U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934

     For the quarterly period ended MARCH 31, 2000

[ ]  Transition  Report  Pursuant  to  Section  13 or  15(d) of  the  Securities
     Exchange Act of 1934

     For the transition period from ______________ to ______________

     Commission file number 0-22132


                          BUCKHEAD AMERICA CORPORATION
                   (Exact name of registrant as specified in
                                  its charter)

              DELAWARE                                     58-2023732
(State or other jurisdiction of                          (IRS Employer
incorporation or organization)                        Identification No.)

     7000  CENTRAL  PARKWAY,  SUITE 850, ATLANTA,  GEORGIA  30328
     (Address  of principal executive offices)         (Zip Code)

                                 (770) 393-2662
              (Registrant's telephone number, including area code)

                                       N/A
   (Former name, former address and former fiscal year, if changed since last
                                    report.)

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No


                      APPLICABLE ONLY TO CORPORATE ISSUERS:

     Indicate the number of shares  outstanding of each of the issuer's  classes
of common stock, as of the latest practicable date: April 30, 2000

           Common stock, par value $.01 - 2,009,018 shares outstanding




<PAGE>

                         PART I - FINANCIAL INFORMATION

                          ITEM 1. FINANCIAL STATEMENTS


                          BUCKHEAD AMERICA CORPORATION
                                AND SUBSIDIARIES

                   Condensed Consolidated Financial Statements

                             March 31, 2000 and 1999

                                   (Unaudited)


                                       2
<PAGE>

                          BUCKHEAD AMERICA CORPORATION
                                AND SUBSIDIARIES

                      Condensed Consolidated Balance Sheets
                      March 31, 2000 and December 31, 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
<S>                                                                                     <C>                   <C>
                                                                                                 March 31,          December 31,
                                           Assets                                               2000                  1999
                                                                                        ------------------    ----------------------

  Current assets:
   Cash and cash equivalents, including restricted cash of
    $404,406 at March 31, 2000 and $486,160 at December 31, 1999                           $    1,395,212             2,390,856
   Investment securities, including restricted securities of
    $226,879 at March 31, 2000 and $215,849 at December 31, 1999                                1,322,561             1,312,256
   Accounts receivable, net                                                                     2,492,398             1,857,002
   Current portions of notes receivable, net                                                      489,686               517,870
   Property held for sale, net                                                                  7,261,976             8,114,083
   Other current assets                                                                           408,614               666,439
                                                                                        ------------------    ----------------------
                  Total current assets                                                         13,370,447            14,858,506

Noncurrent portions of notes receivable, net                                                    3,481,725             3,482,633
Property and equipment, at cost, net                                                           32,262,625            31,979,242
Deferred tax assets, net                                                                        2,968,000             2,788,000
Other assets                                                                                    5,400,539             5,606,320
                                                                                        ------------------    ----------------------
                                                                                           $   57,483,336            58,714,701
                                                                                        ==================    ======================

                           Liabilities and Shareholders' Equity

Current liabilities:
   Accounts payable and accrued expenses                                                   $    2,770,288             2,634,184
   Current portions of notes payable                                                            8,043,559             8,681,568
                                                                                        ------------------    ----------------------
                  Total current liabilities                                                    10,813,847            11,315,752

Noncurrent portions of notes payable                                                           23,770,231            24,097,774
Other liabilities                                                                                 398,323               396,266
                                                                                        ------------------    ----------------------
                  Total liabilities                                                            34,982,401            35,809,792
                                                                                        ------------------    ----------------------

Minority interest in partnerships                                                                 400,852               450,290

Shareholders' equity:
   Series A preferred stock; par value $100; 200,000 shares
      authorized; 30,000 shares issued and outstanding                                           3,000,000            3,000,000
   Common stock; $.01 par value; 5,000,000 shares authorized;
      2,094,655 shares issued and 2,020,278 and 2,029,313 shares
      outstanding at March 31, 2000 and December 31, 1999, respectively                            20,947                20,947
   Additional paid-in capital                                                                   7,854,921             7,854,921
   Retained earnings                                                                           11,955,589            12,234,054
   Accumulated other comprehensive loss                                                          (163,576)             (148,023)
   Treasury stock, 74,377 and 65,342 common shares
      at March 31, 2000 and December 31, 1999, respectively                                      (567,798)             (507,280)
                                                                                        ------------------    ----------------------
Total shareholders' equity                                                                     22,100,083            22,454,619
                                                                                        ------------------    ----------------------

                                                                                           $   57,483,336            58,714,701
                                                                                        ==================    ======================
</TABLE>

See accompanying notes to condensed consolidated financial statements.



