FelCor Lodging Trust (FCH) 8-K FELCOR EXCEEDS SECOND QUARTER GUIDANCE •Raises Full Year Outlook

Exhibit 99.2

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Date of Issuance August 3, 2005

All dollar amounts shown in this report are in U.S. dollars unless otherwise noted.
This Supplemental Information is neither an offer to sell nor a solicitation to buy any securities of
FelCor. Any offers to sell or solicitations to buy any securities of FelCor shall be made only by
means of a prospectus.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

TABLE OF CONTENTS

	PAGE
CORPORATE DATA
About the Company		3
Board of Directors and Executive Officers		4
Equity Research Coverage		5
FINANCIAL HIGHLIGHTS
Supplemental Financial Data		6
Consolidated Statements of Operations		7
Discontinued Operations		8
Non-GAAP Financial Measures		8
Reconciliation of Net Loss to FFO and Adjusted FFO		9
Reconciliation of Net Loss to EBITDA, Adjusted EBITDA and Same-Store EBITDA		10
Hotel Operating Profit and Hotel Operating Margin		10
Hotel Operating Expense Composition		11
Debt Summary		15
PORTFOLIO DATA
Portfolio Distribution		17
Detailed Operating Statistics by Brand		18
Detailed Operating Statistics for FelCor’s Top Markets		19
Other Performance Statistics		20
Hotel Portfolio Information		21
Hotel Portfolio Listing		24

This supplement contains registered trademarks owned or licensed by companies other than us, which may include, but are not limited to, Courtyard by Marriott^®, Crowne Plaza^®, Disneyland^®, Doubletree^®, Doubletree Guest Suites^®, Embassy Suites Hotel^®, Fairfield Inn^®, Hampton Inn^®, Harvey Suites^®, Hilton^®, Hilton Suites^®, Holiday Inn^®, Holiday Inn & Suites^®, Holiday Inn Express^®, Holiday Inn Express & Suites^®, Holiday Inn Select^®, Sheraton^®, Sheraton Suites^®, Staybridge Suites^®, Walt Disney World^®, Worlds of Fun^® and Westin^®.

With the exception of historical information, the matters discussed in this supplement include “forward looking statements” within the meaning of the federal securities laws. Forward looking statements are not guarantees of future performance. Numerous risks and uncertainties, and the occurrence of future events, may cause actual results to differ materially from those currently anticipated. General economic conditions, including the anticipated continuation of the current economic recovery, the impact of U.S. military involvement in the Middle East and elsewhere, future acts of terrorism, the impact on the travel industry of increased fuel prices and increased security precautions, the impact that the bankruptcy of one or more major air carriers may have on our revenues and receivables, the availability of capital, the ability to effect sales of non-strategic hotels at anticipated prices, and numerous other factors may affect our future results, performance and achievements. Certain of these risks and uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that actual results will not differ materially.

2

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

CORPORATE DATA

About the Company

In 1994, FelCor Lodging Trust Incorporated went public as a real estate investment trust (REIT) with six hotels and a market capitalization of $120 million. At June 30, 2005, FelCor was one of the nation’s largest lodging REIT’s and the nation’s largest owner of full service, all-suite hotels. FelCor’s portfolio was comprised of 135 consolidated hotels, including 133 hotels in continuing operations and two hotels that were classified as “held for sale” and included in discontinued operations. For the 133 hotels included in continuing operations, the operating revenues and expenses are reflected in FelCor’s consolidated statements of operations because of our ownership interests of the operating lessees of these hotels. FelCor also owned 50% joint venture interests in five hotels whose operations were accounted for using the equity method. FelCor owned 69 full service, all-suite hotels, and was the largest owner of Embassy SuitesHotels and Doubletree Guest Suiteshotels. FelCor’s portfolio also included 61 hotels in the upscale and full service segments. The Company’s hotels were located in 31 states and Canada. FelCor had a market capitalization of approximately $3.2 billion at June 30, 2005.

Strategy

FelCor’s hotels are generally managed by the brand owners such as Hilton Hotels Corporation, InterContinental Hotels Group, and Starwood Hotels & Resorts. FelCor is competitively positioned to deliver superior long-term stockholder returns through its strong management team, diversified upscale and full-service hotels, and strategic brand manager alliances.

Stock and Debt Ratings

	Senior Unsecured Debt	Preferred Stock
Moody’s	B1	B3
Standard & Poors	B-	CCC

Stock Exchange Listing
Common Stock (NYSE: FCH)
$1.95 Series A Cumulative Convertible Preferred Stock (NYSE: FCHPRA)
9% Series B Cumulative Redeemable Preferred Stock (NYSE: FCHPRB)
8% Series C Cumulative Redeemable Preferred Stock (NYSE:FCHPRC)

Fiscal Year End
December 31

Number of employees
71

Corporate Headquarters
545 E. John Carpenter Frwy., Suite 1300
Irving, TX 75062
(972) 444-4900

Investor Relations Contact
Stephen A. Schafer
Vice President of Investor Relations
(972) 444-4912
sschafer@felcor.com Media Contact
Monica L. Hildebrand
Vice President of Communications
(972) 444-4917
mhildebrand@felcor.com

Information Request
information@felcor.com

3

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Board of Directors

Donald J. McNamara,Chairman of the Board
Principal, The Hampstead Group

Thomas J. Corcoran, Jr.
President and Chief Executive Officer, FelCor Lodging Trust Incorporated

Melinda J. Bush, C.H.A.
Chairman and Chief Executive Officer, HRW Holdings, LLC

Richard S. Ellwood
President, R.S. Ellwood and Co., Inc.

Richard O. Jacobson
Chairman of the Board, Jacobson Warehouse Company, Inc.

David C. Kloeppel
Executive Vice President and Chief Financial Officer, Gaylord Entertainment Company

Charles A. Ledsinger, Jr.
President and Chief Executive Officer, Choice Hotels International

Robert H. Lutz, Jr.
President, RL Investments, Inc.

Robert A. Mathewson
President, RGC, Inc.

