FelCor Lodging Trust (FCH) 8-K Results of Operations and Financial Condition

Exhibit 99.2

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Date of Issuance October 31, 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 Nine Months Ended September 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		23

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 additional 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 Nine Months Ended September 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 September 30, 2005, FelCor was one of the nation’s largest lodging REITs and the nation’s largest owner of full service, all-suite hotels. FelCor’s portfolio was comprised of 129 consolidated hotels, including 128 hotels in continuing operations and one hotel that was classified as “held for sale” and included in discontinued operations. For the 128 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 68 full service, all-suite hotels, and was the largest owner of Embassy SuitesHotels and Doubletree Guest Suiteshotels. FelCor’s portfolio also included 59 hotels in the upscale and full service segments. The Company’s hotels were located in 30 states and Canada. FelCor had a market capitalization of approximately $3.1 billion at September 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)
8% Series C Cumulative Redeemable Preferred Stock (NYSE: FCHPRC)

Fiscal Year End
December 31

Number of employees
74

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 Nine Months Ended September 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
Retired

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 Nine Months Ended September 30, 2005

Equity Research Coverage

Firm	Analyst	Telephone
Deutsche Bank North America	Marc J. Falcone	(212) 469-7417
Green Street Advisors	John V. Arabia	(949) 640-8780
JPMorgan	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) 713-8825
Wachovia Securities	Jeffrey J. Donnelly	(617) 603-4262

5

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

FINANCIAL HIGHLIGHTS

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

	September 30,			December 31,
Total Enterprise Value	2005			2004
Common shares outstanding		60,209			59,817
Units outstanding		2,763			2,788
Combined shares and units outstanding		62,972			62,605
Common stock price at end of period	$	15.15		$	14.65
Common equity capitalization	$	954,026		$	917,163
Series A preferred stock		309,362			309,362
Series B preferred stock		—			169,395
Series C preferred stock		169,412			—
Consolidated debt		1,708,642			1,767,122
Minority interest of consolidated debt		(8,171	)		(5,618	)
Pro rata share of unconsolidated debt		102,848			109,146
Cash and cash equivalents		(170,923	)		(119,310	)
Total enterprise value (TEV)	$	3,065,196		$	3,147,260
TEV per room(a)	$	87		$	84
Pro rata rooms owned		35,344			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
Series C preferred stock (depositary shares)		0.5000			—
Selected Balance Sheet Data
Investment in hotels, at cost(b)	$	3,870,303		$	3,904,397
Total cash and cash equivalents		170,923			119,310
Total assets		3,277,980			3,317,658
Total debt		1,708,642			1,767,122
Total stockholders’ equity		1,314,768			1,330,323
Total stockholders equity less preferred equity		835,994			851,566
Book value per common share outstanding		13.88			14.24

(a)	Based on pro rata rooms owned.
(b)	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 Nine Months Ended September 30, 2005

