FelCor Lodging Trust 8K Felcor Reports First Quarter Operating Results | FCH 8 May 08

Exhibit 99.2

FelCor Lodging Trust Incorporated

Supplemental Information
Three Months Ended March 31, 2008

Date of Issuance May 7, 2008

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 Months Ended March 31, 2008

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
Debt Summary				17
PORTFOLIO DATA
Portfolio Distribution				19
Detailed Operating Statistics by Brand				20
Detailed Operating Statistics for FelCor’s Top Markets				21
Pro Rata Share of Rooms Owned				22
Capital Expenditures				22
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, Disneyland^®, Doubletree^®, Doubletree Guest Suites^®, Embassy Suites Hotels^®, Hilton^®, Hilton Suites^®, Holiday Inn^®, Holiday Inn Express & Suites^®, Holiday Inn Select^®, Marriott^®, Renaissance^®, Sheraton^®, Sheraton Suites^®, Walt Disney World^® and Westin^®.

With the exception of historical information, the matters discussed in this news release include “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumption and forecasts of future results. 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 anticipated at the time the forward-looking statements are made. General economic conditions, operating risks associated with the hotel business, 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 security precautions, the availability of capital, the ability to effect sales of non-strategic hotels at anticipated prices, the cyclical nature of the real estate markets, our ability to continue to qualify as a Real Estate Investment Trust for federal income tax purposes and numerous other factors may affect 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. We undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

CORPORATE DATA

About the Company

In 1994, FelCor Lodging Trust Incorporated, a real estate investment trust (REIT), went public with six hotels. We are the nation’s largest owner of upper-upscale, all-suite hotels. FelCor’s portfolio consists primarily of upper-upscale hotels, which are flagged under global brands. At March 31, 2008, our portfolio was comprised of 85 consolidated hotels and resorts located in 23 states and Canada. For these hotels, the operating revenues and expenses are reflected in our consolidated statements of operations because of our majority ownership interests of the operating lessees of these hotels. We also owned 50 percent joint venture interests in four hotels whose operations were accounted for using the equity method.

Strategy

Our long-term strategic plan is to own a diversified portfolio of high quality, upscale hotels flagged under leading brands and then increase shareholder value and return on invested capital by maximizing the use of our real estate and enhancing cash flow. We continually examine our portfolio to address issues of market supply, capital needs, changes in demand patterns and concentration of risk. In order to achieve our strategic objectives, we have identified four goals: portfolio repositioning; debt reduction; internal growth consisting of a comprehensive renovation program, redevelopment projects and a new asset management approach; and external growth.

Public Ratings
	Corporate	Senior Debt	Preferred Stock
Moody’s	Ba3	Ba3	B2
Standard & Poors	BB-	B+	B-

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

Corporate Headquarters

545 E. John Carpenter Frwy., Suite 1300

Irving, TX 75062
(972) 444-4900

Investor/Media Relations Contact

Stephen A. Schafer

Vice President Strategic Planning & Investor Relations
(972) 444-4912

sschafer@felcor.com

Information Request

information@felcor.com

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Board of Directors

Thomas J. Corcoran, Jr.

Chairman of the Board, FelCor Lodging Trust Incorporated

Melinda J. Bush, C.H.A.

Chairman and Chief Executive Officer, HRW Holdings, LLC

Robert F. Cotter

President, Kerzner International Holdings Limited

Richard S. Ellwood

Private Investor

Thomas C. Hendrick

President and Partner, Sagewood Partners, LLC

Charles A. Ledsinger, Jr.

Vice Chairman and Chief Executive Officer, Choice Hotels International

Robert H. Lutz, Jr.

President, RL Investments, Inc.

Robert A. Mathewson

President, RGC, Inc.

Mark D. Rozells

President, Inversiones Latinoamericanas S.A.