Michael D. Rose
Chairman, Gaylord Entertainment Company

Executive Officers

Thomas J. Corcoran, Jr.,President and Chief Executive Officer

Richard A. Smith,Executive Vice President and Chief Financial Officer

Michael A. DeNicola,Executive Vice President and Chief Investment Officer

Lawrence D. Robinson,Executive Vice President, General Counsel and Secretary

Jack Eslick,Senior Vice President, Director of Asset Management

Lester C. Johnson,Senior Vice President, Controller and Principal Accounting Officer

June C. McCutchen,Senior Vice President, Director of Design and Construction

Larry J. Mundy,Senior Vice President,Director of Business Initiatives and Assistant General Counsel

Andrew J. Welch,Senior Vice President and Treasurer

4

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Equity Research Coverage

Firm	Analyst	Telephone
Deutsche Bank North America	Marc J. Falcone	(212) 469-7417
Friedman, Billings, Ramsey, & Co.	Gustavo Sarago	(703) 469-1042
Green Street Advisors	John V. Arabia	(949) 640-8780
JPMorgan Securities	Harry C. Curtis	(212) 622-6610
Legg Mason Wood Walker, Inc.	Rod F. Petrik	(410) 454-4131
Lehman Brothers	Felicia Kantor Hendrix	(212) 526-5562
Merrill Lynch	David W. Anders	(212) 449-2739
Prudential Equity Group, LLC	James W. Sullivan	(212) 778-2515
Smith Barney Citigroup	Michael J. Rietbrock	(212) 816-7777
UBS (US)	William B. Truelove	(212) 713-3098
Wachovia Securities	Jeffrey J. Donnelly	(617) 603-4262

5

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

FINANCIAL HIGHLIGHTS

Supplemental Financial Data
(in thousands, except per share information, ratios and percentages)

	June 30,			December 31,
	2005			2004
Total Enterprise Value
Common shares outstanding		60,164			59,817
Units outstanding		2,788			2,788
Combined shares and units outstanding		62,952			62,605
Common stock price at end of period	$	14.48		$	14.65
Common equity capitalization	$	911,545		$	917,163
Series A preferred stock		309,362			309,362
Series B preferred stock		34,395			169,395
Series C preferred stock		135,000			—
Consolidated debt		1,743,420			1,767,122
Minority interest of consolidated debt		(8,221	)		(5,618	)
Pro rata share of unconsolidated debt		103,839			109,146
Cash and cash equivalents		(124,945	)		(119,310	)
Total enterprise value (TEV)	$	3,104,395		$	3,147,260
TEV per room(a)	$	86		$	84
Pro rata rooms owned		36,061			37,338
Dividends Per Share
Dividends declared (quarter ended):
Series A preferred stock	$	0.4875		$	0.4875
Series B preferred stock (depositary shares)		0.5625			0.5625
Series C preferred stock (depositary shares)(b)		0.6333			—
Selected Balance Sheet Data
Investment in hotels, at cost(c)	$	3,887,365		$	3,904,397
Total cash and cash equivalents		124,945			119,310
Total assets		3,294,836			3,317,658
Total debt		1,743,420			1,767,122
Total stockholders’ equity		1,309,272			1,330,323
Total stockholders equity less preferred equity		830,515			851,566
Book value per common share outstanding		13.80			14.24

(a)	Based on pro rata rooms owned.
(b)	The dividend declared on the Series C preferred stock is pro rated to reflect the accrual of dividends from the date of issuance of such shares. The recurring quarterly dividend payment on the Series C preferred stock is $0.5000 per depositary share.
(c)	Investment in hotels, at cost, is defined as consolidated hotel book value (after impairment charges but before accumulated depreciation).

6

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Consolidated Statements of Operations
(in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Revenues:
Hotel operating revenue:
Room	$	262,294		$	241,784		$	500,837		$	466,622
Food and beverage		47,154			45,021			88,810			85,194
Other operating departments		16,105			15,640			30,834			30,624
Retail space rental and other revenue		120			180			276			425
Total revenues		325,673			302,625			620,757			582,865
Expenses:
Hotel departmental expenses:
Room		67,105			63,661			128,721			123,352
Food and beverage		35,856			35,275			68,748			67,676
Other operating departments		8,142			7,869			15,367			15,231
Other property related costs		89,903			84,240			177,841			167,230
Management and franchise fees		16,887			15,863			31,687			30,179
Taxes, insurance and lease expense		32,524			29,628			63,341			59,543
Corporate expenses		4,728			4,380			9,269			7,742
Depreciation		30,485			28,027			60,093			56,503
Asset disposition costs		—			—			650			—
Total operating expenses		285,630			268,943			555,717			527,456
Operating income		40,043			33,682			65,040			55,409
Interest expense, net		(33,471	)		(39,203	)		(66,170	)		(79,797	)
Charge-off of deferred financing costs		—			(3,944	)		—			(4,174	)
Impairment		(732	)		—			(732	)		—
Loss on early extinguishment of debt		—			(28,246	)		—			(28,246	)
Gain on swap termination		—			1,005			—			1,005
Income (loss) before equity in income from unconsolidated entities, minority interests and gain on sale of assets		5,840			(36,706	)		(1,862	)		(55,803	)
Equity in income from unconsolidated entities		3,837			2,691			4,968			3,673
Minority interests		111			1,617			975			2,764
Gain on sale of assets		389			—			389			—
Income (loss) from continuing operations		10,177			(32,398	)		4,470			(49,366	)
Discontinued operations		174			725			(2,133	)		(3,006	)
Net income (loss)		10,351			(31,673	)		2,337			(52,372	)
Preferred dividends		(9,809	)		(8,970	)		(19,900	)		(15,696	)
Issuance costs of redeemed preferred stock		(5,198	)		—			(5,198	)		—
Net loss applicable to common stockholders	$	(4,656	)	$	(40,643	)	$	(22,761	)	$	(68,068	)
Basic and diluted per common share data:
Net loss from continuing operations	$	(0.08	)	$	(0.70	)	$	(0.35	)	$	(1.10	)
Net loss	$	(0.08	)	$	(0.69	)	$	(0.38	)	$	(1.15	)
Weighted average common shares outstanding		59,404			58,950			59,363			58,952

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Discontinued Operations
(in thousands)

          Included in discontinued operations are the results of operations of the 18 hotels disposed of in 2004, two hotels designated as held for sale at June 30, 2005, and nine hotels disposed of in the first six months of 2005. Condensed financial information for the hotels included in discontinued operations is as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Operating revenue	$	6,166		$	32,811		$	14,240		$	68,186
Operating expenses		5,710			31,114			15,118			70,154
Operating income (loss)		456			1,697			(878	)		(1,968	)
Direct interest costs, net		(40	)		(534	)		(581	)		(1,060	)
Impairment loss		—			—			(559	)		—
Loss on sale of assets		(234	)		(1,214	)		(214	)		(941	)
Minority interests		(8	)		776			99			963
Income (loss) from discontinued operations		174			725			(2,133	)		(3,006	)
Depreciation		300			2,144			1,189			4,562
Minority interest in FelCor LP		8			37			(99	)		(154	)
Interest expense		40			536			583			1,064
EBITDA from discontinued operations		522			3,442			(460	)		2,466
Loss on sale of assets		234			1,214			214			941
Impairment loss		—			—			559			—
Asset disposition costs		—			—			650			4,900
Adjusted EBITDA from discontinued operations	$	756		$	4,656		$	963		$	8,307

Non-GAAP Financial Measures

          We refer in this supplement to certain “non-GAAP financial measures.” These measures, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, hotel operating profit and hotel operating margin, are measures of our financial performance that are not calculated and presented in accordance with generally accepted accounting principles (“GAAP”). The following tables reconcile each of these non-GAAP measures to the most comparable GAAP financial measure. Immediately following the reconciliations, we include a discussion of why we believe these measures are useful supplemental measures of our performance and of the limitations upon such measures.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Non-GAAP Financial Measures (continued)

Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
(in thousands, except per share data)

	Three Months Ended June 30,
	2005								2004
						Per Share								Per Share
	Dollars			Shares		Amount			Dollars			Shares		Amount
Net income (loss)	$	10,351							$	(31,673	)
Preferred dividends		(9,809	)							(8,970	)
Issuance costs of redeemed preferred stock		(5,198	)							—
Net loss applicable to common stockholders		(4,656	)		59,404	$	(0.08	)		(40,643	)		58,950	$	(0.69	)
Depreciation from continuing operations		30,485					0.51			28,027					0.47
Depreciation from unconsolidated entities and discontinued operations		2,604					0.04			3,991					0.07
Loss (gain) on sale of assets		(155	)				(0.00	)		1,214					0.02
Minority interest in FelCor LP		(216	)		2,788		(0.02	)		(2,078	)		3,033		(0.02	)
Conversion of options and unvested restricted stock		—			339		—			—					—
FFO		28,062			62,531	$	0.45			(9,489	)		61,983		(0.15	)
Charge off of deferred debt costs		—					—			3,944					0.06
Early extinguishment of debt		—								28,246					0.46
Impairment		732					0.01			—					—
Issuance costs of redeemed preferred stock		5,198					0.08			—					—
Gain on swap termination		—					—			(1,005	)				(0.02	)
Adjusted FFO	$	33,992			62,531	$	0.54		$	21,696			61,983	$	0.35

	Six Months Ended June 30,
	2005								2004
						Per Share								Per Share
	Dollars			Shares		Amount			Dollars			Shares		Amount
Net income (loss)	$	2,337							$	(52,372	)
Preferred dividends		(19,900	)							(15,696	)
Issuance costs of redeemed preferred stock		(5,198	)							—
Net loss applicable to common stockholders		(22,761	)		59,363	$	(0.38	)		(68,068	)		58,952	$	(1.15	)
Depreciation from continuing operations		60,093					1.01			56,503					0.96
Depreciation from unconsolidated entities and discontinued operations		5,758					0.10			8,182					0.14
Loss (gain) on sale of assets		(175	)				0.00			941					0.02
Minority interest in FelCor LP		(1,059	)		2,788		(0.06	)		(3,485	)		3,033		(0.07	)
Conversion of options and unvested restricted stock		—			319					—
FFO		41,856			62,470		0.67			(5,927	)		61,985		(0.10	)
Charge off of deferred debt costs		—								4,174					0.07
Early extinguishment of debt		—								28,246					0.46
Issuance costs of redeemed preferred stock		5,198					0.08			—					—
Asset disposition costs		1,300					0.02			4,900					0.08
Gain on swap termination		—					—			(1,005	)				(0.02	)
Impairment		1,291					0.02			—					—
Adjusted FFO	$	49,645			62,470	$	0.79		$	30,388			61,985	$	0.49

9

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Non-GAAP Financial Measures (continued)

Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA and Same-Store EBITDA
(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Net income (loss)	$	10,351		$	(31,673	)	$	2,337		$	(52,372	)
Depreciation from continuing operations		30,485			28,027			60,093			56,503
Depreciation from unconsolidated entities and discontinued operations		2,604			3,991			5,758			8,182
Minority interest in FelCor Lodging LP		(216	)		(2,078	)		(1,059	)		(3,485	)
Interest expense		34,273			39,798			67,614			81,114
Interest expense from unconsolidated entities and discontinued operations		1,687			1,943			4,007			3,791
Amortization expense		755			519			1,352			1,022
EBITDA		79,939			40,527			140,102			94,755
Charge off of deferred debt costs		—			3,944			—			4,174
Early extinguishment of debt		—			28,246			—			28,246
Asset disposition costs		—			—			1,300			4,900
Loss (gain) on sale of assets		(155	)		1,214			(175	)		941
Gain on swap termination		—			(1,005	)		—			(1,005	)
Impairment		732			—			1,291			—
Adjusted EBITDA		80,516			72,926			142,518			132,011
Adjusted EBITDA from discontinued operations		(756	)		(4,656	)		(963	)		(8,307	)
Same-Store EBITDA	$	79,760		$	68,270		$	141,555		$	123,704

Hotel Operating Profit and Hotel Operating Margin
(dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Total revenue	$	325,673		$	302,625		$	620,757		$	582,865
Retail space rental and other revenue		(120	)		(180	)		(276	)		(425	)
Hotel revenue		325,553			302,445			620,481			582,440
Hotel operating expenses		(250,417	)		(236,536	)		(485,705	)		(463,211	)
Hotel operating profit	$	75,136		$	65,909		$	134,776		$	119,229
Hotel operating margin		23.1	%		21.8	%		21.7	%		20.5	%

10

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Non-GAAP Financial Measures (continued)

Hotel Operating Expense Composition
(dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2005			2004			2005			2004
Hotel departmental expenses:
Room	$	67,105		$	63,661		$	128,721		$	123,352
Food and beverage		35,856			35,275			68,748			67,676
Other operating departments		8,142			7,869			15,367			15,231
Other property related costs:
Administrative and general		29,406			27,874			57,893			54,982
Marketing and advertising		27,553			25,946			53,859			50,874
Repairs and maintenance		17,518			16,314			34,495			32,666
Energy		15,426			14,106			31,594			28,708
Taxes, insurance and lease expense		32,524			29,628			63,341			59,543
Total other property related costs		122,427			113,868			241,182			226,773
Management and franchise fees		16,887			15,863			31,687			30,179
Hotel operating expenses	$	250,417		$	236,536		$	485,705		$	463,211
Reconciliation of total operating expense to hotel operating expense:
Total operating expenses	$	285,630		$	268,943		$	555,717		$	527,456
Corporate expenses		(4,728	)		(4,380	)		(9,269	)		(7,742	)
Depreciation		(30,485	)		(28,027	)		(60,093	)		(56,503	)
Asset disposition costs		—			—			(650	)		—
Hotel operating expenses	$	250,417		$	236,536		$	485,705		$	463,211
Supplemental information:
Compensation and benefits expense (included in hotel operating expenses)	$	100,618		$	97,084		$	196,571		$	189,629

     Substantially all of our non-current assets consist of real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminish predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to be helpful in evaluating a real estate company’s operations. These supplemental measures, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, hotel operating profit and hotel operating margin, are not measures of operating performance under GAAP. However, we consider these non-GAAP measures to be supplemental measures of a hotel REIT’s performance and should be considered along with, but not as an alternative to, net income as a measure of our operating performance.

FFO and EBITDA

     The White Paper on Funds From Operations approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), defines FFO as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with standards established by NAREIT.

11

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Non-GAAP Financial Measures (continued)

This may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do.

EBITDA is a commonly used measure of performance in many industries. We define EBITDA as net income or loss (computed in accordance with GAAP) plus interest expenses, income taxes, depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDA on the same basis.

Adjustments to FFO and EBITDA

     We adjust FFO and EBITDA when evaluating our performance because management believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted FFO, Adjusted EBITDA and Same-Store EBITDA, when combined with GAAP net income, EBITDA and FFO, is beneficial to an investor’s better understanding of our operating performance.