                                       3
<PAGE>

                          BUCKHEAD AMERICA CORPORATION
                                AND SUBSIDIARIES

                Condensed Consolidated Statements of Income(Loss)
                   Three Months ended March 31, 2000 and 1999
                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                                                                         <C>                    <C>

                                                                                                   2000                  1999
                                                                                            --------------         -------------

Revenues:
    Hotel revenues                                                                          $   5,950,595             5,999,853
    Gains on property and leasehold interest sales                                                 -                    307,554
    Interest income                                                                               116,407               112,396
    Franchise fees, management fees, and other income                                             483,466               205,872
                                                                                            --------------         -------------
             Total revenues                                                                     6,550,468             6,625,675
                                                                                            --------------         -------------

Expenses:
    Hotel operations                                                                            4,933,097             5,153,793
    Other operating and administrative                                                            862,693               747,339
    Depreciation and amortization                                                                 421,445               470,359
    Interest                                                                                      715,448               799,802
                                                                                            --------------         -------------
         Total expenses                                                                         6,932,683             7,171,293
                                                                                            --------------         -------------

                  Income(loss) before income taxes                                               (382,215)             (545,618)

Deferred income tax benefit                                                                      (150,000)             (200,000)
                                                                                            --------------         -------------

                  Net income(loss)                                                          $    (232,215)             (345,618)
                                                                                            ==============         =============


Net income(loss) per common share:
    Basic                                                                                   $       (0.15)                (0.22)
                                                                                            ==============         =============
    Diluted                                                                                 $       (0.15)                (0.22)
                                                                                            ==============         =============

Weighted average number of shares used to
   calculate net  income(loss) per common share:
    Basic                                                                                       2,026,176             1,944,602
                                                                                            ==============         =============

    Diluted                                                                                     2,026,176             1,944,602
                                                                                            ==============         =============
</TABLE>

See accompanying notes to condensed consolidated financial statements.


                                       4
<PAGE>
                          BUCKHEAD AMERICA CORPORATION
                                AND SUBSIDIARIES

                 Condensed Consolidated Statements of Cash Flows
                   Three Months Ended March 31, 2000 and 1999
                                  (Unaudited)
<TABLE>
<CAPTION>
<S>                                                                                         <C>                 <C>
                                                                                                    2000                  1999
                                                                                            --------------      ----------------


Cash flows from operating activities:
    Net income(loss)                                                                        $    (232,215)             (345,618)
Adjustments to reconcile net income(loss)
      to net cash provided by(used in) operating activities:
        Depreciation and amortization                                                             421,445               470,359
        Gains on property and leasehold interest sales                                             -                   (307,554)
        Deferred income tax expense(benefit)                                                     (150,000)             (200,000)
        Other, net                                                                               (127,221)             (190,649)
                                                                                            --------------      ----------------
             Net cash provided by(used in) operating activities                                   (87,991)             (573,462)
                                                                                            --------------      ----------------

Cash flows from investing activities:
    Principal receipts on notes receivable                                                        129,092               60,309
    Originations of notes receivable                                                             (100,000)              (90,000)
    Capital expenditures                                                                         (624,917)             (901,414)
    Proceeds from property and leasehold interest sales, net                                      267,260               262,205
                                                                                            --------------      ----------------
             Net cash provided by (used in) investing activities                                 (328,565)             (668,900)
                                                                                            --------------      ----------------

Cash flows from financing activities:
    Repayments of notes payable                                                                  (379,992)             (351,084)
    Proceeds from notes payable                                                                    14,440             1,366,518
    Distributions to minority interest partners                                                  (106,768)              (41,181)
    Other, net                                                                                   (106,768)               68,800
                                                                                            --------------      ----------------
             Net cash provided by (used in) financing activities                                 (579,088)            1,043,053
                                                                                            --------------      ----------------

Net increase (decrease) in cash and cash equivalents                                             (995,644)             (199,309)

Cash and cash equivalents at beginning of period                                                2,390,856             1,604,194
                                                                                            --------------      ----------------

Cash and cash equivalents at end of period                                                  $   1,395,212             1,404,885
                                                                                            ==============      ================
</TABLE>

See accompanying notes to condensed consolidated financial statements.