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2005			2004			2005			2004
Revenues:
Hotel operating revenue:
Room	$	256,721		$	232,089		$	748,519		$	688,338
Food and beverage		40,123			39,960			127,993			124,176
Other operating departments		16,174			15,105			46,447			44,979
Retail space rental and other revenue		1,632			2,166			1,908			2,590
Total revenues		314,650			289,320			924,867			860,083
Expenses:
Hotel departmental expenses:
Room		67,307			63,166			193,581			183,633
Food and beverage		32,890			32,461			100,829			99,240
Other operating departments		8,208			7,451			23,282			22,232
Other property related costs		92,758			83,026			267,744			246,430
Management and franchise fees		16,100			15,355			47,087			44,712
Taxes, insurance and lease expense		31,792			28,389			94,359			87,006
Corporate expenses		4,839			3,787			14,108			11,529
Depreciation		30,390			28,533			89,534			83,943
Total operating expenses		284,284			262,168			830,524			778,725
Operating income		30,366			27,152			94,343			81,358
Interest expense, net		33,173			34,303			98,960			113,090
Charge-off of deferred financing costs		—			1,920			—			6,094
Impairment loss		569			—			569			—
Hurricane loss		2,309			2,125			2,309			2,125
Loss on early extinguishment of debt		—			10,987			—			39,233
Gain on swap termination		—			—			—			(1,005	)
Loss before equity in income from unconsolidated entities, minority interests and gain on sale of assets		(5,685	)		(22,183	)		(7,495	)		(78,179	)
Equity in income from unconsolidated entities		3,260			12,019			8,229			15,692
Minority interests		963			260			1,938			3,285
Gain on sale of assets		344			1,094			733			1,094
Income (loss) from continuing operations		(1,118	)		(8,810	)		3,405			(58,108	)
Discontinued operations		12,376			(28,175	)		10,190			(31,249	)
Net income (loss)		11,258			(36,985	)		13,595			(89,357	)
Preferred dividends		(9,829	)		(9,343	)		(29,729	)		(25,039	)
Issuance costs of redeemed preferred stock		(1,324	)		—			(6,522	)		—
Net income (loss) applicable to common stockholders	$	105		$	(46,328	)	$	(22,656	)	$	(114,396	)
Basic and diluted per common share data:
Net loss from continuing operations	$	(0.21	)	$	(0.31	)	$	(0.55	)	$	(1.41	)
Net loss	$	—		$	(0.78	)	$	(0.38	)	$	(1.94	)
Weighted average common shares outstanding		59,422			59,075			59,398			58,993

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Discontinued Operations
(in thousands)

     Included in discontinued operations are the results of operations of the 18 hotels disposed of in 2004, one hotel designated as held for sale at September 30, 2005, and 15 hotels disposed of in the first nine months of 2005. Condensed financial information for the hotels included in discontinued operations is as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2005			2004			2005			2004
Operating revenue	$	4,881		$	30,212		$	29,655		$	110,501
Operating expenses		3,924			29,421			28,516			110,474
Operating income		957			791			1,139			27
Direct interest costs, net		—			(1,037	)		(963	)		(3,108	)
Impairment loss		—			(33,027	)		(1,291	)		(33,027	)
Gain on early extinguishment of debt		2,538			—			2,538			—
Gain on sale of depreciable assets		9,449			3,058			9,235			2,116
Minority interests		(568	)		2,040			(468	)		2,743
Income (loss) from discontinued operations		12,376			(28,175	)		10,190			(31,249	)
Depreciation		123			2,646			2,261			7,277
Minority interest in FelCor LP		568			(1,318	)		468			(1,462	)
Interest expense, net of minority interest of other partnerships		—			1,041			967			1,716
EBITDA from discontinued operations		13,067			(25,806	)		13,886			(23,718	)
Gain on sale of assets		(9,449	)		(3,058	)		(9,235	)		(2,116	)
Impairment loss		—			33,027			1,291			33,027
Gain on early extinguishment of debt		(2,538	)		—			(2,538	)		—
Asset disposition costs		—			—			1,300			4,900
Adjusted EBITDA from discontinued operations	$	1,080		$	4,163		$	4,704		$	12,093

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.

8

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Non-GAAP Financial Measures (continued)
Reconciliation of Net Loss to FFO and Adjusted FFO
(in thousands, except per share and unit data)

	Three Months Ended September 30,
	2005								2004
						Per Share								Per Share
	Dollars			Shares		Amount			Dollars			Shares		Amount
Net income (loss)	$	11,258							$	(36,985	)
Preferred dividends		(9,829	)							(9,343	)
Issuance costs of redeemed preferred stock		(1,324	)							—
Net income (loss) applicable to common stockholders		105			59,442	$	—			(46,328	)		59,075	$	(0.78	)
Depreciation from continuing operations		30,390			—		0.51			28,533			—		0.48
Depreciation from unconsolidated entities and discontinued operations		2,654			—		0.04			4,465			—		0.08
Loss (gain) on sale of depreciable assets		(9,449	)		—		(0.16	)		(3,058	)		—		(0.05	)
Minority interest in FelCor LP		5			2,773		(0.01	)		(2,222	)		2,903		(0.03	)
Conversion of unvested restricted stock		—			620		—			—			—		—
FFO		23,705			62,835		0.38			(18,610	)		61,978		(0.30	)
Charge-off of deferred financing costs		—			—		—			1,920			—		0.03
Loss (gain) on early extinguishment of debt		(2,538	)		—		(0.04	)		10,987			—		0.18
Impairment loss		569			—		0.01			—			—		—
Impairment loss on discontinued operations		—			—		—			33,027			—		0.53
Issuance costs of redeemed preferred stock		1,324			—		0.02			—			—		—
Conversion of unvested restricted stock		—			—		—			—			405		—
Adjusted FFO	$	23,060			62,835	$	0.37		$	27,324			62,383	$	0.44

