The 1991 Ryder Cup, we have made golf a high priority. In fact, following Hurricane Hugo, the U.S. Department of Commerce funded grants to Coastal South Carolina USA, Myrtle Beach Golf Holidays, Myrtle Beach Area Chamber of Commerce, Charleston Area Convention & Visitors Bureau and South Carolina's Department of Parks, Recreation and Tourism, for the promotion of international tourism to counteract any negative publicity. Obviously, we prefer to never experience another hurricane, but we are better prepared today to protect our tourism industry as a result of Hurricane Hugo ten years ago."
Established in 1997, Golf Trust of America Inc. is a Charleston-based golf company, which owns or has interest in 47 golf courses across the country. Golf Trust is organized as 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. The company's strategy is to acquire high quality golf courses and lease them to qualified third party operators, including affiliates of the sellers.
More information on the Company 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 statements due to a number of factors including general economic conditions, competition for golf course acquisitions, risks that pending acquisitions may not close, 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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