Richard A. Smith

President and Chief Executive Officer, FelCor Lodging Trust Incorporated

Executive Officers

Richard A. Smith, President and Chief Executive Officer

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

Troy A. Pentecost, Executive Vice President, Director of Asset Management

Andrew J. Welch, Executive Vice President and Chief Financial Officer

Jonathan H. Yellen, Executive Vice President, General Counsel and Secretary

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Equity Research Coverage


Firm	Analyst	Telephone
Citigroup	Joshua Attie	(212) 816-1533

Deutsche Bank	Chris Woronka	(212) 250-5815

Friedman, Billings, Ramsey & Co.	Wilkes Graham	(703) 312-9737

Green Street Advisors	John V. Arabia	(949) 640-8780

JPMorgan	C. Patrick Scholes	(212) 622-6656

KeyBanc	Dennis I. Forst	(310) 407-6733

Lehman Brothers	Felicia R. Kantor	(212) 526-5562

Merrill Lynch	Amanda Bryant	(212) 449-2922

Morgan, Keegan & Co.	Napoleon H. Overton	(901) 579-4865

Stifel, Nicolaus & Company	Rod F. Petrik	(443) 224-1306

UBS	William B. Truelove	(212) 713-8825

Wachovia Securities	Jeffrey J. Donnelly	(617) 603-4262

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

FINANCIAL HIGHLIGHTS

Supplemental Financial Data

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

	March 31,			December 31,
Total Enterprise Value	2008			2007
Common shares outstanding		63,195			62,707
Units outstanding		1,354			1,354
Combined shares and units outstanding		64,549			64,061
Common stock price at end of period	$	12.03		$	15.59
Common equity capitalization	$	776,524		$	998,711
Series A preferred stock		309,362			309,362
Series C preferred stock		169,412			169,412
Consolidated debt		1,498,800			1,475,607
Minority interest of consolidated debt		(4,153	)		(7,305	)
Pro rata share of unconsolidated debt		113,936			94,181
Cash and cash equivalents		(71,325	)		(57,609	)
Total enterprise value (TEV)	$	2,792,556		$	2,982,359

Dividends Per Share
Dividends declared (year-to-date):
Common stock	$	0.35		$	1.20
Series A preferred stock		0.4875			1.95
Series C preferred stock (depositary shares)		0.50			2.00

Selected Balance Sheet Data
Investment in hotels, net	$	2,384,516		$	2,400,057
Cash and cash equivalents		71,325			57,609
Total assets		2,672,453			2,683,835
Total debt		1,498,800			1,475,607
Total stockholders’ equity		962,672			1,006,914
Total stockholders equity less preferred equity		483,898			528,140
Book value per common share outstanding		7.66			8.42

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Consolidated Statements of Operations

(in thousands, except per share data)

	Three Months Ended
	March 31,
	2008			2007
Revenues:
Hotel operating revenue:
Room	$	230,132		$	204,323
Food and beverage		46,508			31,773
Other operating departments		14,907			12,445
Other revenue		328			131
Total revenues		291,875			248,672

Expenses:
Hotel departmental expenses:
Room	$	54,651		$	48,783
Food and beverage		35,446			24,535
Other operating departments		7,029			4,947
Other property related costs		77,125			68,557
Management and franchise fees		15,902			13,123
Taxes, insurance and lease expense		29,304			29,229
Corporate expenses		6,827			6,787
Depreciation and amortization		33,768			25,051
Impairment loss		17,131			-
Other expenses		933			22
Total operating expenses		278,116			221,034

Operating income		13,759			27,638
Interest expense, net		(26,003	)		(22,872	)
Income (loss) before equity in income from unconsolidated entities, minority interests and gain on sale of assets		(12,244	)		4,766
Equity in income (loss) from unconsolidated entities		(622	)		12,771
Gain on sale of condominiums		-			3,281
Minority interests		406			37
Income (loss) from continuing operations		(12,460	)		20,855
Discontinued operations		(13	)		8,307
Net income (loss)		(12,473	)		29,162
Preferred dividends		(9,678	)		(9,678	)
Net income (loss) applicable to common stockholders	$	(22,151	)	$	19,484

Basic and diluted per common share data:
Net income (loss) from continuing operations	$	(0.36	)	$	0.18
Net income (loss)	$	(0.36	)	$	0.32
Basic weighted average common shares outstanding		61,714			61,374
Diluted weighted average common shares outstanding		61,714			61,762
Cash dividends declared on common stock	$	0.35		$	0.25

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Discontinued Operations

(in thousands)

Discontinued operations include the results of operations of 11 hotels sold in 2007. Condensed financial information for the hotels included in discontinued operations is as follows:

	Three Months Ended March 31,
	2008			2007
Operating revenue	$	-			$	15,498
Operating expenses		(13	)			(11,879	)
Operating income (loss)		(13	)			3,619
Interest expense, net		-				(25	)
Gain on sale of hotels		-				6,031
Loss on the early extinguishment of debt		-				(901	)
Minority interests		-				(417	)
Income (loss) from discontinued operations		(13	)			8,307
Minority interest in FelCor LP		-				182
Interest expense, net of minority interests		-				27
EBITDA from discontinued operations		(13	)			8,516
Gain on sale of hotels		-				(6,031	)
Charges related to early extinguishment of debt, net of minority interests		-				811
Adjusted EBITDA from discontinued operations	$	(13	)		$	3,296