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

	Nine Months Ended September 30,
	2005								2004
						Per Share								Per Share
	Dollars			Shares		Amount			Dollars			Shares		Amount
Net income (loss)	$	13,595							$	(89,357	)
Preferred dividends		(29,729	)							(25,039	)
Issuance costs of redeemed preferred stock		(6,522	)							—
Net loss applicable to common stockholders		(22,656	)		59,398	$	(0.38	)		(114,396	)		58,993	$	(1.94	)
Depreciation from continuing operations		89,534			—		1.51			83,943			—		1.42
Depreciation from unconsolidated entities and discontinued operations		9,362			—		0.16			13,740			—		0.23
Gain on sale of depreciable assets		(9,624	)		—		(0.16	)		(2,116	)		—		(0.04	)
Minority interest in FelCor LP		(1,055	)		2,783		(0.08	)		(5,707	)		2,989		(0.07	)
Conversion of unvested restricted stock		—			543		—			—			—		—
FFO		65,561			62,724		1.05			(24,536	)		61,982		(0.40	)
Charge-off of deferred financing costs		—			—		—			6,094			—		0.10
Loss (gain) on early extinguishment of debt		(2,538	)		—		(0.04	)		39,233			—		0.63
Asset disposition costs		1,300			—		0.02			4,900			—		0.08
Impairment loss		569			—		0.01			—			—		—
Impairment loss on discontinued operations		1,291			—		0.02			33,027			—		0.54
Issuance costs of redeemed preferred stock		6,522			—		0.10			—			—		—
Gain on swap termination		—			—		—			(1,005	)		—		(0.02	)
Conversion of unvested restricted stock		—			—		—			—			306		—
Adjusted FFO	$	72,705			62,724	$	1.16		$	57,713			62,288	$	0.93

9

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 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						Nine Months Ended
	September 30,						September 30,
	2005			2004			2005			2004
Net income (loss)	$	11,258		$	(36,985	)	$	13,595		$	(89,357	)
Depreciation from continuing operations		30,390			28,533			89,534			83,943
Depreciation from unconsolidated entities and discontinued operations		2,654			4,465			9,362			13,740
Minority interest in FelCor Lodging LP		5			(2,222	)		(1,055	)		(5,707	)
Interest expense		34,216			34,230			101,187			113,341
Interest expense from unconsolidated entities and discontinued operations		1,823			2,833			6,474			8,627
Amortization expense		820			593			2,171			1,615
EBITDA	$	81,166		$	31,447		$	221,268		$	126,202
Charge-off of deferred financing costs		—			1,920			—			6,094
Loss (gain) on early extinguishment of debt		(2,538	)		10,987			(2,538	)		39,233
Asset disposition costs		—			—			1,300			4,900
Gain on sale of depreciable assets		(9,449	)		(3,058	)		(9,624	)		(2,116	)
Gain on swap termination		—			—			—			(1,005	)
Impairment loss		569			—			569			—
Impairment loss on discontinued operations		—			33,027			1,291			33,027
Adjusted EBITDA	$	69,748		$	74,323		$	212,266		$	206,335
Adjusted EBITDA from discontinued operations		(1,080	)		(4,163	)		(4,704	)		(12,093	)
Gain on development and sale of Margate condominiums		—			(10,856	)		—			(10,856	)
Gain on the sale of land		(344	)		(1,094	)		(344	)		(1,094	)
Same-Store EBITDA	$	68,324		$	58,210		$	207,218		$	182,292

