10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2014

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
	THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from           to

Commission file number: 001-14236	(FelCor Lodging Trust Incorporated)
Commission file number: 333-39595-01	(FelCor Lodging Limited Partnership)

FelCor Lodging Trust Incorporated

FelCor Lodging Limited Partnership

(Exact Name of Registrant as Specified in Its Charter)

Maryland	(FelCor Lodging Trust Incorporated)	75-2541756
Delaware	(FelCor Lodging Limited Partnership)	75-2544994
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

545 E. John Carpenter Freeway, Suite 1300, Irving, Texas	75062
(Address of Principal Executive Offices)	(Zip Code)

(972) 444-4900

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

FelCor Lodging Trust Incorporated	þ	Yes	¨	No
FelCor Lodging Limited Partnership	o	Yes	þ	No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

FelCor Lodging Trust Incorporated	þ	Yes	¨	No
FelCor Lodging Limited Partnership	þ	Yes	¨	No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

FelCor Lodging Trust Incorporated:
Large accelerated filer  þ	Accelerated filer o
Non-accelerated filer     o (Do not check if a smaller reporting company)	Smaller reporting company o

FelCor Lodging Limited Partnership:
Large accelerated filer  o	Accelerated filer ¨
Non-accelerated filer     þ (Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 

FelCor Lodging Trust Incorporated	¨	Yes	þ	No
FelCor Lodging Limited Partnership	¨	Yes	þ	No

At July 28, 2014, FelCor Lodging Trust Incorporated had issued and outstanding 124,289,525 shares of common stock.

EXPLANATORY NOTE

This quarterly report on Form 10-Q for the quarter ended June 30, 2014, combines the filings for FelCor Lodging Trust Incorporated, or FelCor, and FelCor Lodging Limited Partnership, or FelCor LP. Where it is important to distinguish between the two, we either refer specifically to FelCor or FelCor LP. Otherwise we use the terms “we” or “our” to refer to FelCor and FelCor LP, collectively (including their consolidated subsidiaries), unless the context indicates otherwise.

FelCor is a Maryland corporation operating as a real estate investment trust, or REIT, and is the sole general partner of, and the owner of a greater than 99% partnership interest in, FelCor LP. Through FelCor LP, FelCor owns hotels and conducts business. As the sole general partner of FelCor LP, FelCor has exclusive and complete control of FelCor LP’s day-to-day management.

We believe combining periodic reports for FelCor and FelCor LP into single combined reports results in the following benefits:

• presents our business as a whole (the same way management views and operates the business);

• eliminates duplicative disclosure and provides a more streamlined presentation (a substantial portion of our disclosure applies to both FelCor and FelCor LP); and

• saves time and cost by preparing combined reports instead of separate reports.

We operate the company as one enterprise. The employees of FelCor direct the management and operation of FelCor LP. With sole control of FelCor LP, FelCor consolidates FelCor LP for financial reporting purposes. FelCor has no assets other than its investment in FelCor LP and no liabilities separate from FelCor LP. Therefore, the reported assets and liabilities for FelCor and FelCor LP are substantially identical.

The substantive difference between FelCor and FelCor LP filings is that FelCor is a REIT with publicly-traded equity, while FelCor LP is a partnership with no publicly-traded equity. This difference is reflected in the financial statements in the equity (or partners’ capital) section of the consolidated balance sheets and in the consolidated statements of equity (or partners’ capital). Apart from the different equity treatment, the consolidated financial statements for FelCor and FelCor LP are nearly identical, except the net income (loss) attributable to redeemable noncontrolling interests in FelCor LP is deducted from FelCor’s net income (loss) in order to arrive at net income (loss) attributable to FelCor common stockholders. The noncontrolling interest is included in net income (loss) attributable to FelCor LP common unitholders. The holders of noncontrolling interests in FelCor LP are unaffiliated with FelCor, and in aggregate, hold less than 1% of the operating partnership units.

We present the sections in this report combined unless separate disclosure is required for clarity.