Non-GAAP Financial Measures

We refer in this supplement to certain “non-GAAP financial measures.” These measures, including FFO, Adjusted FFO, Adjusted FFO per share, Same-Store Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store Adjusted EBITDA, Same-Store Hotel EBITDA and Same-Store Hotel EBITDA 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 the limitations of such measures.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

Reconciliation of Net Income (Loss) to FFO, Adjusted FFO and Same-Store Adjusted FFO

(in thousands, except per share and unit data)

	Three Months Ended March 31,
	2008							2007
	Dollars			Shares	Per Share Amount			Dollars			Shares	Per Share Amount
Net income (loss)	$	(12,473	)					$	29,162
Preferred dividends		(9,678	)						(9,678	)
Net income (loss) applicable to common stockholders		(22,151	)	61,714	$	(0.36	)		19,484		61,762	$	0.32
Depreciation and amortization		33,768		-		0.55			25,051		-		0.41
Depreciation, unconsolidated entities and discontinued operations		3,549		-		0.06			2,863		-		0.05
Gain on sale of hotels		-		-		-			(6,031	)	-		(0.10	)
Gain on sale of hotels in unconsolidated entities		-		-		-			(11,182	)	-		(0.18	)
Minority interest in FelCor LP		(477	)	1,354		(0.02	)		426		1,355		(0.02	)
Conversion of options and unvested restricted stock		-		126		-			-		-		-
FFO		14,689		63,194		0.23			30,611		63,117		0.48
Abandoned projects		-		-		-			22		-		-
Charges related to early extinguishment of debt, net of minority interests		-		-		-			811		-		0.02
Impairment loss		17,131		-		0.27			-		-		-
Conversion costs^(a)		259		-		0.01			-		-		-
Adjusted FFO		32,079		63,194		0.51			31,444		63,117		0.50
FFO from discontinued operations		13		-		-			(3,269	)	-		(0.05	)
FFO from acquired hotels^(b)		-		-		-			3,385		-		0.05
Gain on sale of condominiums		-		-		-			(3,281	)	-		(0.05	)
Same-Store Adjusted FFO	$	32,092		63,194	$	0.51		$	28,279		63,117	$	0.45

(a)

These costs relate to the conversion of our Hotel 480 Union Square in San Francisco to a Marriott. The conversion is expected to be completed by early 2009.

(b)

We have included amounts for two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

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

(in thousands)

	Three Months Ended March 31,
	2008			2007
Net income (loss)	$	(12,473	)	$	29,162
Depreciation and amortization		33,768			25,051
Depreciation, unconsolidated entities and discontinued operations		3,549			2,863
Minority interest in FelCor Lodging LP		(477	)		426
Interest expense		26,549			24,118
Interest expense, unconsolidated entities and discontinued operations		1,596			1,574
Amortization of stock compensation		1,265			1,407
EBITDA		53,777			84,601
Gain on sale of hotels		-			(6,031	)
Gain on sale of hotels in unconsolidated entities		-			(11,182	)
Abandoned projects		-			22
Charges related to debt extinguishment, net of minority interests		-			811
Impairment loss		17,131			-
Conversion costs^(a)		259			-
Adjusted EBITDA		71,167			68,221
Adjusted EBITDA from discontinued operations		13			(3,296	)
EBITDA from acquired hotels^(b)		-			6,505
Gain on sale of condominiums		-			(3,281	)
Same-Store Adjusted EBITDA	$	71,180		$	68,149

(a)

These costs relate to the conversion of our Hotel 480 Union Square in San Francisco to a Marriott. The conversion is expected to be completed by early 2009.

(b)

We have included amounts for two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

Same-Store Hotel EBITDA and Same-Store Hotel EBITDA Margin

(dollars in thousands)

	Three Months Ended March 31,
	2008			2007
Total revenues	$	291,875		$	248,672
Other revenue		(328	)		(131	)
Revenue from acquired hotels^(a)		-			27,985
Same-Store hotel operating revenue		291,547			276,526
Same-Store hotel operating expenses		(209,382	)		(198,098	)
Same-Store Hotel EBITDA	$	82,165		$	78,428
Same-Store Hotel EBITDA margin		28.2%			28.4%

(a) We have included amounts for two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

Reconciliation of Same-Store Adjusted EBITDA to Same-Store Hotel EBITDA

(in thousands)