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2005			2004			2005			2004
Total revenue	$	314,650		$	289,320		$	924,867		$	860,083
Retail space rental and other revenue		(1,632	)		(2,166	)		(1,908	)		(2,590	)
Hotel operating revenue		313,018			287,154			922,959			857,493
Hotel operating expenses		(249,055	)		(229,848	)		(726,882	)		(683,253	)
Hotel operating profit	$	63,963		$	57,306		$	196,077		$	174,240
Hotel operating margin		20.4	%		20.0	%		21.2	%		20.3	%

10

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Non-GAAP Financial Measures (continued)

Hotel Operating Expense Composition
(dollars in thousands)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2005			2004			2005			2004
Hotel departmental expenses:
Room	$	67,307		$	63,166		$	193,581		$	183,633
Food and beverage		32,890			32,461			100,829			99,240
Other operating departments		8,208			7,451			23,282			22,232
Other property related costs:
Administrative and general		31,249			26,810			88,221			80,459
Marketing and advertising		26,471			24,234			79,584			74,191
Repairs and maintenance		17,114			15,676			51,010			47,461
Energy		17,924			16,306			48,929			44,319
Taxes, insurance and lease expense		31,792			28,389			94,359			87,006
Total other property related costs		124,550			111,415			362,103			333,436
Management and franchise fees		16,100			15,355			47,087			44,712
Hotel operating expenses	$	249,055		$	229,848		$	726,882		$	683,253
Reconciliation of total operating expense to hotel operating expense:
Total operating expenses	$	284,284		$	262,168		$	830,524		$	778,725
Corporate expenses		(4,839	)		(3,787	)		(14,108	)		(11,529	)
Depreciation		(30,390	)		(28,533	)		(89,534	)		(83,943	)
Hotel operating expenses	$	249,055		$	229,848		$	726,882		$	683,253
Supplemental information:
Compensation and benefits expense (included in hotel operating expenses)	$	98,561		$	93,842		$	292,255		$	279,819

     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 Nine Months Ended September 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 Nine Months Ended September 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.

13

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 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.

14

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Debt Summary
(dollars in thousands)

Debt Outstanding

	Encumbered		Interest Rate at			Maturity	Consolidated
	Hotels		September 30, 2005			Date	Debt
Promissory note	none			5.92		June 2016	$	650
Senior unsecured term notes	none			7.63		October 2007		123,125
Senior unsecured term notes	none			9.00		June 2011		298,597
Senior unsecured term notes	none			7.79	(a)	June 2011		290,000
Total unsecured debt				8.27				712,372
Mortgage debt	9 hotels			6.52		July 2009 — 2014		104,586
Mortgage debt	6 hotels			5.74	(b)	August 2007		85,053
Mortgage debt	10 hotels			6.13	(b)	May 2006		142,008
Mortgage debt	15 hotels			7.24		Nov. 2007		125,017
Mortgage debt	7 hotels			7.32		April 2009		128,218
Mortgage debt	6 hotels			7.55		June 2009		66,768
Mortgage debt	8 hotels			8.70		May 2010		173,363
Mortgage debt	7 hotels			8.73		May 2010		133,809
Mortgage debt	1 hotel			6.77		August 2008		15,500
Mortgage debt	1 hotel			7.91		December 2007		10,523
Other	1 hotel			9.17		August 2011		5,423
Construction loan		—		5.76	(c)	October 2007		6,002
Total secured debt	71 hotels			7.36				996,270
Total				7.74	%		$	1,708,642

(a)	The stated interest rate on this debt is six month LIBOR (3.53% at September 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 September 30, 2005.
(b)	This debt has two, one-year extension options, subject to certain contingencies.
(c)	The Company has a $69.8 million recourse construction loan facility 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 is being 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.