• Gains and losses related to early extinguishment of debt and interest rate swaps —We exclude gains and losses related to early extinguishment of debt and interest rate swaps from FFO and EBITDA because we believe that it is not indicative of ongoing operating performance of our hotel assets. This also represents an acceleration of interest expense or a reduction of interest expense, and interest expense is excluded from EBITDA.

• Impairment losses —We exclude the effect of impairment losses and gains or losses on disposition of assets in computing Adjusted FFO and Adjusted EBITDA because we believe that including these is not consistent with reflecting the ongoing performance of our remaining assets. Additionally, we believe that impairment charges and gains or losses on disposition of assets represent accelerated depreciation or excess depreciation, and depreciation is excluded from FFO by the NAREIT definition and from EBITDA.

• Cumulative effect of a change in accounting principle — Infrequently, the Financial Accounting Standards Board promulgates new accounting standards that require the consolidated statements of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments in computing Adjusted FFO and Adjusted EBITDA because they do not reflect our actual performance for that period.

     In addition, to derive Adjusted EBITDA, we adjust EBITDA for gains or losses on the sale of assets because we believe that including them in EBITDA is not consistent with reflecting ongoing performance of our remaining assets. Additionally, the gain or loss on sale of depreciable assets represents either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA.

12

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Non-GAAP Financial Measures (continued)

     To derive Same-Store EBITDA, we make the same adjustments to EBITDA as for Adjusted EBITDA and, additionally, exclude EBITDA from discontinued operations and gains and losses on the disposition of non-hotel related assets.

Hotel Operating Profit and Operating Margin

     Hotel operating profit and operating margin are commonly used measures of performance in the hotel industry and give investors a more complete understanding of the operating results over which our individual hotels and operating managers have direct control. We believe that hotel operating profit and operating margin is useful to investors by providing greater transparency with respect to two significant measures used by us in our financial and operational decision-making. Additionally, using these measures facilitate comparisons with other hotel REITs and hotel owners. We present hotel operating profit and hotel operating margin by eliminating corporate-level expenses, depreciation and expenses related to our capital structure. We eliminate corporate-level costs and expenses because we believe property-level results provide investors with supplemental information with respect to the ongoing operating performance of our hotels and the effectiveness of management in running our business on a property-level basis. We eliminate depreciation and amortization, even though depreciation and amortization are property-level expenses, because we do not believe that these non-cash expenses, which are based on historical cost accounting for real estate assets and implicitly assumes that the value of real estate assets diminishes predictably over time, accurately reflect an adjustment in the value of our assets.

Use and Limitations of Non-GAAP Measures

     Our management and Board of Directors use FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Same-Store EBITDA to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. Same-Store EBITDA is used to provide investors with supplemental information as to the ongoing operating performance of our hotels without regard to those hotels sold or held for sale at the date of presentation. We use hotel operating margin in evaluating hotel-level performance and the operating efficiency of our hotel managers.

     The use of these non-GAAP financial measures have certain limitations. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, hotel operating profit and hotel operating margin, as presented by us, may not be comparable to FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, hotel operating profit and hotel operating margin as calculated by other real estate companies. These measures do not reflect certain expenses that we incurred and will incur, such as depreciation, interest and capital expenditures. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the GAAP financial measures, and our consolidated statements of operations and cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Non-GAAP Financial Measures (continued)

     These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. Neither should FFO, FFO per share, Adjusted FFO, Adjusted FFO per share, EBITDA, Adjusted EBITDA or Same-Store EBITDA be considered as measures of our liquidity or indicative of funds available for our cash needs, including our ability to make cash distributions. FFO per share does not measure, and should not be used as a measure of, amounts that accrue directly to the benefit of stockholders. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, hotel operating profit and hotel operating margin reflect additional ways of viewing our operations that we believe when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Debt Summary
(dollars in thousands)

Debt Outstanding

	Encumbered	Interest Rate at			Maturity	Consolidated
	Hotels	June 30, 2005			Date	Debt
Promissory note	none		5.14		June 2016	$	650
Senior unsecured term notes	none		7.63		October 2007		122,892
Senior unsecured term notes	none		9.00		June 2011		298,535
Senior unsecured term notes	none		7.79	(a)	June 2011		290,000
Total unsecured debt			8.27				712,077
Mortgage debt	9 hotels		6.52		July 2009-2014		105,189
Mortgage debt	6 hotels		4.74	(b)	August 2007		85,511
Mortgage debt	10 hotels		5.13	(b)	May 2006		142,905
Mortgage debt	15 hotels		7.24		Nov. 2007		125,779
Mortgage debt	7 hotels		7.32		April 2009		128,966
Mortgage debt	6 hotels		7.55		June 2009		67,306
Mortgage debt	8 hotels		8.70		May 2010		174,066
Mortgage debt	7 hotels		8.73		May 2010		134,660
Mortgage debt	1 hotel		5.81		August 2008		15,500
Mortgage debt	1 hotel		7.23		October 2005		10,189
Mortgage debt	3 hotels		7.48		April 2011		25,022	(c)
Mortgage debt	1 hotel		7.91		December 2007		10,585
Other	1 hotel		9.17		August 2011		5,665
Total secured debt	75 hotels		7.25				1,031,343
Total			7.66	%		$	1,743,420

(a)	The stated interest rate on this debt is LIBOR (3.53% at June 30, 2005) plus 4.25%. We have swapped $100 million of this floating rate debt for a fixed rate of 7.80%. The resulting weighted average rate on these notes was 7.79% at June 30, 2005.
(b)	This debt has two, one-year extension options, subject to certain contingencies.
(c)	$22 million of this debt was extinguished in July upon the surrender of the two hotels to their non-recourse mortgage holder. The remainder of this debt is expected to be extinguished in the third quarter upon the surrender of the remaining hotel to its non-recourse mortgage holder.

Fixed interest rate debt to total debt		74.6	%
Weighted average maturity of debt	5 years
Secured debt to total assets		31.3	%

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Debt Summary (continued)

At June 30, 2005, future scheduled principal payments on outstanding debt are as follows (in thousands):

	Secured			Unsecured
Year	Debt			Debt			Total
2005	$	21,212	(a)	$	—		$	21,212
2006		160,797	(b)		—			160,797
2007		148,383			125,000			273,383
2008		33,946			—			33,946
2009 and thereafter		667,382			590,650			1,258,032
Premium/(discount)		(377	)		(3,573	)		(3,950	)
Total debt	$	1,031,343		$	712,077		$	1,743,420

(a)	Includes a $10.2 million of a non-recourse mortgage note that matures in October 2005.
(b)	Included is a $145 million non-recourse mortgage loan maturing in 2006, that has two, one-year extension options, subject to certain contingencies.

     At June 30, 2005, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 19 hotels. These ventures had approximately $208 million of non-recourse mortgage debt, all of which is secured by hotel assets. Our pro rata share of this non-recourse debt is $104 million.