	Three Months Ended March 31,
	2008			2007
Same-Store Adjusted EBITDA	$	71,180		$	68,149
Other revenue		(328	)		(131	)
Equity in income from unconsolidated subsidiaries (excluding interest and depreciation expense)		(5,022	)		(6,404	)
Minority interest in other partnerships (excluding interest and depreciation expense)		570			125
Consolidated hotel lease expense		12,197			14,259
Unconsolidated taxes, insurance and lease expense		(2,122	)		(1,703	)
Interest income		(545	)		(1,247	)
Other expenses		673			-
Corporate expenses (excluding amortization of stock compensation)		5,562			5,380
Same-Store Hotel EBITDA	$	82,165		$	78,428

(a)

We have included amounts for two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

Reconciliation of Net Income (Loss) to Same-Store Hotel EBITDA

(in thousands)

	Three Months Ended March 31,
	2008			2007
Net income (loss)	$	(12,473	)	$	29,162
Discontinued operations		13			(8,307	)
EBITDA from acquired hotels^(a)		-			6,505
Equity in loss (income) from unconsolidated entities		622			(12,771	)
Minority interests		(406	)		(37	)
Consolidated hotel lease expense		12,197			14,259
Unconsolidated taxes, insurance and lease expense		(2,122	)		(1,703	)
Interest expense, net		26,003			22,872
Corporate expenses		6,827			6,787
Depreciation and amortization		33,768			25,051
Impairment loss		17,131			-
Other expenses		933			-
Abandoned projects		-			22
Gain on sale of condominiums		-			(3,281	)
Other revenue		(328	)		(131	)
Same-Store Hotel EBITDA	$	82,165		$	78,428

(a)

We have included amounts for two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

Reconciliation of Ratio of Operating Income to Total Revenues to Same-Store Hotel EBITDA Margin

	Three Months Ended March 31,
	2008		2007
Ratio of operating income to total revenues	4.7	%	10.0	%
Other revenue	(0.1	)	-
Revenue from acquired hotels^(a)	-		10.1
Unconsolidated taxes, insurance and lease expense	(0.7	)	(0.6	)
Consolidated hotel lease expense	4.2		5.2
Other expenses	0.3		-
Corporate expenses	2.3		2.4
Depreciation and amortization	11.6		9.1
Impairment loss	5.9		-
Expenses from acquired hotels^(a)	-		(7.8	)
Same-Store Hotel EBITDA margin	28.2	%	28.4	%

(a)

We have included amounts for two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

Reconciliation of Total Operating Expenses to Same-Store Hotel Operating Expenses

(in thousands)

	Three Months Ended March 31,
	2008			2007
Total operating expenses	$	278,116		$	221,034
Unconsolidated taxes, insurance and lease expense		2,122			1,703
Consolidated hotel lease expense		(12,197	)		(14,259	)
Corporate expenses		(6,827	)		(6,787	)
Other expenses		(933	)		-
Abandoned projects		-			(22	)
Depreciation and amortization		(33,768	)		(25,051	)
Impairment loss		(17,131	)		-
Expenses from acquired hotels^(a)		-			21,480
Same-Store hotel operating expenses	$	209,382		$	198,098

(a)

We have included amounts for two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

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, Same-Store Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store Adjusted EBITDA, Same-Store Hotel EBITDA and Same-Store Hotel EBITDA 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.

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 such as those described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted FFO, Same-Store Adjusted FFO, Adjusted EBITDA and Same-Store Adjusted 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 – We exclude gains and losses related to early extinguishment of debt 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.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

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 exclude 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.

Hotel EBITDA and Hotel EBITDA Margin

Hotel EBITDA and Hotel EBITDA margin are commonly used measures of performance in the 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 EBITDA and Hotel EBITDA margin are useful to investors by providing greater transparency with respect to two significant measures used by us in our financial and operational decision-making. Additionally, these measures facilitate comparisons with other hotel REITs and hotel owners. We present Hotel EBITDA and Hotel EBITDA 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 on a property-level basis. We eliminate depreciation and amortization, even though they 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 assume that the value of real estate assets diminish predictably over time, accurately reflect an adjustment in the value of our assets. We also eliminate consolidated percentage rent paid to unconsolidated entities, which is effectively eliminated by minority interest expense and equity in income from unconsolidated subsidiaries, and include the cost of unconsolidated taxes, insurance and lease expense, to reflect the entire operating costs applicable to our hotels.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Non-GAAP Financial Measures (continued)

Same-Store Comparisons

To derive same-store comparisons, we have adjusted the numbers to remove discontinued operations and gains on sales of condominium units; and have added the historical results of operations from the two Renaissance hotels acquired in December 2007.