i

FELCOR LODGING TRUST INCORPORATED and

FELCOR LODGING LIMITED PARTNERSHIP

INDEX

			Page
		PART I − FINANCIAL INFORMATION
Item 1.	Financial Statements		1
	FelCor Lodging Trust Incorporated:
		Consolidated Balance Sheets - June 30, 2014 and December 31, 2013 (unaudited)	1
		Consolidated Statements of Operations – For the Three and Six Months Ended June 30, 2014 and 2013 (unaudited)	2
		Consolidated Statements of Comprehensive Income (Loss) – For the Three and Six Months Ended June 30, 2014 and 2013 (unaudited)	3
		Consolidated Statements of Changes in Equity – For the Six Months Ended June 30, 2014 and 2013 (unaudited)	4
		Consolidated Statements of Cash Flows – For the Six Months Ended June 30, 2014 and 2013 (unaudited)	5
	FelCor Lodging Limited Partnership:
		Consolidated Balance Sheets - June 30, 2014 and December 31, 2013 (unaudited)	6
		Consolidated Statements of Operations – For the Three and Six Months Ended June 30, 2014 and 2013 (unaudited)	7
		Consolidated Statements of Comprehensive Income (Loss) – For the Three and Six Months Ended June 30, 2014 and 2013 (unaudited)	8
		Consolidated Statements of Partners’ Capital – For the Six Months Ended June 30, 2014 and 2013 (unaudited)	9
		Consolidated Statements of Cash Flows – For the Six Months Ended June 30, 2014 and 2013 (unaudited)	10
	Notes to Consolidated Financial Statements		11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		35
		General	35
		Results of Operations	36
		Non-GAAP Financial Measures	38
		Pro Rata Share of Rooms Owned	46
		Hotel Portfolio Composition	47
		Hotel Operating Statistics	48
		Hotel Portfolio	50
		Liquidity and Capital Resources	52
		Inflation	53
		Seasonality	53
		Disclosure Regarding Forward-Looking Statements	54
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		55
Item 4.	Controls and Procedures		55
		PART II − OTHER INFORMATION
Item 6.	Exhibits		56
SIGNATURES			58

ii

PART I -- FINANCIAL INFORMATION

Item 1. Financial Statements.

FELCOR LODGING TRUST INCORPORATED

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

	June 30, 2014			December 31, 2013
Assets
Investment in hotels, net of accumulated depreciation of $882,585 and $929,801 at June 30, 2014 and December 31, 2013, respectively	$	1,552,172		$	1,653,267
Hotel development	261,181			216,747
Investment in unconsolidated entities	44,126			46,943
Hotels held for sale	33,148			16,319
Cash and cash equivalents	61,344			45,645
Restricted cash	66,046			77,227
Accounts receivable, net of allowance for doubtful accounts of $231 and $262 at June 30, 2014 and December 31, 2013, respectively	35,889			35,747
Deferred expenses, net of accumulated amortization of $22,095 and $20,362 at June 30, 2014 and December 31, 2013, respectively	25,962			29,325
Other assets	26,796			23,060
Total assets	$	2,106,664		$	2,144,280
Liabilities and Equity
Debt, net of discount of $1,615 and $4,714 at June 30, 2014 and December 31, 2013, respectively	$	1,601,166		$	1,663,226
Distributions payable	11,228			11,047
Accrued expenses and other liabilities	149,799			150,738
Total liabilities	1,762,193			1,825,011
Commitments and contingencies
Redeemable noncontrolling interests in FelCor LP, 613 and 618 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively	6,440			5,039
Equity:
Preferred stock, $0.01 par value, 20,000 shares authorized:
Series A Cumulative Convertible Preferred Stock, 12,880 shares, liquidation value of $322,004 and $322,011, issued and outstanding at June 30, 2014 and December 31, 2013, respectively	309,354			309,362
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at June 30, 2014 and December 31, 2013	169,412			169,412
Common stock, $0.01 par value, 200,000 shares authorized; 124,290 and 124,051 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	1,243			1,240
Additional paid-in capital	2,354,847			2,354,328
Accumulated other comprehensive income	24,892			24,937
Accumulated deficit	(2,584,211		)	(2,568,350		)
Total FelCor stockholders’ equity	275,537			290,929
Noncontrolling interests in other partnerships	21,500			23,301
Preferred equity in consolidated joint venture, liquidation value of $41,590	40,994			—
Total equity	338,031			314,230
Total liabilities and equity	$	2,106,664		$	2,144,280

The accompanying notes are an integral part of these consolidated financial statements.