Financing transactions in 2005:

     On April 8, 2005, we completed the issuance of 5.4 million depositary shares representing our 8% Series C preferred stock, with gross proceeds of $135 million. The gross proceeds were used to redeem a like number of depositary shares representing our 9% Series B preferred stock. In the second quarter we recorded a reduction in net income available to common stockholders of $5 million for the original issuance cost of the preferred shares redeemed. This transaction will reduce preferred dividends by approximately $1.4 million annually to $39 million. Following the redemption, we had approximately $34 million of our Series B preferred stock outstanding.

     In July 2005, we made the initial draw of $3.8 million on our $69.8 million recourse construction loan, for the development of a 184-unit condominium project in Myrtle Beach, South Carolina. The interest on this facility is currently based on LIBOR plus 225 basis points and will be capitalized as part of the cost of the project. The interest rate may be reduced to LIBOR plus 200 basis points when the project is 55% complete and upon satisfaction of certain other requirements. The facility matures in the fourth quarter of 2007.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

PORTFOLIO DATA

Portfolio Distribution at June 30, 2005
(130 consolidated hotels included in continuing operations, same store basis)

					% of			% of 2004 Hotel
Brand	Hotels		Rooms		Total Rooms			Operating Profit(a)
Embassy Suites Hotel		55		13,925		37	%		52	%
Holiday Inn-branded		36		12,221		32			22
Sheraton-branded		10		3,269		9			10
Doubletree-branded		10		2,206		6			6
Crowne Plaza		12		4,025		11			5
Other		7		1,811		5			5

					% of			% of 2004 Hotel
Top Markets	Hotels		Rooms		Total Rooms			Operating Profit
Atlanta		10		3,061		8	%		9	%
Dallas		12		3,586		10			5
Los Angeles Area		6		1,435		4			5
Orlando		6		2,219		6			5
Boca Raton/Ft. Lauderdale		4		1,118		3			4
New Orleans		2		746		2			4
Minneapolis		4		955		3			4
Philadelphia		3		1,174		3			3
San Diego		1		600		2			3
Phoenix		3		798		2			3
San Antonio		4		1,189		3			3
Northern New Jersery		3		759		2			3
Chicago		4		1,239		3			3
San Francisco Bay Area		8		2,690		7			3
Houston		4		1,403		4			3
Washington DC		1		437		1			3

					% of			% of 2004 Hotel
Top Four States	Hotels		Rooms		Total Rooms			Operating Profit
California		19		5,536		15	%		16	%
Texas		26		7,515		20			14
Florida		16		5,343		14			12
Georgia		12		3,415		9			9

					% of			% of 2004 Hotel
Location	Hotels		Rooms		Total Rooms			Operating Profit
Suburban		58		14,743		39	%		39	%
Urban		31		10,069		27			27
Airport		26		8,183		22			22
Resort		13		4,044		11			12
Interstate		2		418		1			0

					% of			% of 2004 Hotel
Segment	Hotels		Rooms		Total Rooms			Operating Profit
Upscale all-suite		68		16,791		45	%		59	%
Full service		37		12,385		33			23
Upscale		23		7,843		21			17
Limited service		2		438		1			1

^(a) Hotel operating profit is more fully described on page 13 of this supplement.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Detailed Operating Statistics by Brand
(130 consolidated hotels included in continuing operations, same store basis)

	Occupancy (%)
	Three Months Ended June 30,							Six Months Ended June 30,
	2005		2004		%Variance			2005		2004		% Variance
Embassy Suites Hotels		76.5		72.6		5.3			73.7		71.2		3.6
Holiday Inn-branded hotels		70.6		69.1		2.2			66.8		65.7		1.7
Sheraton-branded hotels		67.3		66.0		2.0			64.5		65.0		(0.8	)
Doubletree-branded hotels		72.2		70.1		3.1			68.7		69.4		(1.0	)
Crowne Plaza hotels		70.1		65.2		7.6			66.8		63.4		5.3
Other hotels		61.6		64.5		(4.5	)		59.2		59.4		(0.3	)
Total hotels		72.1		69.5		3.7			68.9		67.4		2.3

	ADR ($)
	Three Months Ended June 30,						Six Months Ended June 30,
	2005		2004		% Variance		2005		2004		% Variance
Embassy Suites Hotels		121.15		117.39		3.2		123.54		118.31		4.4
Holiday Inn-branded hotels		88.75		83.31		6.5		86.75		82.28		5.4
Sheraton-branded hotels		111.02		96.82		14.7		109.48		97.19		12.6
Doubletree-branded hotels		110.96		105.10		5.6		112.28		104.45		7.5
Crowne Plaza hotels		101.57		96.44		5.3		97.22		92.79		4.8
Other hotels		102.73		95.57		7.5		97.32		91.44		6.4
Total hotels		106.57		100.83		5.7		106.27		100.50		5.7

	RevPAR ($)
	Three Months Ended June 30,						Six Months Ended June 30,
	2005		2004		% Variance		2005		2004		% Variance
Embassy Suites Hotels		92.63		85.23		8.7		91.08		84.22		8.1
Holiday Inn-branded hotels		62.65		57.56		8.8		57.95		54.07		7.2
Sheraton-branded hotels		77.87		63.10		23.4		73.11		61.63		18.6
Doubletree-branded hotels		74.65		69.36		7.6		72.43		67.94		6.6
Crowne Plaza hotels		73.35		67.58		8.5		66.75		64.35		3.7
Other hotels		63.29		61.64		2.7		57.63		54.32		6.1
Total hotels		76.83		70.12		9.6		73.23		67.69		8.2

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Detailed Operating Statistics for FelCor’s Top Markets
(130 consolidated hotels included in continuing operations, same store basis)

	Occupancy (%)
	Three Months Ended June 30,							Six Months Ended June 30,
	2005		2004		% Variance			2005		2004		% Variance
Atlanta		71.0		67.5		5.2			70.9		67.5		4.9
Dallas		51.4		53.5		(3.9	)		52.3		52.9		(1.1	)
Los Angeles Area		75.4		71.9		5.0			73.4		72.4		1.3
Orlando		75.3		79.3		(5.0	)		77.6		77.6		0.0
Boca Raton/Ft. Lauderdale		80.3		77.0		4.3			85.2		82.0		4.0
New Orleans		73.5		75.5		(2.7	)		73.7		70.8		4.0
Minneapolis		75.5		69.4		8.8			70.5		66.0		6.8
Philadelphia		81.4		72.8		11.7			71.1		64.5		10.2
San Diego		84.0		83.3		0.9			82.8		84.8		(2.4	)
Phoenix		74.9		71.8		4.3			78.1		76.5		2.1
San Antonio		81.7		72.7		12.4			75.6		71.0		6.5
Northern New Jersey		77.1		71.1		8.4			71.1		68.0		4.6
Chicago		80.9		76.4		5.8			71.2		69.3		2.8
San Francisco Bay Area		72.9		67.5		8.0			67.6		64.6		4.6
Houston		73.1		72.0		1.5			71.2		72.8		(2.3	)
Washington DC		83.0		78.5		5.8			75.1		74.4		1.0