Limitations of Non-GAAP Measures

The use of these non-GAAP financial measures has certain limitations. FFO, Adjusted FFO, Same-Store Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store Adjusted EBITDA, Same-Store Hotel EBITDA and Same-Store Hotel EBITDA margin, as presented by us, may not be comparable to FFO, Adjusted FFO, Same-Store Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store Adjusted EBITDA, Same-Store Hotel EBITDA and Same-Store Hotel EBITDA margin as calculated by other real estate companies. These measures do not reflect certain expenses that we incurred and will incur, such as depreciation and interest or 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.

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, Adjusted FFO, Adjusted FFO per share, Same-Store Adjusted FFO, EBITDA, Adjusted EBITDA or Same-Store Adjusted EBITDA be considered as measures of our liquidity or indicative of funds available for our cash needs, including our ability to make cash distributions. Adjusted 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, Same-Store Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store Adjusted EBITDA, Same-Store Hotel EBITDA and Same-Store Hotel EBITDA 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.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Debt Summary

(dollars in thousands)

	Encumbered	Interest Rate at	Maturity		Consolidated
	Hotels	March 31, 2008	Date		Debt
Line of credit^(a)	none	L + 0.80	August 2011	$	30,000
Senior term notes	none	8.50^(b)	June 2011		299,225
Senior term notes	none	L + 1.875	December 2011		215,000
Other	none	L + 0.40	June 2008		4,799
Total line of credit and senior debt^(c)		6.62			549,024

Mortgage debt	12 hotels	L + 0.93^(d)	November 2008(e)		250,000
Mortgage debt	7 hotels	6.57	June 2009-2014		88,617
Mortgage debt	7 hotels	7.32	March 2009		119,928
Mortgage debt	8 hotels	8.70	May 2010		165,060
Mortgage debt	6 hotels	8.73	May 2010		118,774
Mortgage debt	2 hotels	L + 1.55^(f)	May 2009^(g)		176,052
Mortgage debt	1 hotel	L + 2.85	August 2008		15,500
Mortgage debt	1 hotel	5.81	July 2016		12,417
Other	1 hotel	9.17	August 2011		3,428
Total mortgage debt^(c)	45 hotels	6.09			949,776

Total		6.28 %		$	1,498,800

(a)

We have a borrowing capacity of $250 million on our line of credit. The interest rate on this line can range from 80 to 150 basis points over LIBOR, based on our leverage ratio as defined in our line of credit agreement.

(b)

The interest rate on these senior notes will increase to 9.0% if the credit rating on our senior debt is downgraded by Moody’s to B1 and Standard & Poor’s rating remains below BB-.

(c)

Interest rates are calculated based on the weighted average debt outstanding at March 31, 2008.

(d)

We have purchased an interest rate cap for this notional amount with a cap rate of 7.8% that expires in November 2008.

(e)

This loan provides us, in our sole discretion, three one-year extension options that permit the maturity to be extended to 2011.

(f)

We have purchased interest rate caps for $177 million aggregate notional amounts with cap rates of 6.25% which expire in May 2009.

(g)

These loans provide us, in our sole discretion, three one-year extension options that permit the maturity to be extended to 2012.

Debt Statistics at March 31, 2008

Weighted average interest	6.28%
Fixed interest rate debt to total debt	53.9%
Weighted average maturity of debt	4 years
Mortgage debt to total assets	35.5%

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Debt Summary (continued)

At March 31, 2008, future scheduled principal payments on outstanding debt are as follows (in thousands):

Year		Secured Debt			Unsecured Debt			Total
2008	$	276,004		$	34,799		$	310,803	^(a)
2009		319,652			-			319,652	^(b)
2010		274,014			-			274,014
2011		3,028			515,000			518,028
2012		2,415			-			2,415
2013 and thereafter		75,836			-			75,836
Discount		(1,173	)		(775	)		(1,948	)
Total debt	$	949,776		$	549,024		$	1,498,800

(a)

Includes $250,000 of mortgage debt that has three one-year extension options that permit the maturity to be extended 2011 at our sole discretion.

(b)

Includes $177 million of mortgage debt that has three one-year extension options that permit the maturity to be extended 2011 at our sole discretion.