1

FELCOR LODGING TRUST INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands, except for per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenues:
Hotel operating revenue	$	258,279		$	238,806		$	479,301		$	447,344
Other revenue	1,236			1,050			1,563			1,449
Total revenues	259,515			239,856			480,864			448,793
Expenses:
Hotel departmental expenses	89,628			84,971			173,151			165,376
Other property-related costs	62,912			60,030			124,490			119,458
Management and franchise fees	10,160			8,914			19,173			18,077
Taxes, insurance and lease expense	26,992			24,853			50,625			47,017
Corporate expenses	7,647			6,694			15,472			14,526
Depreciation and amortization	29,082			29,898			58,683			59,653
Impairment loss	—			24,441			—			24,441
Conversion expenses	—			587			—			1,215
Other expenses	2,114			3,915			4,128			4,736
Total operating expenses	228,535			244,303			445,722			454,499
Operating income (loss)	30,980			(4,447		)	35,142			(5,706		)
Interest expense, net	(24,495		)	(26,376		)	(49,722		)	(52,661		)
Debt extinguishment	(27		)	—			(33		)	—
Gain on sale of other assets, net	100			—			100			—
Income (loss) before equity in income from unconsolidated entities	6,558			(30,823		)	(14,513		)	(58,367		)
Equity in income from unconsolidated entities	2,766			1,905			3,409			1,994
Income (loss) from continuing operations	9,324			(28,918		)	(11,104		)	(56,373		)
Income from discontinued operations	5			6,123			140			6,973
Income (loss) before gain on sale of property	9,329			(22,795		)	(10,964		)	(49,400		)
Gain on sale of property, net	15,626			—			21,083			—
Net income (loss)	24,955			(22,795		)	10,119			(49,400		)
Net loss (income) attributable to noncontrolling interests in other partnerships	(262		)	3,972			(184		)	4,212
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP	(71		)	140			50			320
Preferred distributions - consolidated joint venture	(341		)	—			(522		)	—
Net income (loss) attributable to FelCor	24,281			(18,683		)	9,463			(44,868		)
Preferred dividends	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Net income (loss) attributable to FelCor common stockholders	$	14,603		$	(28,361	)	$	(9,893	)	$	(64,224	)
Basic and diluted per common share data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)
Basic weighted average common shares outstanding	124,169			123,814			124,158			123,814
Diluted weighted average common shares outstanding	125,386			123,814			124,158			123,814

The accompanying notes are an integral part of these consolidated financial statements.

2

FELCOR LODGING TRUST INCORPORATED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

For the Three and Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Net income (loss)	$	24,955		$	(22,795	)	$	10,119		$	(49,400	)
Foreign currency translation adjustment	575			(567		)	(45		)	(924		)
Comprehensive income (loss)	25,530			(23,362		)	10,074			(50,324		)
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships	(262		)	3,972			(184		)	4,212
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP	(74		)	143			50			325
Preferred distributions - consolidated joint venture	(341		)	—			(522		)	—
Comprehensive income (loss) attributable to FelCor	$	24,853		$	(19,247	)	$	9,418		$	(45,787	)

The accompanying notes are an integral part of these consolidated financial statements. 

3

FELCOR LODGING TRUST INCORPORATED

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands)

	Preferred Stock				Common Stock					Additional Paid-in Capital			Accumulated Other Comprehensive Income						Noncontrolling Interests in Other Partnerships			Preferred Equity in Consolidated Joint Venture
	Number of Shares	Amount			Number of Shares		Amount									Accumulated Deficit									Comprehensive Income (Loss)			Total Equity
Balance at December 31, 2012	12,948	$	478,774		124,117		$	1,241		$	2,353,581		$	26,039		$	(2,464,968	)	$	27,352		$	—					$	422,019
Issuance of stock awards	—	—			5		—			—			—			—			—			—						—
Stock awards - amortization	—	—			—		—			2,173			—			—			—			—						2,173
Allocation to redeemable noncontrolling interests	—	—			—		—			(1,095		)	—			—			—			—						(1,095		)
Contribution from noncontrolling interests	—	—			—		—			—			—			—			1,840			—						1,840
Distribution to noncontrolling interests	—	—			—		—			—			—			—			(446		)	—						(446		)
Preferred dividends:
$0.975 per Series A preferred share	—	—			—		—			—			—			(12,558		)	—			—						(12,558		)
$1.00 per Series C depositary preferred share	—	—			—		—			—			—			(6,798		)	—			—						(6,798		)
Comprehensive loss (attributable to FelCor and noncontrolling interests in other partnerships):
Foreign exchange translation	—	—			—		—			—			(919		)	—			—			—			$	(919	)
Net loss	—	—			—		—			—			—			(44,868		)	(4,212		)	—			(49,080		)
Comprehensive loss																									$	(49,999	)	(49,999		)
Balance at June 30, 2013	12,948	$	478,774		124,122		$	1,241		$	2,354,659		$	25,120		$	(2,529,192	)	$	24,534		$	—					$	355,136
Balance at December 31, 2013	12,948	$	478,774		124,051		$	1,240		$	2,354,328		$	24,937		$	(2,568,350	)	$	23,301		—						$	314,230
Conversion of preferred stock into common stock	—	(8		)	—		—			8			—			—			—			—						—
Issuance of stock awards	—	—			349		4			(4		)	—			—			—			—						—
Stock awards - amortization	—	—			—		—			1,990			—			—			—			—						1,990
Forfeiture of stock awards	—	—			(115	)	(1		)	—			—			(931		)	—			—						(932		)
Conversion of operating partnership units into common shares	—	—			5		—			44			—			—			—			—						44
Allocation to redeemable noncontrolling interests	—	—			—		—			(1,519		)	—			—			—			—						(1,519		)
Contribution from noncontrolling interests	—	—			—		—			—			—			—			5,069			—						5,069
Distribution to noncontrolling interests	—	—			—		—			—			—			—			(7,054		)	—						(7,054		)
Dividends declared:
$0.04 per common share	—	—			—		—			—			—			(5,037		)	—			—						(5,037		)
$0.975 per Series A preferred share	—	—			—		—			—			—			(12,558		)	—			—						(12,558		)
$1.00 per Series C depositary preferred share	—	—			—		—			—			—			(6,798		)	—			—						(6,798		)
Preferred distributions - consolidated joint venture	—	—			—		—			—			—			—			—			(522		)				(522		)
Issuance of preferred equity - consolidated joint venture	—	—			—		—			—			—			—			—			40,994						40,994
Comprehensive income (attributable to FelCor and noncontrolling interests in other partnerships):
Foreign exchange translation	—	—			—		—			—			(45		)	—			—			—			$	(45	)
Net income	—	—			—		—			—			—			9,463			184			522			10,169
Comprehensive income																									$	10,124		10,124
Balance at June 30, 2014	12,948	$	478,766		124,290		$	1,243		$	2,354,847		$	24,892		$	(2,584,211	)	$	21,500		$	40,994					$	338,031