	ADR ($)
	Three Months Ended June 30,							Six Months Ended June 30,
	2005		2004		% Variance			2005		2004		% Variance
Atlanta		91.09		86.04		5.9			91.12		87.53		4.1
Dallas		94.11		90.60		3.9			94.84		90.74		4.5
Los Angeles Area		117.32		111.17		5.5			115.94		109.28		6.1
Orlando		83.64		75.20		11.2			89.44		79.41		12.6
Boca Raton/Ft. Lauderdale		120.37		107.17		12.3			141.19		124.07		13.8
New Orleans		135.87		144.35		(5.9	)		141.58		145.94		(3.0	)
Minneapolis		123.75		123.37		0.3			123.30		121.97		1.1
Philadelphia		124.08		110.20		12.6			114.94		104.08		10.4
San Diego		138.43		124.69		11.0			130.74		119.72		9.2
Phoenix		111.95		101.45		10.3			129.83		120.55		7.7
San Antonio		91.24		87.15		4.7			88.85		86.08		3.2
Northern New Jersey		139.54		136.78		2.0			136.97		135.52		1.1
Chicago		120.46		108.45		11.1			110.18		102.09		7.9
San Francisco Bay Area		114.74		114.24		0.4			112.88		111.28		1.4
Houston		72.65		67.98		6.9			71.37		71.11		0.4
Washington DC		147.80		127.60		15.8			147.86		126.82		16.6

	RevPAR ($)
	Three Months Ended June 30,							Six Months Ended June 30,
	2005		2004		% Variance			2005		2004		% Variance
Atlanta		64.67		58.04		11.4			64.57		59.11		9.2
Dallas		48.38		48.46		(0.2	)		49.63		48.03		3.3
Los Angeles Area		88.51		79.88		10.8			85.08		79.12		7.5
Orlando		63.02		59.65		5.7			69.45		61.64		12.7
Boca Raton/Ft. Lauderdale		96.71		82.54		17.2			120.33		101.72		18.3
New Orleans		99.82		109.04		(8.5	)		104.36		103.39		0.9
Minneapolis		93.43		85.62		9.1			86.93		80.52		8.0
Philadelphia		100.97		80.25		25.8			81.71		67.13		21.7
San Diego		116.35		103.87		12.0			108.23		101.58		6.6
Phoenix		83.87		72.86		15.1			101.46		92.24		10.0
San Antonio		74.58		63.39		17.6			67.20		61.13		9.9
Northern New Jersey		107.52		97.21		10.6			97.42		92.19		5.7
Chicago		97.45		82.91		17.5			78.48		70.77		10.9
San Francisco Bay Area		83.64		77.10		8.5			76.31		71.91		6.1
Houston		53.07		48.93		8.5			50.80		51.78		(1.9	)
Washington DC		122.75		100.11		22.6			111.10		94.36		17.7

19

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Other Performance Statistics
(Consolidated hotels included in continuing operations, for period presented)

Variance to Prior Year

	Occupancy			ADR			RevPAR
	% Variance			% Variance			% Variance
2002:
First Quarter		(11.2	)		(7.8	)		(18.2	)
Second Quarter		(5.1	)		(6.3	)		(11.1	)
Third Quarter		2.4			(4.8	)		(2.4	)
Fourth Quarter		4.4			(1.3	)		3.1
Year 2002		(2.8	)		(5.5	)		(8.1	)
2003:
First Quarter		(1.2	)		(4.1	)		(5.3	)
Second Quarter		(3.0	)		(4.8	)		(7.6	)
Third Quarter		0.3			(2.7	)		(2.4	)
Fourth Quarter		0.6			(2.3	)		(1.7	)
Year 2003		(0.6	)		(3.8	)		(4.4	)
2004:
First Quarter		5.2			(0.7	)		4.4
Second Quarter		5.5			1.7			7.3
Third Quarter		1.9			2.7			4.6
Fourth Quarter		0.9			2.9			3.9
Year 2004		3.1			1.7			4.9
2005:
January		1.9			5.1			7.1
February		0.8			6.2			7.0
March		0.4			5.2			5.7
First Quarter		1.0			5.6			6.7
April		6.3			5.4			12.0
May		2.1			6.2			8.5
June		2.6			5.5			8.3
Second Quarter		3.7			5.7			9.6
Estimated July 2005								8.0

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Hotel Portfolio Information

Pro Rata Share of Rooms Owned

			Room Count at
	Hotels		June 30, 2005
Consolidated hotels in continuing operations(a)		133		38,128
Hotels held for sale		2		519
Unconsolidated hotel operations		5		761
Total hotels owned		140		39,408
50% and 51% joint ventures		22		(2,744	)
60% joint ventures		2		(390	)
75% joint ventures		1		(55	)
90% joint ventures		6		(148	)
97% joint venture		1		(10	)
Total joint venture owned rooms				(3,347	)
Pro rata share of rooms owned				36,061

(a) Three limited service hotels have been excluded from the operating statistics on pages 17 - 19 of this supplemental information. Two of these hotels were surrendered to their non-recourse mortgage lender in July 2005, and the final hotel is expected to be surrendered in the third quarter of 2005. Under generally accepted accounting principles, hotels to be disposed of other than by sale are to be included in continuing operations until the actual disposition date.

Capital Expenditures (dollars in thousands)

	Three Months Ended			Six Months Ended			Year Ended
	June 30, 2005			June 30, 2005			December 31, 2004
Consolidated hotels:
Improvements and additions to hotels		24,042			50,037			95,833
% of total revenue		7.2	%		7.9	%		7.6	%
Unconsolidated hotels (pro rata share):
Improvements and additions to hotels		2,773			5,645			6,359
% of total revenue		6.6	%		7.3	%		4.3	%

     As of June 30, 2005, we have incurred $6.5 million of capital expenditures associated with our condominium development project in Myrtle Beach, South Carolina.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Hotel Portfolio Information (continued)

Sale Hotels

     At June 30, 2005, we included in continuing operations 13 hotels that we are actively marketing for sale. The composition, by brand, of the 13 sale hotels is as follows: Holiday Inn-branded (8), Doubletree branded (2) Embassy Suites Hotel (2), and Hampton Inn (1).

Operating statistics for our consolidated portfolio of 130 hotels included in continuing operations:

	Three Months Ended June 30,						Six Months Ended June 30,
	2005		2004		% Variance		2005		2004		% Variance
Consolidated in Continuing Operations (130 hotels)
Occupancy (%)		72.1		69.5		3.7		68.9		67.4		2.3
ADR ($)		106.57		100.83		5.7		106.27		100.50		5.7
RevPAR ($)		76.83		70.12		9.6		73.23		67.69		8.2
Sale Hotels (13 hotels)
Occupancy (%)		64.1		62.4		2.8		61.1		59.0		3.7
ADR ($)		77.25		72.67		6.3		75.65		71.78		5.4
RevPAR ($)		49.54		45.32		9.3		46.25		42.33		9.3
Core Hotels (117 hotels)
Occupancy (%)		73.0		70.3		3.8		69.8		68.3		2.2
ADR ($)		109.39		103.55		5.6		109.20		103.21		5.8
RevPAR ($)		79.82		72.83		9.6		76.19		70.46		8.1

For the quarter and six months ended June 30, 2005, the hotel operating margins for the Core Hotels were 23% and 22 %, respectively, while the operating margins for the Sale Hotels were 19% and 15%, respectively.

