<DESCRIPTION>EXHIBIT 3.3

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                           Third Amended and Restated



                                     BYLAWS



                                       of



                           GOLF TRUST OF AMERICA, INC.











                              Dated March 27, 2001







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                                TABLE OF CONTENTS



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                                                                             Page



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ARTICLE I.  OFFICES............................................................1

         Section 1. Principal Office...........................................1

         Section 2. Additional Offices.........................................1

         Section 3. Fiscal and Taxable Years...................................1

ARTICLE II.  DEFINITIONS.......................................................1

ARTICLE III.  MEETINGS OF SHAREHOLDERS.........................................1

         Section 1. Place......................................................1

         Section 2. Annual Meeting.............................................2

         Section 3. Special Meetings...........................................3

         Section 4. Notice.....................................................3

         Section 5. Organization...............................................4

         Section 6. Quorum.....................................................4

         Section 7. Voting.....................................................4

         Section 8. Proxies....................................................4

         Section 9. Voting of Shares by Certain Holders........................4

         Section 10. Inspectors................................................5

         Section 11. Determination of Shareholders of Record...................5

         Section 12. Action Without a Meeting..................................5

         Section 13. Voting by Ballot..........................................5

         Section 14. Control Share Acquisition Statute.........................6

ARTICLE IV.  DIRECTORS.........................................................6

         Section 1. General Powers.............................................6

         Section 2. Number, Tenure and Qualifications..........................6

         Section 3. Changes in Number Vacancies................................7

         Section 4. Resignations...............................................7

         Section 5. Removal of Directors.......................................7

         Section 6. Annual and Regular Meetings................................7

         Section 7. Special Meetings...........................................8

         Section 8. Notice.....................................................8

         Section 9. Quorum.....................................................8

         Section 10. Voting....................................................8

         Section 11. Telephone Meetings........................................8

         Section 12. Action Without a Meeting..................................8

         Section 13. Compensation..............................................8

         Section 14. Policies and Resolutions..................................9

ARTICLE V.  COMMITTEES.........................................................9

         Section 1. Committees of the Board....................................9

         Section 2. Telephone Meetings........................................10

         Section 3. Action By Committees Without a Meeting....................10

ARTICLE VI.  OFFICERS.........................................................10

         Section 1. General Provisions........................................10

         Section 2. Subordinate Officers, Committees and Agents...............10

         Section 3. Removal and Resignation...................................10

         Section 4. Vacancies.................................................11

         Section 5. General Powers............................................11

         Section 6. Chief Executive Officer...................................11

         Section 7. Chief Operating Officer...................................11

         Section 8. Chairman and Vice Chairman of the Board...................11

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