The accompanying notes are an integral part of these consolidated financial statements.

4

FELCOR LODGING TRUST INCORPORATED

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands)

	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities:
Net income (loss)	$	10,119		$	(49,400	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	58,683			63,194
Gain on sale of property and other assets, net	(21,574		)	(7,259		)
Amortization of deferred financing fees and debt discount	5,907			5,426
Amortization of fixed stock and directors’ compensation	2,953			3,150
Equity based severance	—			822
Equity in income from unconsolidated entities	(3,409		)	(1,994		)
Distributions of income from unconsolidated entities	2,320			2,384
Debt extinguishment	278			—
Impairment loss	—			27,706
Changes in assets and liabilities:
Accounts receivable	(1,155		)	(15,803		)
Other assets	(5,825		)	(7,211		)
Accrued expenses and other liabilities	5,824			8,256
Net cash flow provided by operating activities	54,121			29,271
Cash flows from investing activities:
Improvements and additions to hotels	(48,032		)	(47,023		)
Hotel development	(48,178		)	(22,220		)
Net proceeds from asset dispositions	93,608			20,479
Change in restricted cash – investing	11,181			46
Insurance proceeds	255			—
Distributions from unconsolidated entities	3,906			3,441
Contributions to unconsolidated entities	—			(1,500		)
Net cash flow provided by (used in) investing activities	12,740			(46,777		)
Cash flows from financing activities:
Proceeds from borrowings	140,500			127,245
Repayment of borrowings	(205,904		)	(68,535		)
Payment of deferred financing fees	(11		)	(2,698		)
Distributions paid to noncontrolling interests	(7,054		)	(446		)
Contributions from noncontrolling interests	5,069			1,840
Distributions paid to FelCor LP limited partners	(20		)	—
Distributions paid to preferred stockholders	(19,356		)	(19,356		)
Preferred distributions - consolidated joint venture	(409		)	—
Distributions paid to common stockholders	(4,968		)	—
Net proceeds from issuance of preferred equity - consolidated joint venture	40,994			—
Net cash flow provided by (used in) financing activities	(51,159		)	38,050
Effect of exchange rate changes on cash	(3		)	(54		)
Net change in cash and cash equivalents	15,699			20,490
Cash and cash equivalents at beginning of periods	45,645			45,745
Cash and cash equivalents at end of periods	$	61,344		$	66,235
Supplemental cash flow information – interest paid, net of capitalized interest	$	43,747		$	38,301

The accompanying notes are an integral part of these consolidated financial statements.