Portfolio Changes in 2005

Dispositions:

• In January 2005 we disposed of the 191-room Holiday Inn in Salt Lake City, Utah, for gross proceeds of $1.2 million.

• In April 2005 we disposed of the 181-room Olive Branch Whispering Woods Hotel and Conference Center for gross proceeds of $9.0 million.

• In May 2005 we disposed of the 216-room Holiday Inn and the 110-room Holiday Inn Express in Moline, Illinois, for gross proceeds of $3.3 million.

• In May and June 2005, five limited service hotels owned by a consolidated joint venture were surrendered to their non-recourse mortgage holders. Two of the remaining three hotels were surrendered to their non-recourse mortgage holder in July. The remaining hotel is expected to be surrendered in the third quarter.

• In July 2005, we disposed of the 222-room Holiday Inn in Jackson, Mississippi, for gross proceeds of $3.1 million.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Hotel Portfolio Information (continued)

Portfolio Changes in 2004

Acquisitions:

• In March 2004, we purchased the 132-room Santa Monica Holiday Inn for $27 million. This hotel has a premier location across from the Santa Monica Pier and the Santa Monica beaches and will continue to be operated as a full service upscale hotel. This hotel is classified as an upscale hotel by STR because of the high room rates charged in this market.

Dispositions:

• In 2004 we sold 17 non-strategic hotels for gross proceeds of approximately $157 million.

• On June 30, 2004, we transferred our leasehold interest in the San Francisco Holiday Inn Select Downtown & Spa to the lessor.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Hotel Portfolio Listing
(as of June 30, 2005)

	State	Rooms		% Owned(a)			Brand
Consolidated Continuing Operations
Birmingham(b)	AL		242				Embassy Suites Hotel
Montgomery — East I-85(b)	AL		210				Holiday Inn
Phoenix — Biltmore(b)	AZ		232				Embassy Suites Hotel
Phoenix Crescent Hotel(b)	AZ		342				Sheraton
Phoenix Scottsdale/Downtown(b)(c)	AZ		218		51	%	Fairfield Inn
Phoenix Tempe(b)	AZ		224				Embassy Suites Hotel
Dana Point — Doheny Beach	CA		195				Doubletree Guest Suites
Irvine — Orange County Airport (Newport Beach)	CA		335				Crowne Plaza
Los Angeles — Anaheim (Located near Disneyland Park)(b)	CA		222				Embassy Suites Hotel
Los Angeles — Covina/I-10(b)	CA		202		50	%	Embassy Suites Hotel
Los Angeles — El Segundo — International Airport - South	CA		349		97	%	Embassy Suites Hotel
Milpitas — Silicon Valley(b)	CA		266				Embassy Suites Hotel
Milpitas — San Jose-North (Milpitas — Silicon Valley)	CA		305				Crowne Plaza
Napa Valley(b)	CA		205				Embassy Suites Hotel
Oxnard — Mandalay Beach Resort & Conference Center(b)	CA		248				Embassy Suites Hotel
Palm Desert — Palm Desert Resort(b)	CA		198				Embassy Suites Hotel
Pleasanton (San Ramon Area)	CA		244				Crowne Plaza
San Diego — On the Bay	CA		600				Holiday Inn
San Francisco — Burlingame Airport	CA		340				Embassy Suites Hotel
San Francisco — South San Francisco Airport(b)	CA		312				Embassy Suites Hotel
San Francisco — Fisherman’s Wharf	CA		585				Holiday Inn
San Francisco — Union Square	CA		403				Crowne Plaza
San Rafael — Marin County/Conference Center(b)	CA		235		50	%	Embassy Suites Hotel
Santa Barbara — Goleta(b)	CA		160				Holiday Inn
Santa Monica — Beach at the Pier	CA		132				Holiday Inn
Denver — Aurora(b)	CO		248		90	%	Doubletree
Stamford	CT		380				Holiday Inn Select
Wilmington(b)	DE		244		90	%	Doubletree
Boca Raton(b)	FL		263				Embassy Suites Hotel
Cocoa Beach — Oceanfront	FL		500				Holiday Inn
Deerfield Beach — Boca Raton/Deerfield Beach Resort(b)	FL		244				Embassy Suites Hotel
Ft. Lauderdale — 17th Street(b)	FL		358				Embassy Suites Hotel
Ft. Lauderdale — Cypress Creek(b)	FL		253				Sheraton Suites
Jacksonville — Baymeadows(b)	FL		277				Embassy Suites Hotel
Miami — International Airport(b)	FL		316				Embassy Suites Hotel
Miami — International Airport (LeJeune Center)	FL		304				Crowne Plaza
Orlando — International Airport(b)	FL		288				Holiday Inn Select
Orlando — International Drive — Resort(b)	FL		651				Holiday Inn
Orlando — International Drive South/Convention Center(b)	FL		244				Embassy Suites Hotel
Orlando - Nikki Bird (Maingate — Walt Disney World Area)	FL		530				Holiday Inn

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FelCor Lodging Trust Incorporated

Supplemental Information
Three and Six Months Ended June 30, 2005

Hotel Portfolio Listing
(as of June 30, 2005)