Fixed interest rate debt to total debt	74.6	%
Weighted average maturity of debt	5	years
Secured debt to total assets	30.2	%

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Debt Summary (continued)

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

	Secured			Unsecured
Year	Debt			Debt			Total
2005	$	4,911		$	—		$	4,911
2006		160,302	(a)		—			160,302
2007		147,848			125,000			272,848
2008		39,377			—			39,377
2009 and thereafter		644,211			590,650			1,234,861
Premium/(discount)		(379	)		(3,278	)		(3,657	)
Total debt	$	996,270		$	712,372		$	1,708,642

(a) Included is a $145 million non-recourse mortgage loan maturing in 2006, that has two, one-year extension options, subject to certain contingencies.

     At September 30, 2005, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 19 hotels. These ventures had approximately $206 million of non-recourse mortgage debt, all of which is secured by hotel assets. Our pro rata share of this non-recourse debt is $103 million.

Financing transactions in 2005:

     In April 2005, we completed the issuance of 5.4 million depositary shares representing our 8% Series C Preferred Stock, with gross proceeds of $135.0 million. The gross proceeds were used to redeem a like number of depositary shares representing our 9% Series B Preferred Stock. In September 2005, we completed the issuance of an additional 1.4 million depositary shares representing our 8% Series C Preferred Stock with gross proceeds of $34.4 million, which were used to redeem the remainder of our Series B Preferred Stock. In the second and third quarter of 2005, we recorded a reduction in net income available to common shareholders of $5.2 million and $1.3 million, respectively, for the original issuance cost of the Series B Preferred Stock. These preferred stock transactions will reduce preferred dividends by approximately $1.6 million annually.

     In 2005, we obtained a $69.8 million recourse construction loan for the development of a 184-unit condominium project in Myrtle Beach, South Carolina. Through September 30, 2005, we have made draws of $6.0 million on this loan.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

PORTFOLIO DATA
Portfolio Distribution at September 30, 2005
(125^(a)consolidated hotels included in continuing operations, same store basis)

								% of 2004 Hotel
					% of			Operating
Brand	Hotels		Rooms		Total Rooms			Profit(b)
Embassy Suites Hotels		54		13,550		38	%		53	%
Holiday Inn-branded		32		10,770		31			21
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		3,060		9	%		9	%
Dallas		12		3,586		10			6
Los Angeles Area		6		1,435		4			5
Orlando		6		2,219		6			5
Boca Raton/Ft. Lauderdale		4		1,118		3			5
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		1,188		3			3
Northern New Jersey		3		757		2			3
Chicago		4		1,239		3			3
San Francisco Bay Area		8		2,690		8			3
Houston		4		1,403		4			3
Washington, D.C.		1		437		1			3

					% of			% of 2004 Hotel
Top Four States	Hotels		Rooms		Total Rooms			Operating Profit
California		19		5,536		16	%		16	%
Texas		25		7,344		21			14
Florida		15		4,937		14			12
Georgia		12		3,414		10			10

					% of			% of 2004 Hotel
Location	Hotels		Rooms		Total Rooms			Operating Profit
Suburban		57		14,335		40	%		40	%
Urban		29		9,322		26			24
Airport		26		8,182		23			23
Resort		12		3,544		10			13
Interstate		1		248		1			0

					% of			% of 2004 Hotel
Segment	Hotels		Rooms		Total Rooms			Operating Profit
Upscale all-suite		67		16,416		46	%		60	%
Full service		33		10,934		31			21
Upscale		23		7,843		22			17
Limited service		2		438		1			1

(a)	We have excluded two New Orleans hotels that were closed in September 2005 and one Florida hotel that was closed in September 2004, all as result of hurricane damage.
(b)	Hotel operating profit is more fully described on page 13 of this supplement.