5

FELCOR LODGING LIMITED PARTNERSHIP

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

	June 30,			December 31,
	2014			2013
Assets
Investment in hotels, net of accumulated depreciation of $882,585 and $929,801 at June 30, 2014 and December 31, 2013, respectively	$	1,552,172		$	1,653,267
Hotel development	261,181			216,747
Investment in unconsolidated entities	44,126			46,943
Hotels held for sale	33,148			16,319
Cash and cash equivalents	61,344			45,645
Restricted cash	66,046			77,227
Accounts receivable, net of allowance for doubtful accounts of $231 and $262 at June 30, 2014 and December 31, 2013, respectively	35,889			35,747
Deferred expenses, net of accumulated amortization of $22,095 and $20,362 at June 30, 2014 and December 31, 2013, respectively	25,962			29,325
Other assets	26,796			23,060
Total assets	$	2,106,664		$	2,144,280
Liabilities and Partners’ Capital
Debt, net of discount of $1,615 and $4,714 at June 30, 2014 and December 31, 2013, respectively	$	1,601,166		$	1,663,226
Distributions payable	11,228			11,047
Accrued expenses and other liabilities	149,799			150,738
Total liabilities	1,762,193			1,825,011
Commitments and contingencies
Redeemable units, 613 and 618 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively	6,440			5,039
Capital:
Preferred units:
Series A Cumulative Convertible Preferred Units, 12,880 units issued and outstanding at June 30, 2014 and December 31, 2013	309,354			309,362
Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at June 30, 2014 and December 31, 2013	169,412			169,412
Common units, 124,290 and 124,051 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively	(228,227		)	(212,888		)
Accumulated other comprehensive income	24,998			25,043
Total FelCor LP partners’ capital	275,537			290,929
Noncontrolling interests	21,500			23,301
Preferred capital in consolidated joint venture	40,994			—
Total partners’ capital	338,031			314,230
Total liabilities and partners’ capital	$	2,106,664		$	2,144,280

The accompanying notes are an integral part of these consolidated financial statements.

6

FELCOR LODGING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands, except for per unit data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Revenues:
Hotel operating revenue	$	258,279		$	238,806		$	479,301		$	447,344
Other revenue	1,236			1,050			1,563			1,449
Total revenues	259,515			239,856			480,864			448,793
Expenses:
Hotel departmental expenses	89,628			84,971			173,151			165,376
Other property-related costs	62,912			60,030			124,490			119,458
Management and franchise fees	10,160			8,914			19,173			18,077
Taxes, insurance and lease expense	26,992			24,853			50,625			47,017
Corporate expenses	7,647			6,694			15,472			14,526
Depreciation and amortization	29,082			29,898			58,683			59,653
Impairment loss	—			24,441			—			24,441
Conversion expenses	—			587			—			1,215
Other expenses	2,114			3,915			4,128			4,736
Total operating expenses	228,535			244,303			445,722			454,499
Operating income (loss)	30,980			(4,447		)	35,142			(5,706		)
Interest expense, net	(24,495		)	(26,376		)	(49,722		)	(52,661		)
Debt extinguishment	(27		)	—			(33		)	—
Gain on sale of other assets, net	100			—			100			—
Income (loss) before equity in income from unconsolidated entities	6,558			(30,823		)	(14,513		)	(58,367		)
Equity in income from unconsolidated entities	2,766			1,905			3,409			1,994
Income (loss) from continuing operations	9,324			(28,918		)	(11,104		)	(56,373		)
Income from discontinued operations	5			6,123			140			6,973
Income (loss) before gain on sale of property	9,329			(22,795		)	(10,964		)	(49,400		)
Gain on sale of property, net	15,626			—			21,083			—
Net income (loss)	24,955			(22,795		)	10,119			(49,400		)
Net loss (income) attributable to noncontrolling interests	(262		)	3,972			(184		)	4,212
Preferred distributions - consolidated joint venture	(341		)	—			(522		)	—
Net income (loss) attributable to FelCor LP	24,352			(18,823		)	9,413			(45,188		)
Preferred distributions	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Net income (loss) attributable to FelCor LP common unitholders	$	14,674		$	(28,501	)	$	(9,943	)	$	(64,544	)
Basic and diluted per common unit data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)
Basic weighted average common units outstanding	124,783			124,435			124,774			124,435
Diluted weighted average common units outstanding	126,000			124,435			124,774			124,435

The accompanying notes are an integral part of these consolidated financial statements.

7

FELCOR LODGING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

For the Three and Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Net income (loss)	$	24,955		$	(22,795	)	$	10,119		$	(49,400	)
Foreign currency translation adjustment	575			(567		)	(45		)	(924		)
Comprehensive income (loss)	25,530			(23,362		)	10,074			(50,324		)
Comprehensive loss (income) attributable to noncontrolling interests	(262		)	3,972			(184		)	4,212
Preferred distributions - consolidated joint venture	(341		)	—			(522		)	—
Comprehensive income (loss) attributable to FelCor LP	$	24,927		$	(19,390	)	$	9,368		$	(46,112	)

The accompanying notes are an integral part of these consolidated financial statements.