	State	Rooms		% Owned(a)			Brand
Orlando — (North)	FL		277				Embassy Suites Hotel
Orlando — Walt Disney World Resort(b)	FL		229				Doubletree Guest Suites
Tampa — Busch Gardens	FL		406				Holiday Inn
Tampa — On Tampa Bay(b)	FL		203				Doubletree Guest Suites
Atlanta — Airport(b)	GA		378				Crowne Plaza
Atlanta — Airport(b)	GA		233				Embassy Suites Hotel
Atlanta — Airport-North(b)	GA		493				Holiday Inn
Atlanta — Buckhead(b)	GA		317				Embassy Suites Hotel
Atlanta — Downtown(b)(d)	GA		211		51	%	Courtyard by Marriott
Atlanta — Downtown(b)(d)	GA		242		51	%	Fairfield Inn
Atlanta — Galleria(b)	GA		278				Sheraton Suites
Atlanta — Gateway — Atlanta Airport	GA		395				Sheraton
Atlanta — Perimeter — Dunwoody(b)	GA		250				Holiday Inn Select
Atlanta — Perimeter Center(b)	GA		241		50	%	Embassy Suites Hotel
Atlanta — Powers Ferry(b)	GA		296				Crowne Plaza
Atlanta — South (I-75 & US 41) (b)	GA		180				Holiday Inn
Brunswick(b)	GA		130				Embassy Suites Hotel
Columbus — North (I-185 at Peachtree Mall)	GA		224				Holiday Inn
Davenport	IA		288				Holiday Inn
Chicago — The Allerton	IL		443				Crowne Plaza
Chicago — Lombard/Oak Brook(b)	IL		262		50	%	Embassy Suites Hotel
Chicago — Northshore/Deerfield (Northbrook) (b)	IL		237				Embassy Suites Hotel
Chicago O’Hare Airport(b)	IL		297				Sheraton Suites
Indianapolis — North(b)	IN		221		75	%	Embassy Suites Hotel
Kansas City — Overland Park(b)	KS		199		50	%	Embassy Suites Hotel
Lexington(b)	KY		155				Sheraton Suites
Lexington — Lexington Green(b)	KY		174				Hilton Suites
Baton Rouge(b)	LA		223				Embassy Suites Hotel
New Orleans(b)	LA		372				Embassy Suites Hotel
New Orleans — French Quarter(b)	LA		374				Holiday Inn
Boston — Government Center	MA		303				Holiday Inn Select
Boston — Marlborough(b)	MA		229				Embassy Suites Hotel
Baltimore — BWI Airport(b)	MD		251		90	%	Embassy Suites Hotel
Troy — North (Auburn Hills) (b)	MI		251		90	%	Embassy Suites Hotel
Bloomington(b)	MN		219				Embassy Suites Hotel
Minneapolis — Airport(b)	MN		310				Embassy Suites Hotel
Minneapolis — Downtown	MN		216				Embassy Suites Hotel
St. Paul — Downtown(b)	MN		210				Embassy Suites Hotel
Kansas City — NE I-435 North (At Worlds of Fun)(b)	MO		165				Holiday Inn
Kansas City — Plaza(b)	MO		266		50	%	Embassy Suites Hotel
Charlotte(b)	NC		274		50	%	Embassy Suites Hotel
Charlotte SouthPark	NC		208				Doubletree Guest Suites
Raleigh(b)	NC		203				Doubletree Guest Suites
Raleigh — Crabtree(b)	NC		225		50	%	Embassy Suites Hotel
Omaha — Central	NE		187				Doubletree Guest Suites
Omaha — Central	NE		129				Hampton Inn
Omaha — Central (I-80)	NE		383				Holiday Inn

25

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Hotel Portfolio Listing
(as of June 30, 2005)

	State	Rooms		% Owned(a)			Brand
Omaha — Old Mill(b)	NE		223				Crowne Plaza
Parsippany(b)	NJ		274		50	%	Embassy Suites Hotel
Piscataway — Somerset(b)	NJ		224				Embassy Suites Hotel
Secaucus — Meadowlands(b)	NJ		261		50	%	Embassy Suites Hotel
Cleveland — Downtown	OH		268				Embassy Suites Hotel
Tulsa — I-44(b)	OK		244				Embassy Suites Hotel
Philadelphia — Center City	PA		445				Crowne Plaza
Philadelphia — Historic District(b)	PA		364				Holiday Inn
Philadelphia — Society Hill(b)	PA		365				Sheraton
Pittsburgh — At University Center (Oakland)(b)	PA		251				Holiday Inn Select
Charleston — Mills House (Historic Downtown)(b)	SC		214				Holiday Inn
Myrtle Beach — At Kingston Plantation	SC		255				Embassy Suites Hotel
Myrtle Beach Resort	SC		385				Hilton
Knoxville — Central At Papermill Road(b)	TN		240				Holiday Inn
Nashville — Airport/Opryland Area	TN		296				Embassy Suites Hotel
Nashville — Opryland/Airport (Briley Parkway)	TN		382				Holiday Inn Select
Amarillo — I-40	TX		248				Holiday Inn
Austin(b)	TX		189		90	%	Doubletree Guest Suites
Austin — North(b)	TX		260		50	%	Embassy Suites Hotel
Austin — Town Lake (Downtown Area)(b)	TX		320				Holiday Inn
Corpus Christi(b)	TX		150				Embassy Suites Hotel
Dallas	TX		295				Crowne Plaza Suites
Dallas — At Campbell Centre	TX		300		90	%	Doubletree
Dallas — Dallas Park Central	TX		114				Staybridge Suites
Dallas — DFW International Airport-North(b)	TX		164				Harvey Suites
Dallas — DFW International Airport-South(b)	TX		305				Embassy Suites Hotel
Dallas — Love Field(b)	TX		248				Embassy Suites Hotel
Dallas — Market Center(b)	TX		354				Crowne Plaza
Dallas — Market Center(b)	TX		244				Embassy Suites Hotel
Dallas — Park Central	TX		438		60	%	Sheraton
Dallas — Park Central	TX		536		60	%	Westin
Dallas — Park Central Area(b)	TX		279				Embassy Suites Hotel
Dallas — West End/Convention Center	TX		309				Hampton Inn
Houston — Greenway Plaza Area(b)	TX		355				Holiday Inn Select
Houston — I-10 West & Hwy. 6 (Park 10 Area)	TX		349				Holiday Inn Select
Houston — Intercontinental Airport(b)	TX		415				Holiday Inn
Houston — Medical Center(b)	TX		284				Holiday Inn & Suites
San Antonio — Downtown (Market Square)	TX		315				Holiday Inn
San Antonio — International Airport(b)	TX		261		50	%	Embassy Suites Hotel
San Antonio — International Airport(b)	TX		397				Holiday Inn Select
San Antonio — N.W. I-10(b)	TX		216		50	%	Embassy Suites Hotel
Waco — I-35	TX		170				Holiday Inn
Burlington Hotel & Conference Center(b)	VT		309				Sheraton
Vienna — At Tysons Corner(b)	VA		437		50	%	Sheraton

26

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2005

Hotel Portfolio Listing
(as of June 30, 2005)

	State	Rooms		% Owned(a)			Brand
Canada
Toronto — Airport	Ontario		445				Holiday Inn Select
Toronto — Yorkdale	Ontario		370				Holiday Inn
Hotel Held for Sale
St. Louis — Downtown	MO		297				Embassy Suites Hotel
Jackson — North(e)	MS		222				Holiday Inn & Suites
Unconsolidated Operations
Hays(b)	KS		114		50	%	Hampton Inn
Hays(b)	KS		191		50	%	Holiday Inn
Salina(b)	KS		192		50	%	Holiday Inn
Salina — I-70(b)	KS		93		50	%	Holiday Inn Express & Suites
New Orleans — Chateau LeMoyne (In French
Quarter/Historic Area)(b)	LA		171		50	%	Holiday Inn

(a)	We own 100% of the real estate interests unless otherwise noted.
(b)	This hotel is encumbered by mortgage debt or capital lease obligation.
(c)	We currently expect to surrender this hotel to the non-recourse debt holder in the third quarter 2005.
(d)	We surrendered this hotel to the non-recourse debt holder in July 2005.
(e)	This hotel was sold in July 2005.

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