                                       5
<PAGE>
                          BUCKHEAD AMERICA CORPORATION
                                AND SUBSIDIARIES

              Notes to Condensed Consolidated Financial Statements
                             March 31, 2000 and 1999
                                   (Unaudited)

(1)  Basis of Presentation

     The accompanying  unaudited condensed  consolidated financial statements do
     not include all of the  information  and  footnotes  required by  generally
     accepted accounting  principles for complete financial  statements.  In the
     opinion of management,  all  adjustments  (consisting  of normal  recurring
     accruals)  considered necessary for a fair presentation have been included.
     The  results  of  operations  for  interim   periods  are  not  necessarily
     indicative of the results that may be expected for a full year or any other
     interim period.  For further  information,  see the consolidated  financial
     statements  included  in the  Company's  Form  10-KSB  for the  year  ended
     December 31, 1999.

(2)  Comprehensive Income (Loss)

     Comprehensive  income(loss)  for the three  months ended March 31, 2000 and
     1999 was $(247,768) and $(306,736), respectively.

(3)  Segment Information

     Condensed  operating  results for each Company segment for the three months
     ended March 31, 2000 and 1999 is presented below:

<TABLE>
<CAPTION>
<S>                                <C>
                                                                Three months ended March 31, 2000
                                      Hotel            Hotel           Hotel      Development
                                    Ownership       Management      Franchising   & Corporate       Eliminations   Consolidated
                                   ------------     ----------      -----------   -----------        ---------     -------------
        Revenues                   $ 5,950,595        439,569         442,538        130,393         (412,627)        6,550,468
        Expenses                     5,046,631        514,662         256,806        390,318         (412,627)        5,795,790
                                   ------------     ----------      -----------   -----------        ---------     -------------

           EBITDA*                     903,964        (75,093)        185,732       (259,925)                           754,678
                                   ------------     ----------      -----------   -----------        ---------     -------------

        Depreciation                   352,502         31,443          31,500          6,000                            421,445
        Interest                       559,525         -               -             155,923                            715,448
                                   ------------     ----------      -----------   -----------        ---------     -------------

        Income(loss) before
           income taxes            $    (8,063)      (106,536)        154,232       (421,848)                          (382,215)
                                   ============     ==========      ===========   ===========        =========     =============


                                                                Three months ended March 31, 1999
                                      Hotel            Hotel           Hotel      Development
                                    Ownership       Management      Franchising   & Corporate       Eliminations   Consolidated
                                   ------------     ----------      -----------   -----------        ---------     -------------
        Revenues                   $ 5,999,853        313,563         255,982        423,600         (367,323)        6,625,675
        Expenses                     5,244,539        432,168         301,536        290,212         (367,323)        5,901,132
                                   ------------     ----------      -----------   -----------        ---------     -------------

           EBITDA*                     755,314       (118,605)        (45,554)       133,388                            724,543
                                   ------------     ----------      -----------   -----------        ---------     -------------

        Depreciation                   430,337          7,022          30,000          3,000                            470,359
        Interest                       637,158         -               -             162,644                            799,802
                                   ------------     ----------      -----------   -----------        ---------     -------------

        Income(loss) before
           income taxes            $  (312,181)      (125,627)        (75,554)       (32,256)                          (545,618)
                                   ============     ==========      ===========   ===========        =========     =============
</TABLE>


     * Earnings before interest, taxes, depreciation, and amortization

                                       6
<PAGE>

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS.

Material Changes in Financial Condition.

The Company  experienced  negative cash flow from  operations  of  approximately
$88,000 during the first quarter of 2000. The Company also repaid  approximately
$380,000 of debt  obligations  and  invested  approximately  $625,000 in capital
expenditures for improvements and replacements on existing properties and on new
construction.  The combined effect of these and other  activities  resulted in a
decrease in cash of approximately $1 million from December 31, 1999. As has been
previously  disclosed,  the  Company's  hotel  operations  are highly  seasonal.
Historically,  the  Company's  hotel  revenues and  operating  profits have been
stronger during the second and third quarters as opposed to the first and fourth
quarters.  Management  expects this trend to continue and believes that adequate
additional  cash  reserves  will be  generated  from  second  and third  quarter
operations. Management further believes that the Company's present liquidity and
existing  funding  commitments  are adequate to sustain  current  operations and
currently projected capital expenditures.