17

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

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

	Occupancy (%)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		%Variance		2005		2004		% Variance
Embassy Suites Hotels		75.1		71.7		4.7		74.1		71.4		3.9
Holiday Inn-branded hotels		71.7		69.9		2.5		68.4		67.5		1.3
Sheraton-branded hotels		67.1		64.2		4.6		65.4		64.8		1.0
Doubletree-branded hotels		71.6		66.3		8.0		69.6		68.3		1.9
Crowne Plaza hotels		71.5		66.6		7.3		68.4		64.5		6.0
Other hotels		65.0		61.0		6.7		61.2		59.5		2.1
Total hotels		72.2		69.0		4.6		70.0		68.1		2.9

	ADR ($)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		% Variance		2005		2004		% Variance
Embassy Suites Hotels		120.79		115.59		4.5		122.02		116.61		4.6
Holiday Inn-branded hotels		88.73		82.23		7.9		86.95		81.84		6.2
Sheraton-branded hotels		106.06		97.70		8.6		108.30		97.36		11.2
Doubletree-branded hotels		105.57		102.75		2.7		109.96		103.90		5.8
Crowne Plaza hotels		100.16		94.02		6.5		98.26		93.22		5.4
Other hotels		103.29		97.79		5.6		99.46		93.61		6.2
Total hotels		105.87		99.94		5.9		106.12		100.18		5.9

	RevPAR ($)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		% Variance		2005		2004		% Variance
Embassy Suites Hotels		90.70		82.93		9.4		90.47		83.22		8.7
Holiday Inn-branded hotels		63.60		57.48		10.7		59.51		55.28		7.6
Sheraton-branded hotels		71.21		62.70		13.6		70.82		63.05		12.3
Doubletree-branded hotels		75.58		68.11		11.0		76.58		70.98		7.9
Crowne Plaza hotels		71.56		62.58		14.4		67.16		60.10		11.8
Other hotels		67.19		59.64		12.7		60.85		56.11		8.4
Total hotels		76.43		68.98		10.8		74.31		68.18		9.0

^(a) We have excluded two New Orleans hotels that were closed in September 2005 and one Florida hotel that was closed in September 2004, all as result of hurricane damage.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

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

	Occupancy (%)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		% Variance		2005		2004		% Variance
Atlanta		75.5		74.7		1.1		72.4		69.9		3.6
Dallas		53.8		49.0		9.7		52.8		51.6		2.3
Los Angeles Area		80.5		74.0		8.8		75.8		72.9		3.9
Orlando		69.3		78.5		(11.6)		74.9		77.9		(3.9)
Boca Raton/Ft. Lauderdale		74.6		75.9		(1.7)		81.7		79.9		2.1
Minneapolis		79.7		77.8		2.5		73.6		70.0		5.2
Philadelphia		74.7		71.5		4.4		72.3		66.9		8.1
San Diego		88.2		83.8		5.3		84.6		84.5		0.1
Phoenix		64.5		61.9		4.3		73.6		71.6		2.8
San Antonio		80.0		74.5		7.4		77.1		72.2		6.8
Northern New Jersey		69.8		65.5		6.6		70.7		67.2		5.2
Chicago		79.3		73.2		8.4		74.0		70.6		4.7
San Francisco Bay Area		80.6		73.1		10.2		72.0		67.5		6.7
Houston		71.5		62.8		13.8		71.3		69.5		2.6
Washington, D.C.		76.1		76.3		(0.2)		75.5		75.0		0.6

	ADR ($)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		% Variance		2005		2004		% Variance
Atlanta		90.88		86.06		5.6		91.04		87.00		4.6
Dallas		91.94		91.15		0.9		93.84		90.87		3.3
Los Angeles Area		122.59		115.59		6.0		118.32		111.43		6.2
Orlando		77.63		70.50		10.1		85.75		76.39		12.3
Boca Raton/Ft. Lauderdale		102.24		93.98		8.8		129.19		114.48		12.9
Minneapolis		134.88		129.79		3.9		127.53		124.89		2.1
Philadelphia		114.12		108.22		5.5		114.65		105.57		8.6
San Diego		128.40		119.73		7.2		129.92		119.72		8.5
Phoenix		98.04		90.70		8.1		120.43		111.89		7.6
San Antonio		88.52		82.28		7.6		88.73		84.76		4.7
Northern New Jersey		137.98		133.94		3.0		137.31		135.00		1.7
Chicago		120.22		109.05		10.3		113.81		104.51		8.9
San Francisco Bay Area		120.95		115.70		4.5		115.93		112.89		2.7
Houston		74.38		66.92		11.1		72.39		69.84		3.7
Washington, D.C.		141.80		121.25		16.9		145.80		124.92		16.7