At March 31, 2008, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 17 hotels. These ventures had approximately $228 million of non-recourse mortgage debt, all of which is secured by hotel assets. Our pro rata share of this non-recourse debt was $114 million.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

PORTFOLIO DATA

Portfolio Distribution at March 31, 2008

(85 consolidated hotels)

Brand	Hotels	Rooms	% of Total Rooms	% of 2007 Hotel EBITDA ^{(a) (b)}
Embassy Suites Hotels	47	12,129	49	58
Holiday Inn	17	6,305	25	19
Sheraton and Westin	9	3,217	13	14
Doubletree	7	1,471	6	7
Renaissance and Hotel 480	3	1,324	5	-	^(b)
Hilton	2	559	2	2


Top Markets
South Florida	5	1,436	6	7
Atlanta	5	1,462	6	7
Los Angeles area	4	898	4	6
San Francisco area	6	2,141	8	6
Orlando	5	1,690	7	5
Dallas	4	1,333	5	4
Minneapolis	3	736	3	4
Phoenix	3	798	3	4
Northern New Jersey	3	756	3	4
San Diego	1	600	2	3
Washington, D.C.	1	443	2	3
Chicago	3	795	3	3
San Antonio	3	874	4	3
Philadelphia	2	729	3	3
Boston	2	532	2	2

Location
Suburban	33	8,360	33	36
Airport	20	6,205	26	26
Urban	20	6,362	25	25
Resort	12	4,078	16	13

Segment
Upper-upscale	68	18,700	75	81
Full service	17	6,305	25	19

(a)

Hotel EBITDA is more fully described on page 15 of this supplement.

(b)

We acquired the Renaissance Esmeralda Resort & Spa and the Renaissance Vinoy Resort & Golf Club in December 2007. They did not make a significant contribution to our 2007 Hotel EBITDA.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Detailed Operating Statistics by Brand

(85 consolidated hotels)

	Occupancy (%)
	Three Months Ended March 31,
	2008	2007	%Variance
Embassy Suites Hotels	73.0	72.5	0.7
Holiday Inn	70.0	63.4	10.4
Sheraton and Westin	66.1	68.8	(3.8	)
Doubletree	75.6	71.7	5.5
Renaissance and Hotel 480⁽^a⁾	70.7	73.5	(3.9	)
Hilton	52.3	38.9	34.5

Total hotels	70.9	69.0	2.8



	ADR ($)
	Three Months Ended March 31,
	2008	2007	%Variance
Embassy Suites Hotels	152.21	148.43	2.5
Holiday Inn	117.89	112.82	4.5
Sheraton and Westin	130.15	131.69	(1.2	)
Doubletree	153.99	149.54	3.0
Renaissance and Hotel 480⁽^a⁾	210.97	208.20	1.3
Hilton	106.35	106.22	0.1

Total hotels	143.21	140.76	1.7



	RevPAR ($)
	Three Months Ended March 31,
	2008	2007	%Variance
Embassy Suites Hotels	111.09	107.55	3.3
Holiday Inn	82.50	71.54	15.3
Sheraton and Westin	86.06	90.56	(5.0	)
Doubletree	116.42	107.18	8.6
Renaissance and Hotel 480^(a⁾	149.09	153.05	(2.6	)
Hilton	55.62	41.30	34.7

Total hotels	101.55	97.06	4.6

(a) Decreases in occupancy and RevPAR are principally related to renovation-related disruption at Hotel 480 Union Square. We have included historical room statistics for the two Renaissance hotels acquired in December 2007, prior to our ownership of these hotels, for comparison purposes.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Detailed Operating Statistics for FelCor’s Top Markets

(85 consolidated hotels)