The Company presently has two Country Hearth Inns under construction. Franchisee
developers have an additional 24 properties under development, most of which are
expected to open in 2000.  Three new Country Hearth Inns have opened in 2000 and
the Company terminated one license agreement resulting in 51 Country Hearth Inns
open as of April 30, 2000.

The Company sold a 40-room property in Wharton,  Texas in January 2000 resulting
in net cash proceeds of approximately $267,000.  Also, a mortgage obligation was
reduced by $600,000 in  connection  with the sale.  The  property  continues  to
operate as a Country Hearth Inn. Three other hotel  properties (one in Texas and
two in Georgia) remain held for sale.

Material Changes in Results of Operations.

First quarter 2000 income(loss)  before taxes improved by $163,403 from the same
period in 1999.  Excluding the $307,554  nonrecurring  real estate gain in 1999,
such  improvement  amounted to $470,957.  Such first  quarter  2000  improvement
resulted from increased  profitability  in all three of the Company's  operating
segments (hotel ownership, hotel management, and hotel franchising).

Owned and  leased  hotel  earnings  before  interest,  taxes,  depreciation  and
amortization  ("EBITDA")  increased  20% from 1999 to $903,964 in the 2000 first
quarter. Such increase primarily results from increased profits on hotels leased
from Host Funding,  increased profit margin at the Company's  Orlando hotel, and
from  1999  openings  and  stabilization  of 1998  openings  of new  Rural  Gold
properties.

Owned and leased hotel first  quarter loss before  income taxes was reduced from
$312,181 in 1999 to $8,063 in 2000.  Such reduction  resulted from the increased
EBITDA  discussed above and from the elimination of interest and depreciation on
the  Company's  Orlando  Country  Hearth  Inn which was sold in June  1999,  but
continues to be operated under a lease agreement.

Hotel  management  EBITDA improved 37% and loss before income taxes improved 15%
in the first  quarter  of 2000.  Such  improvements  result  primarily  from the
additional  third party hotel  management  contracts  entered  into during 1999.
Hotel  management  revenues  are based on managed  hotel gross  revenues and are
therefore  subject to the same  seasonality  fluctuations  as experienced in the
owned and leased hotels.

Hotel   franchising   EBITDA  and  income  before  income  taxes   increased  by
approximately  $230,000  in the first  quarter of 2000 versus the same period in
1999. Such improvement  results from additional  franchise property openings and
from an approximate $45,000 decrease in franchising payroll and other expenses.

Hotel development  results in 1999 included gains of $307,554 resulting from the
sale of leasehold  interests in three hotels. The hotel sold in January 2000 had
been adjusted to its net realizable value in 1999, thus no 2000 gain or loss was
recognized. Nonsegment interest income and expense was approximately the same in
the first quarters of 2000 and 1999.

Corporate  expenses  increased  approximately  $100,000 in the first  quarter of
2000.   Approximately  $45,000  of  such  increase  resulted  from  nonrecurring
professional fee charges.  Corporate payroll increased approximately $32,000 and
various other expense categories account for the remaining increase.

The Company files income tax returns and recognizes income tax expense (benefit)
on an annual calendar basis. The deferred income tax benefits  recognized in the
first quarters of 2000 and 1999 represent  management's  estimates of the impact
on the annual income tax expense  (benefit)  which  results from such  quarter's
operations.

                                       7
<PAGE>
Risk Factors.

This Form 10-Q  contains  forward  looking  statements  that  involve  risks and
uncertainties.  Statements  contained in this Form 10-Q that are not  historical
facts are forward looking statements that are subject to the safe harbor created
by the Private  Securities  Litigation  Reform Act of 1995. The Company's actual
results may differ  significantly  from the results  indicated  by such  forward
looking statements.

The  Company is subject to a number of risks,  including  the  general  risks of
investing in real estate, the illiquidity of real estate,  environmental  risks,
possible  uninsured or under insured  losses,  fluctuations  in property  taxes,
hotel operating  risks,  the impact of  competition,  the difficulty of managing
growth, seasonality,  the risks inherent in operating a hotel franchise business
and hotel  management  business,  and the risks involved in hotel renovation and
construction.  For a discussion of these and other risk  factors,  see the "RISK
FACTOR" section  contained in the Company's  Registration  Statement on Form S-3
(File No. 333-37691).