	RevPAR ($)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		% Variance		2005		2004		% Variance
Atlanta		68.62		64.30		6.7		65.93		60.85		8.4
Dallas		49.43		44.68		10.6		49.56		46.90		5.7
Los Angeles Area		98.72		85.55		15.4		89.67		81.28		10.3
Orlando		53.83		55.33		(2.7)		64.19		59.52		7.8
Boca Raton/Ft. Lauderdale		76.32		71.33		7.0		105.50		91.52		15.3
Minneapolis		107.51		100.93		6.5		93.87		87.38		7.4
Philadelphia		85.20		77.40		10.1		82.89		70.57		17.4
San Diego		113.30		100.38		12.9		109.94		101.18		8.7
Phoenix		63.27		56.11		12.8		88.59		80.10		10.6
San Antonio		70.86		61.34		15.5		68.43		61.20		11.8
Northern New Jersey		96.37		87.77		9.8		97.07		90.71		7.0
Chicago		95.39		79.84		19.5		84.18		73.82		14.0
San Francisco Bay Area		97.43		84.54		15.2		83.43		76.15		9.6
Houston		53.18		42.06		26.4		51.60		48.52		6.4
Washington, D.C.		107.89		92.47		16.7		110.02		93.73		17.4

^(a) We have excluded two New Orleans hotels that were closed in September 2005 and one Florida hotel that was closed in September 2004, all as result of hurricane damage.

19

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

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

	Occupancy			ADR			RevPAR
Variance to Prior Year	% Variance			% Variance			% Variance
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
July		1.7			6.3			8.1
August		4.6			6.1			11.0
September		8.2			6.1			14.8
Third Quarter		4.6			5.9			10.8
Estimated October 2005								11.0

20

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Hotel Portfolio Information

Pro Rata Share of Rooms Owned

			Room Count at
	Hotels		September 30, 2005
Consolidated hotels in continuing operations		128		36,877
Hotel held for sale		1		406
Unconsolidated hotel operations		5		761
Total hotels owned		134		38,044
50% joint ventures		19		(2,116	)
60% joint ventures		2		(377	)
75% joint ventures		1		(53	)
90% joint ventures		6		(144	)
97% joint venture		1		(10	)
Total joint venture owned rooms				(2,700	)
Pro rata share of rooms owned				35,344

Sale Hotels

     At September 30, 2005, we included in continuing operations 11 hotels that we are actively marketing for sale. The composition, by brand, of the 11 sale hotels is as follows: Holiday Inn-branded (6), Doubletree branded (2) Embassy Suites Hotel (2), and Hampton Inn (1).

Operating statistics for our consolidated portfolio of 125^(a) hotels included in continuing operations:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005		2004		%Variance		2005		2004		% Variance
Sale Hotels (11 hotels)
Occupancy (%)		62.2		61.8		0.6		60.9		59.4		2.4
ADR ($)		80.74		75.74		6.6		78.39		74.36		5.4
RevPAR ($)		50.19		46.81		7.2		47.73		44.20		8.0
Core Hotels (114 hotels)
Occupancy (%)		73.2		69.7		4.9		70.9		68.9		2.9
ADR ($)		107.92		102.00		5.8		108.40		102.32		6.0
RevPAR ($)		78.95		71.11		11.0		76.86		70.48		9.1

(a) We have excluded two New Orleans hotels that were closed in September 2005 and one Florida hotel that was closed in September 2004, all as result of hurricane damage.

