SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): April 30, 1998

                           Famous Host Lodging V, L.P.
             (Exact name of registrant as specified in its charter)

                California            0-14540            94-2933595
               (State or other      (Commission         (IRS Employer
                jurisdiction         File Number)        Identification No.)
                of incorporation)


                       2030 J Street, Sacramento, CA 95814
               (Address of principal executive offices) (Zip Code)

        Registrant's telephone number, including area code: 916-442-9183

                                       N/A
          (Former name or former address, if changed since last report)



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Item 5.           Other Events.

         Famous Host  Lodging V, Ltd.,  a California  limited  partnership  (the
"Partnership")  has entered into an agreement with Tiburon  Capital  Corporation
for the  sale of its  sole  motel  property.  The  purchase  price  is  equal to
$4,100,000.

         The sale of the  property is subject to several  conditions,  including
the  approval  by  a  majority-in-interest   of  the  limited  partners  of  the
Partnership  of the sale.  The  Partnership  has  prepared  and  filed  with the
Securities and Exchange Commission  preliminary proxy materials,  the definitive
version of which will be used to solicit the approval of its limited partners.

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                                   SIGNATURES

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

                                   FAMOUS HOST LODGING V, L.P.

Date:    May 27, 1998              By:      Grotewohl Management Services, Inc.,
                                            General Partner

                                            By:      /s/ Philip B. Grotewohl
                                                     Philip B. Grotewohl,
                                                     President





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