Great American Resorts Purchases 51% Interest in Holiday Inn, Ocala, Florida

Business Wire, July 12, 1995

NORCROSS, Georgia--(BUSINESS WIRE)--July 12, 1995--Great American Resorts, Inc. (ELECTRONIC BULLETIN BOARD: GARRA) purchased a 51% interest in the Holiday Inn, Ocala, Florida on June 30, 1995 for $250,000 cash and 100,000 shares of Great American Resorts Class A common stock.

The cash will be used to renovate the hotel. The company intends to raise its ownership of the hotel to 85% by June 30, 1996 with an additional cash infusion of $750,000 which will also be used for renovations. The 272 room full service hotel includes a restaurant, lounge, conference facilities and pool. The hotel is valued at approximately $6,800,000, has about $6,000,000 in debt and generated approximately $4,700,000 in revenues in 1994 (unaudited). As of fiscal year end June 30, 1995 the purchase raises Great American's total properties to six and assets to approximately $16,000,000 (unaudited), an increase of nearly 300% over the fiscal year which ended June 30, 1994.

The Holiday Inn is centrally located in Florida and is near the world famous Glass Bottom Boat attraction, Silver Springs and Weeki Wachee Springs. The hotel is approximately 60 minutes from both east and west coasts of Florida and 75 minutes from the Orlando attractions. In addition to the company's other resort properties, the Holiday Inn is available for shareholders' use for their vacation weeks.

In other news, Great American was unable to agree on final contract terms for the previously announced purchase of another Holiday Inn located in Kissimmee, Florida. The first contract has expired and the company is in negotiations on a new contract with the hotel's owners.

CONTACT: Great American Resorts Inc.

Edward L. Bates, 404/476-3936

or

Financial Public Relations Ltd.

Investor Relations, 713/840-7500