8

FELCOR LODGING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands)

	Preferred Units			Common Units			Accumulated Other Comprehensive Income			Noncontrolling Interests			Preferred Capital in Consolidated Joint Venture			Comprehensive Income (Loss)			Total Partners’ Capital
Balance at December 31, 2012	$	478,774		$	(110,258	)	$	26,151		$	27,352		$	—					$	422,019
FelCor restricted stock compensation	—			2,173			—			—			—						2,173
Contributions	—			—			—			1,840			—						1,840
Distributions	—			(19,356		)	—			(446		)	—						(19,802		)
Allocation to redeemable units	—			(770		)	—			—			—						(770		)
Comprehensive loss:
Foreign exchange translation							(924		)				—			$	(924	)
Net loss				(45,188		)				(4,212		)	—			(49,400		)
Comprehensive loss																$	(50,324	)	(50,324		)
Balance at June 30, 2013	$	478,774		$	(173,399	)	$	25,227		$	24,534		$	—					$	355,136
Balance at December 31, 2013	$	478,774		$	(212,888	)	$	25,043		$	23,301		—						$	314,230
Conversion of preferred units into common units	(8		)	8			—			—			—						—
FelCor restricted stock compensation	—			1,058			—			—			—						1,058
Contributions	—			—			—			5,069			—						5,069
Distributions	—			(24,393		)	—			(7,054		)	(522		)				(31,969		)
Allocation to redeemable units	—			(1,425		)	—			—			—						(1,425		)
Issuance of preferred capital - consolidated joint venture	—			—			—			—			40,994						40,994
Comprehensive income:
Foreign exchange translation							(45		)				—			$	(45	)
Net income				9,413						184			522			10,119
Comprehensive income																$	10,074		10,074
Balance at June 30, 2014	$	478,766		$	(228,227	)	$	24,998		$	21,500		$	40,994					$	338,031

The accompanying notes are an integral part of these consolidated financial statements.

9

FELCOR LODGING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2014 and 2013

(unaudited, in thousands)

	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities:
Net income (loss)	$	10,119		$	(49,400	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	58,683			63,194
Gain on sale of property and other assets, net	(21,574		)	(7,259		)
Amortization of deferred financing fees and debt discount	5,907			5,426
Amortization of fixed stock and directors’ compensation	2,953			3,150
Equity based severance	—			822
Equity in income from unconsolidated entities	(3,409		)	(1,994		)
Distributions of income from unconsolidated entities	2,320			2,384
Debt extinguishment	278			—
Impairment loss	—			27,706
Changes in assets and liabilities:
Accounts receivable	(1,155		)	(15,803		)
Other assets	(5,825		)	(7,211		)
Accrued expenses and other liabilities	5,824			8,256
Net cash flow provided by operating activities	54,121			29,271
Cash flows from investing activities:
Improvements and additions to hotels	(48,032		)	(47,023		)
Hotel development	(48,178		)	(22,220		)
Net proceeds from asset dispositions	93,608			20,479
Change in restricted cash – investing	11,181			46
Insurance proceeds	255			—
Distributions from unconsolidated entities	3,906			3,441
Contributions to unconsolidated entities	—			(1,500		)
Net cash flow provided by (used in) investing activities	12,740			(46,777		)
Cash flows from financing activities:
Proceeds from borrowings	140,500			127,245
Repayment of borrowings	(205,904		)	(68,535		)
Payment of deferred financing fees	(11		)	(2,698		)
Distributions paid to noncontrolling interests	(7,054		)	(446		)
Contributions from noncontrolling interests	5,069			1,840
Distributions paid to FelCor LP limited partners	(20		)	—
Distributions paid to preferred unitholders	(19,356		)	(19,356		)
Preferred distributions - consolidated joint venture	(409		)	—
Distributions paid to common unitholders	(4,968		)	—
Net proceeds from issuance of preferred capital - consolidated joint venture	40,994			—
Net cash flow provided by (used in) financing activities	(51,159		)	38,050
Effect of exchange rate changes on cash	(3		)	(54		)
Net change in cash and cash equivalents	15,699			20,490
Cash and cash equivalents at beginning of periods	45,645			45,745
Cash and cash equivalents at end of periods	$	61,344		$	66,235
Supplemental cash flow information – interest paid, net of capitalized interest	$	43,747		$	38,301

The accompanying notes are an integral part of these consolidated financial statements.