	Occupancy (%)
	Three Months Ended March 31,
	2008	2007	%Variance
South Florida	87.1	86.8	0.3
Atlanta	76.3	74.5	2.4
Los Angeles area	73.6	77.5	(5.1	)
San Francisco area	71.0	66.8	6.3
Orlando	81.9	79.2	3.5
Dallas	69.9	70.4	(0.8	)
Minneapolis	67.0	69.1	(3.1	)
Phoenix	75.9	81.9	(7.4	)
Northern New Jersey	66.4	59.8	10.9
San Diego	80.5	78.5	2.6
Washington, D.C.	43.9	62.7	(29.9	)
Chicago	65.0	60.0	8.4
San Antonio	77.1	71.9	7.3
Philadelphia	62.5	55.8	11.9
Boston	69.0	51.9	32.9
	ADR ($)
	Three Months Ended March 31,
	2008	2007	%Variance
South Florida	199.14	198.07	0.5
Atlanta	127.06	125.34	1.4
Los Angeles area	156.95	150.64	4.2
San Francisco area	136.24	131.09	3.9
Orlando	124.53	122.71	1.5
Dallas	130.17	130.64	(0.4	)
Minneapolis	145.02	139.03	4.3
Phoenix	186.19	180.43	3.2
Northern New Jersey	161.98	152.06	6.5
San Diego	152.80	152.53	0.2
Washington, D.C.	162.65	172.96	(6.0	)
Chicago	120.74	122.42	(1.4	)
San Antonio	113.77	109.50	3.9
Philadelphia	136.34	122.85	11.0
Boston	136.39	140.39	(2.8	)
	RevPAR ($)
	Three Months Ended March 31,
	2008	2007	%Variance
South Florida	173.37	171.95	0.8
Atlanta	96.90	93.32	3.8
Los Angeles area	115.45	116.81	(1.2	)
San Francisco area	96.69	87.51	10.5
Orlando	102.05	97.17	5.0
Dallas	90.96	92.01	(1.1	)
Minneapolis	97.14	96.13	1.1
Phoenix	141.34	147.85	(4.4	)
Northern New Jersey	107.47	90.95	18.2
San Diego	123.01	119.68	2.8
Washington, D.C.	71.44	108.36	(34.1	)
Chicago	78.53	73.46	6.9
San Antonio	87.75	78.71	11.5
Philadelphia	85.16	68.60	24.1
Boston	94.10	72.87	29.1

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Pro Rata Share of Rooms Owned

	Hotels	Room Count at March 31, 2008
Consolidated hotels in continuing operations	85		25,005
Unconsolidated hotel operations	4		647
Total hotels	89		25,652

50% joint ventures	17		(2,032	)
60% joint ventures	1		(214	)
75% joint ventures	1		(55	)
90% joint ventures	3		(68	)
97% joint venture	1		(10	)
Total owned rooms by joint venture partners			(2,379	)
Pro rata share of rooms owned			23,273

Capital Expenditures (dollars in thousands)

	Three Months Ended March 31,
	2008			2007
Improvements and additions to consolidated hotels	$	42,673			$	66,903
Joint venture partners’ prorata share of additions to hotels		(1,257	)			(1,238	)
Prorata share of unconsolidated additions to hotels		6,971				3,693
Total additions to hotels⁽¹⁾	$	48,387			$	69,358

(1) Includes capitalized interest, property taxes, ground leases and certain employee costs.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Hotel Portfolio Listing

State

Rooms

% Owned

^(a)

Brand

Consolidated Hotels

Birmingham^(b)

242

Embassy Suites Hotel

Phoenix – Biltmore^(b)

232

Embassy Suites Hotel

Phoenix Crescent Hotel^(b)

342

Sheraton

Phoenix Tempe^(b)

224

Embassy Suites Hotel

Dana Point – Doheny Beach

195

Doubletree Guest Suites

Indian Wells – Esmeralda Resort & Spa^(b)

560

Renaissance Resort

Los Angeles – Anaheim (Located near Disneyland Park)^(b)

222

Embassy Suites Hotel

Los Angeles – El Segundo – International Airport –South

349

97%

Embassy Suites Hotel

Milpitas – Silicon Valley^(b)

266

Embassy Suites Hotel

Napa Valley^(b)

205

Embassy Suites Hotel

Oxnard – Mandalay Beach Resort & Conference Center

248

Embassy Suites Hotel

San Diego – On the Bay

600

Holiday Inn

San Francisco – Burlingame Airport

340

Embassy Suites Hotel

San Francisco – South San Francisco Airport^(b)

312

Embassy Suites Hotel

San Francisco – Fisherman’s Wharf

585

Holiday Inn

San Francisco – Hotel 480 Union Square

403

Independent⁽^c)

San Rafael – Marin County/Conference Center^(b)

235

50%

Embassy Suites Hotel

Santa Barbara – Goleta

160

Holiday Inn

Santa Monica – Beach at the Pier

132

Holiday Inn

Wilmington^(b)

244

90%

Doubletree

Boca Raton^(b)

263

Embassy Suites Hotel

Cocoa Beach – Oceanfront

500

Holiday Inn

Deerfield Beach – Boca Raton/Deerfield Beach Resort^(b)

244

Embassy Suites Hotel

Ft. Lauderdale – 17th Street^(b)

358

Embassy Suites Hotel

Ft. Lauderdale – Cypress Creek^(b)

253

Sheraton Suites

Jacksonville – Baymeadows^(b)

277

Embassy Suites Hotel

Miami – International Airport^(b)

318

Embassy Suites Hotel

Orlando – International Airport^(b)

288

Holiday Inn

Orlando – International Drive – Resort

652

Holiday Inn

Orlando – International Drive South/Convention Center^(b)