     When comparing operating margins for the three months ended September 30, 2005 to the same period in the prior year, the margins for our sale hotels decreased 129 basis points, while the margins for the remainder of our hotels in continuing operations increased 58 basis points. When comparing operating margins for the nine months ended September 30, 2005 to the same period in the prior year, the margins for our sale hotels increased 28 basis points, while the margins for the remainder of our hotels in continuing operations increased 96 basis points.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Hotel Portfolio Information (continued)

Capital Expenditures (dollars in thousands)

	Three Months Ended			Nine Months Ended			Year Ended
	September 30, 2005			September 30, 2005			December 31, 2004
Consolidated hotels:
Improvements and additions to hotels	$	26,782		$	76,819		$	95,833
% of total revenue		8.4	%		7.9	%		7.6	%
Unconsolidated hotels (pro rata share):
Improvements and additions to hotels	$	2,388		$	5,210		$	6,359
% of total revenue		11.6	%		8.9	%		4.3	%

     As of September 30, 2005, we have incurred $9.3 million of capital expenditures associated with our condominium development project in Myrtle Beach, South Carolina.

Portfolio Changes in 2005

Hotel Sales:

				Total Gross Sales
	Date			Price Per Quarter
Property	Sold	Rooms		(in millions)
Hotels sold during the quarter ended March 31, 2005:
Salt Lake City, UT — Holiday Inn	Jan 2005		191	$	1.2
Hotels sold during the quarter ended June 30, 2005:
Olive Branch, MS — Whispering Woods Hotel & Conference Center	Apr 2005		181
Moline, IL — Holiday Inn	May 2005		216
Moline, IL — Holiday Inn Express	May 2005		110
			507	$	12.3
Hotels sold during the quarter ended September 30, 2005:
Jackson, MS — Holiday Inn	July 2005		222
Waco, TX — Holiday Inn	Aug 2005		170
St. Louis, MO — Embassy Suites Downtown	Sept 2005		297
			689	$	44.1
Total sales during nine months ended September 30, 2005			1,387	$	57.6

Other Dispositions:

• In second quarter 2005, five of eight limited service hotels owned by a consolidated joint venture were surrendered to their non-recourse mortgage holders. The three remaining hotels were surrendered to their non-recourse mortgage holder in the third quarter 2005.

22

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Hotel Portfolio Listing
(as of September 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 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
Orlando — (North)	FL		277				Embassy Suites Hotel
Orlando — Walt Disney World Resort(b)	FL		229				Doubletree Guest Suites

23

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Hotel Portfolio Listing
(as of September 30, 2005)

	State	Rooms		% Owned(a)			Brand
Tampa — On Tampa Bay(b)	FL		203				Doubletree Guest Suites
Atlanta — Airport(b)	GA		378				Crowne Plaza
Atlanta — Airport(b)	GA		232				Embassy Suites Hotel
Atlanta — Airport-North(b)	GA		493				Holiday Inn
Atlanta — Buckhead(b)	GA		317				Embassy Suites Hotel
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
Omaha — Old Mill(b)	NE		223				Crowne Plaza
Parsippany(b)	NJ		274		50	%	Embassy Suites Hotel
Piscataway — Somerset(b)	NJ		222				Embassy Suites Hotel
Secaucus — Meadowlands(b)	NJ		261		50	%	Embassy Suites Hotel

24

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Hotel Portfolio Listing
(as of September 30, 2005)

	State	Rooms		% Owned(a)			Brand
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 — 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	TX		114				Staybridge Suites
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		314				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
Burlington Hotel & Conference Center(b)	VT		309				Sheraton
Vienna — At Tysons Corner(b)	VA		437		50	%	Sheraton
Canada
Toronto — Airport	Ontario		445				Holiday Inn Select
Toronto — Yorkdale	Ontario		370				Holiday Inn

25

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Nine Months Ended September 30, 2005

Hotel Portfolio Listing
(as of September 30, 2005)

	State	Rooms		% Owned(a)			Brand
Hotel Held for Sale
Tampa — Busch Gardens	FL		406				Holiday Inn
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.

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