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As of March 31, 2000, the Company's  obligations included four variable mortgage
notes with aggregate  principal  balances of $2,940,576  which mature at various
dates  through  2015.  The Company is exposed to the market risk of  significant
increases in future interest rates. Each incremental point in the prime interest
rate would increase the Company's interest expense by approximately  $29,000 per
year. This risk is somewhat mitigated in that inflationary increases in interest
rates would theoretically result in increases in average hotel room rates. Also,
significant  increases  in  interest  rates  would  have a  dampening  effect on
additions of competitive hotels in the Company's markets.

At March 31, 2000, the Company's  unrestricted  investment  securities  included
equity  securities  valued at  $96,125.  The Company is exposed to the risk that
such  securities  will become  worthless.  The Company's  restricted  investment
securities also include equity securities.  Such restricted  securities comprise
the assets of the Company's deferred  compensation plan and changes in the value
of such securities have no net impact on the Company's earnings.

The ultimate  collection of the Company's notes receivable is subject to various
credit risks. Such risks and the Company's  approach to valuing such instruments
is discussed in the Company's December 31, 1999 Form 10-KSB.






                                       8
<PAGE>
                           PART II - OTHER INFORMATION



ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

During 1999, the Company  temporarily  suspended  payments of Series A preferred
stock dividends due to liquidity requirements created by the seasonal aspects of
the Company's  hotel  operations.  Such  preferred  dividends are cumulative and
would be required to be paid prior to any distributions to common  shareholders.
As of May 10, 2000, a total of $143,750 of Series A preferred  dividends were in
arrears.  The holders of the Series A preferred stock have tentatively agreed to
forgive  the  cumulative  preferred  dividends  in arrears in  exchange  for the
settlement of certain claims the Company has against them.



ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) EXHIBIT INDEX

       Exhibit             Description

       3(i)         Articles  of  Incorporation.(Incorporated  by  reference  to
                    Exhibit 3(i) to the Registrant's  Registration  Statement on
                    Form 10-SB  (No.0-22132)  which became effective on November
                    22, 1993.)

       3(i)(a)      Certificate of Amendment of  Certificate  of  Incorporation.
                    (Incorporated   by  reference  to  Exhibit  3(i)(a)  to  the
                    Registrant's  Annual  Report on Form  10-KSB  for the fiscal
                    year ended December 31, 1994.)

       3(i)(b)      Certificate of Amendment of  Certificate  of  Incorporation.
                    (Incorporated   by   reference   to  Appendix   "A"  to  the
                    Registrant's  Definitive  Proxy  Statement  filed  with  the
                    Securities and Exchange Commission on June 9, 1997.)

       3(i)(c)      Certificate of Amendment of  Certificate  of  Incorporation.
                    (Incorporated   by   reference   to  Appendix   "A"  to  the
                    Registrant's  Definitive  Proxy  Statement  filed  with  the
                    Securities and Exchange Commission on May 5, 1998.)

       3(ii)        By-Laws  -  Amended  and  Restated  as  of  June  27,  1994.
                    (Incorporated   by  reference   to  Exhibit   3(ii)  to  the
                    Registrant's  Annual  Report on Form  10-KSB  for the fiscal
                    year ended December 31, 1994.)

       4(i)         Certificate of Designation, Preferences and Rights of Series
                    A  Preferred  Stock  of  the  Registrant.  (Incorporated  by
                    reference to Exhibit 3(i)(c) to the  Registrant's  Quarterly
                    Report on Form 10-QSB for the quarter  ended  September  30,
                    1997.)

       11*          Statement re: Computation of per share Earnings

       27*          Financial Data Schedule

-------------------------------

     * Filed herewith.


(b)  REPORTS ON FORM 8-K

The  Company  has not filed any reports on Form 8-K during the quarter for which
this report is filed.



                                       9
<PAGE>

                                  SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                          Buckhead America Corporation
                                                   (Registrant)



        May 15, 2000                      /s/ Douglas C. Collins
        ------------                      --------------------------------------
            Date                          Douglas C. Collins
                                          President and Chief Executive Officer



        May 15, 2000                      /s/ Robert B. Lee
        ------------                      --------------------------------------
            Date                          Robert B. Lee
                                          Senior Vice President and
                                          Chief Financial and Accounting Officer