244

Embassy Suites Hotel

Orlando– (North)

277

Embassy Suites Hotel

Orlando – Walt Disney World Resort

229

Doubletree Guest Suites

St. Petersburg – Vinoy Resort & Golf Club^(b)

361

Renaissance Resort

Tampa– On Tampa Bay^(b)

203

Doubletree Guest Suites

Atlanta – Airport^(b)

232

Embassy Suites Hotel

Atlanta – Buckhead^(b)

316

Embassy Suites Hotel

Atlanta – Galleria^(b)

278

Sheraton Suites

Atlanta – Gateway – Atlanta Airport

395

Sheraton

Atlanta – Perimeter Center^(b)

241

50%

Embassy Suites Hotel

Chicago – Lombard/Oak Brook^(b)

262

50%

Embassy Suites Hotel

Chicago – Northshore/Deerfield (Northbrook) ^(b)

237

Embassy Suites Hotel

Chicago – O’Hare Airport^(b)

296

Sheraton Suites

Indianapolis – North^(b)

221

75%

Embassy Suites Hotel

Kansas City – Overland Park^(b)

199

50%

Embassy Suites Hotel

Lexington – Lexington Green^(b)

174

Hilton Suites

Baton Rouge^(b)

223

Embassy Suites Hotel

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Hotel Portfolio Listing

State

Rooms

% Owned^(a)

Brand

New Orleans^(b)

370

Embassy Suites Hotel

New Orleans – French Quarter

374

Holiday Inn

Boston – Beacon Hill

303

Holiday Inn

Boston – Marlborough^(b)

229

Embassy Suites Hotel

Baltimore – BWI Airport^(b)

251

90%

Embassy Suites Hotel

Bloomington^(b)

218

Embassy Suites Hotel

Minneapolis – Airport^(b)

310

Embassy Suites Hotel

St. Paul – Downtown^(b)

208

Embassy Suites Hotel

Kansas City – Plaza

266

50%

Embassy Suites Hotel

Charlotte^(b)

274

50%

Embassy Suites Hotel

Charlotte SouthPark

208

Doubletree Guest Suites

Raleigh^(b)

203

Doubletree Guest Suites

Raleigh – Crabtree^(b)

225

50%

Embassy Suites Hotel

Parsippany^(b)

274

50%

Embassy Suites Hotel

Piscataway – Somerset^(b)

221

Embassy Suites Hotel

Secaucus – Meadowlands^(b)

261

50%

Embassy Suites Hotel

Philadelphia – Historic District

364

Holiday Inn

Philadelphia – Society Hill^(b)

365

Sheraton

Pittsburgh – At University Center (Oakland)^(b)

251

Holiday Inn

Charleston – Mills House (Historic Downtown)^(b)

214

Holiday Inn

Myrtle Beach – At Kingston Plantation

255

Embassy Suites Hotel

Myrtle Beach Resort

385

Hilton

Nashville – Airport/Opryland Area

296

Embassy Suites Hotel

Nashville – Opryland/Airport (Briley Parkway)

383

Holiday Inn

Austin^(b)

189

90%

Doubletree Guest Suites

Austin – Central^(b)

260

50%

Embassy Suites Hotel

Corpus Christi^(b)

150

Embassy Suites Hotel

Dallas – DFW International Airport-South^(b)

305

Embassy Suites Hotel

Dallas – Love Field^(b)

248

Embassy Suites Hotel

Dallas – Market Center

244

Embassy Suites Hotel

Dallas – Park Central

536

60%

Westin

Houston – Medical Center

287

Holiday Inn & Suites

San Antonio – International Airport^(b)

261

50%

Embassy Suites Hotel

San Antonio – International Airport^(b)

397

Holiday Inn

San Antonio – N.W. I-10^(b)

216

50%

Embassy Suites Hotel

Burlington Hotel & Conference Center^(b)

309

Sheraton

Vienna – At Tysons Corner^(b)

443

50%

Sheraton

Canada

Toronto – Airport

Ontario

445

Holiday Inn

Toronto – Yorkdale

Ontario

370

Holiday Inn

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2008

Hotel Portfolio Listing

	State	Rooms	% Owned^(a)			Brand
Unconsolidated Operations
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 was encumbered by mortgage debt or capital lease obligation at March 31, 2008.

(c)

Upon the completion of its renovation, by early 2009, this hotel will be rebranded as a Marriott.

FelCor Lodging Trust (FCH) Inactive 8-KFelcor Reports First Quarter Operating Results