Golf Trust of America, Inc. Announces Sales of Brentwood Golf & Country Club and Club of the Country
February 1st, 2008
CHARLESTON, S.C.–(BUSINESS WIRE)–March 27, 2001
Golf Trust of America, Inc. (AMEX:GTA), a real estate investment trust (REIT), announced today that the Company has sold Brentwood Golf & Country Club and Club of the Country, two 18-hole golf courses, in separate transactions.
On March 20, the Company closed the sale of Brentwood Golf & Country Club, an 18-hole golf course, located in White Lake Township, Michigan for total consideration of $2.6 million. The Company had been operating the Brentwood golf course following the default of the original tenant. Separately, on March 16, the Company closed the sale of Club of the Country, an 18-hole golf course located in Louisburg, Kansas, for total consideration of $2.655 million.
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 42 (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, 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.