10

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization

FelCor Lodging Trust Incorporated (NYSE:FCH), or FelCor, is a Maryland corporation, operating as a real estate investment trust, or REIT. FelCor is the sole general partner of, and the owner of a greater than 99.5% partnership interest in, FelCor Lodging Limited Partnership, or FelCor LP, through which we held ownership interests in 57 hotels as of June 30, 2014, two of which were held for sale. At June 30, 2014, we had an aggregate of 124,902,232 shares and units outstanding, consisting of 124,289,525 shares of FelCor common stock and 612,707 FelCor LP units not owned by FelCor.

Of the 55 hotels not held for sale as of June 30, 2014, we owned a 100% interest in 39 hotels, a 90% interest in an entity owning one hotel, an 82% interest in an entity owning one hotel, a 60% interest in an entity owning one hotel and a 50% interest in entities owning 13 hotels. We consolidate our real estate interests in the 42 hotels in which we held majority interests, and we record the real estate interests of the 13 hotels in which we held 50% interests using the equity method. We leased 54 of the 55 hotels in continuing operations to our taxable REIT subsidiaries, of which we own a controlling interest. One50% owned hotel was operated without a lease. Because we owned controlling interests in these lessees, we consolidated our interests in these 54 hotels (which we refer to as our Consolidated Hotels) and reflect those hotels’ operating revenues and expenses in our statements of operations.  Of our Consolidated Hotels, we owned 50% of the real estate interests in each of 12 hotels (we accounted for the ownership in our real estate interests of these hotels by the equity method) and majority real estate interests in each of the remaining 42 hotels (we consolidate our real estate interest in these hotels).

The following table illustrates the distribution of our 54 Consolidated Hotels at June 30, 2014:

Brand	Hotels	Rooms
Embassy Suites Hotels®	30	7,916
Wyndham®and Wyndham Grand®	8	2,528
Sheraton® and Westin®	4	1,604
Marriott® and Renaissance®	3	1,321
Holiday Inn®	3	1,256
DoubleTreeby Hilton® and Hilton®	3	802
Fairmont®	1	383
Morgans and Royalton	2	285
Total	54	16,095

At June 30, 2014, our Consolidated Hotels were located in in 20 states, with concentrations in California (12 hotels), Florida (seven hotels) and Texas (seven hotels). Approximately 53% of our revenue was generated from hotels in these three states during the first six months of 2014.

At June 30, 2014, of our 54 Consolidated Hotels: (i) subsidiaries of Hilton Hotels Corporation, or Hilton, managed 32 hotels, (ii) subsidiaries of Wyndham Hotel Group, or Wyndham, managed eight hotels, (iii) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed four hotels,(iv) subsidiaries of Marriott International Inc., or Marriott, managed three hotels, (v) subsidiaries of InterContinental Hotels Group, or IHG, managed three hotels, (vi) a subsidiary of Fairmont Hotels and Resorts, or Fairmont, managed one hotel, (vii) a subsidiary of Morgans Hotel Group Corporation managed two hotels, and (viii) an independent management company managed one hotel.

11

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.    Organization — (continued)

In addition to the above hotels, we own a 95% interest in a consolidated joint venture that owns the Knickerbocker Hotel, a former hotel and office building that is being redeveloped as a 4+ star hotel in midtown Manhattan and is expected to open in early fall 2014.

The information in our consolidated financial statements for the three and six months ended June 30, 2014 and 2013 is unaudited. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements for the three and six months ended June 30, 2014 and 2013, include adjustments based on management’s estimates (consisting of normal and recurring accruals), which we consider necessary for a fair presentation of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2013, included in our Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of actual operating results for the entire year.

2. Investment in Unconsolidated Entities

At June 30, 2014 and December 31, 2013, we owned 50% interests in joint ventures that owned 13 hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We do not have any majority-owned subsidiaries that are not consolidated in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures.

The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):

	June 30,		December 31,
	2014		2013
Investment in hotels and other properties, net of accumulated depreciation	$	132,773	$	140,145
Total assets	$	152,454	$	155,848
Debt	$	146,722	$	146,358
Total liabilities	$	152,446	$	152,068
Equity	$	8	$	3,780

Our unconsolidated entities’ debt at June 30, 2014 and December 31, 2013 consisted entirely of non-recourse mortgage debt.  In March 2014, one of our unconsolidated joint ventures refinanced $128 million of debt and extended the maturity until 2017.

