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                           GOLF TRUST OF AMERICA, INC.
                (Name of Registrant as Specified In Its Charter)



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Golf Trust of America, Inc. issued the following press release on February 28,
2001:


AT THE COMPANY
W. Bradley Blair, II
President and Chief Executive Officer
Scott D. Peters
Chief Financial Officer
(843) 723-4653

FOR IMMEDIATE RELEASE
February 28, 2001


           GOLF TRUST OF AMERICA, INC. ANNOUNCES BOARD OF DIRECTORS'
                   UNANIMOUS ADOPTION OF PLAN OF LIQUIDATION

CHARLESTON, SC, FEBRUARY 28, 2001 - Golf Trust of America (AMEX: GTA) announced
today that the independent committee of the Board unanimously recommended and
the Board of Directors unanimously adopted a plan of liquidation for the Company
and its operating partnership. The plan is the result of a thorough review of
strategic alternatives that commenced in February of 2000.

Following review by the Securities and Exchange Commission (SEC), the plan of
liquidation will be submitted to a vote of GTA's common stockholders by means of
a proxy statement and special meeting. In accordance with the SEC's
requirements, GTA expects to file its preliminary proxy statement for SEC review
concurrently with its annual report on Form 10-K. Those filings will be
available for free on the SEC web site. Once the SEC review process is complete,
GTA will mail a copy of the definitive proxy statement to its stockholders,
together with instructions on voting procedures. Stockholders should read the
proxy statement carefully when it is available because it will contain important
information.

Management estimates that, if stockholders approve the plan, total liquidating
distributions to common stockholders will fall within the range of $10.43 to
$14.18 per share and will be paid within 12 to 24 months following stockholder
approval. This estimated distribution range is based on numerous assumptions,
notably including the sale prices of assets for which no definitive sale
agreements or letters of intent are in place. Although management believes its
assumptions are reasonable, the assumptions may prove to be inaccurate and the
ultimate amount of liquidating distributions to stockholders may be reduced or
delayed.

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In connection with the plan of liquidation, GTA has entered into a voting
agreement with its sole preferred stockholder, AEW Targeted Securities Fund,
L.P. Under the voting agreement, AEW has agreed, among other things, to vote in
favor of the plan of liquidation. GTA has agreed, among other things, to redeem
AEW's preferred stock at par as soon as practical following stockholder approval
of the plan and repayment of the Company's credit facility and other creditors.
GTA has further agreed that following any common dividend distribution for the
second quarter of 2001, GTA will make no further regular common dividend
distributions without AEW's consent until the preferred stock is redeemed.

Also, in connection with the plan of liquidation, GTA has entered into a
purchase and sale agreement with an affiliate of its largest lessee, Legends, to
sell to that affiliate the 12.5 (eighteen-hole equivalent) golf courses leased
by Legends. Total consideration payable by Legends' affiliate is valued at
$112.9 million, consisting of cash, redemption of Legends' operating partnership
units and up to a $5 million secured promissory note from Legends. GTA has the
right to terminate the sale if stockholders do not approve the plan of
liquidation. GTA may accept superior offers for these golf courses (other than
five Myrtle Beach courses) upon payment of a break-up fee to Legends. The sale
is also subject to customary closing conditions. Legends is affiliated with Mr.
Larry D. Young, one of the company's directors, who resigned from the Board upon
the Board's approval of this transaction.

Additionally, the Company has 7.5 other golf courses under definitive sale
agreements or non-binding letters of intent valued in the aggregate at $71.5
million. The Company can provide no assurances that these transactions will
close as contemplated. Previously, the Company announced in January the sale of
two Ohio golf courses for $10.65 million.

On February 15, 2001, GTA completed the sale of Persimmon Ridge, an 18-hole golf
course located in Kentucky, for $5.2 million to Persimmon Ridge Golf Course,
Inc., an affiliate of Persimmon Ridge Development Company. The sale terms
include the termination of the Persimmon Ridge lease agreement between Golf
Trust and Legends National Golf Management, LLC.

Commenting on the Company's proposed plan of liquidation, President and Chief
Executive Officer, W. Bradley Blair, II, stated, "The Board of Directors has
spent considerable time evaluating our alternatives during the past year. The
Board has unanimously approved the plan of liquidation and the sale of golf
courses to Legends and others and deems this to be in the best interests of our
stockholders."

Reviewing the challenging environment currently faced by GTA and other golf
course owners and operators, Mr. Blair added, "We believe our Company's
performance has been adversely impacted by economic conditions that have
affected the golf course industry, including the supply and demand imbalance,
and limited availability of debt and equity capital. This business environment
is particularly difficult for us since, as a REIT utilizing the triple-net lease
structure, we do not have control over the operation of our assets.
Unfortunately, we do not foresee a correction in these circumstances that would
result in a more advantageous result for our stockholders than the proposed
liquidation."

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In its review of strategic alternatives, GTA retained the services of Banc of
America Securities LLC and Houlihan Lokey Howard & Zukin, as financial advisors,
each of which rendered fairness opinions to the Company regarding the Legends
transaction or the plan of liquidation.

GTA has experienced lessee defaults over the past year and faces the risk of
additional defaults in the future. As a REIT, GTA's ability to operate golf
courses on its own following eviction of lessees is limited. The decline in
GTA's operating income as a result of lessee defaults has also created problems
for GTA under its senior credit agreements, which are currently in default.

Golf Trust of America, Inc. is a self-administered real estate investment trust
involved in the ownership of high-quality golf courses in the United States. The
Company currently owns an interest in 44 (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, WEAKNESSES IN THE MARKET FOR GOLF COURSE
DISPOSITIONS, POTENTIAL UNAVAILABILITY OF EQUITY AND DEBT FINANCING TO
PROSPECTIVE BUYERS OF THE COMPANY'S ASSETS, INTEREST RATES AND OTHER RISK
FACTORS AS OUTLINED IN THE COMPANY'S SEC REPORTS.


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