12

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Investment in Unconsolidated Entities — (continued)

The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total revenues	$	22,327		$	20,543		$	36,945		$	34,151
Net income	$	6,462		$	4,740		$	8,678		$	5,848
Net income attributable to FelCor	$	3,231		$	2,370		$	4,339		$	2,924
Depreciation of cost in excess of book value	(465		)	(465		)	(930		)	(930		)
Equity in income from unconsolidated entities	$	2,766		$	1,905		$	3,409		$	1,994

The following table summarizes the components of our investment in unconsolidated entities (in thousands):

	June 30,			December 31,
	2014			2013
Hotel-related investments	$	(7,651	)	$	(6,349	)
Cost in excess of book value of hotel investments	44,122			45,053
Land and condominium investments	7,655			8,239
Investment in unconsolidated entities	$	44,126		$	46,943

The following table summarizes the components of our equity in income from unconsolidated entities (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014			2013
Hotel investments	$	2,722	$	1,883	$	3,993		$	2,591
Other investments	44		22		(584		)	(597		)
Equity in income from unconsolidated entities	$	2,766	$	1,905	$	3,409		$	1,994

On July 25, 2014, we unwound unconsolidated joint ventures, in which we held a 50% interest, that owned 10 hotels. As a consequence, we now own 100% of five of the hotels and affiliates of our joint venture partner now own 100% of the other five hotels. In addition, we received our partner’s 10% interest in a separate venture also resulting in our 100% ownership of an additional hotel. We paid $2.2 million to our joint venture partner to equalize the aggregate value of assets received by us compared to our joint venture partner. We have not yet determined the anticipated gain to be recorded in our consolidated statement of operations for the third quarter from this transaction.

Our joint ventures had a loan secured by eight of these properties. That loan bears interest at one-month LIBOR plus 3%, matures in March 2017 and is freely pre-payable in whole or in part. In connection with unwinding the joint ventures, that loan was bifurcated. We are only liable to repay our share of the bifurcated loan ($64 million), which share is secured by mortgages on four of the hotels we now wholly-own.

13

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Debt

Consolidated debt consisted of the following (dollars in thousands):

	Encumbered	Interest	Maturity	June 30,		December 31,
	Hotels	Rate (%)	Date	2014		2013
Line of credit	8	LIBOR + 3.375	June 2016(a)	$	87,500	$	88,000
Hotel mortgage debt
Mortgage debt	1	5.81	July 2016	9,641		9,904
Mortgage debt(b)	4	4.95	October 2022	125,404		126,220
Mortgage debt	1	4.94	October 2022	31,471		31,714
Senior notes
Senior secured notes(c)	11	10.00	October 2014	232,289		229,190
Senior secured notes	6	6.75	June 2019	525,000		525,000
Senior secured notes	9	5.625	March 2023	525,000		525,000
Knickerbocker loan(d)
Construction tranche	—	LIBOR + 4.00	May 2016	12,994		—
Cash collateralized tranche	—	LIBOR + 1.25	May 2016	51,867		64,861
Retired debt	—	—	—	—		63,337
Total	40			$	1,601,166	$	1,663,226

(a) Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions.

(b) This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel.

(c) We originally issued $636 million (face amount) of these notes. After redemptions in 2011 and 2012, $234 million (face amount) of these notes were outstanding at June 30, 2014 and December 31, 2013.

(d) In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In January 2014, we drew $13.0 million of the cash collateral to fund construction costs, leaving $51.9 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan.

In January 2014, we repaid $10.9 million of secured loan debt, scheduled to mature in July 2014, when we sold a hotel. In March 2014, we repaid an additional $17.1 million of debt, secured by a hotel, scheduled to mature in June 2014. We incurred $251,000 of debt extinguishment costs with these repayments.

In April 2014, we repaid $15.6 million of debt, secured by two hotels, scheduled to mature in July 2014. In May 2014, we paid an additional $19.2 million of debt, secured by a hotel, scheduled to mature in August 2014.

We reported $24.5 million and $26.4 million of interest expense for the three months ended June 30, 2014 and 2013, respectively, which is net of: (i) interest income of $14,000 and $22,000 and (ii) capitalized interest of $4.3 million and $2.9 million, respectively. We reported $49.7 million and $52.7 million of interest expense for the six months ended June 30, 2014 and 2013, respectively, which is net of: (i) interest income of $29,000 and $45,000 and (ii) capitalized interest of $8.3 million and $5.7 million, respectively.

14

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3.    Debt — (continued)

During July, we obtained a $140 million term loan secured by three hotels. Borrowings under the facility bear interest at LIBOR (no floor) plus 2.5%. The loan matures in 2017 (may be extended for up to two years, subject to satisfaction of certain conditions) and is freely pre-payable. On August 15, 2014, we expect to use borrowings from the term loan, cash on hand and borrowings under our line of credit to repay the remaining $234 million of our maturing 10% senior secured notes. We will use proceeds from pending and future asset sales to repay the term loan and our line of credit.

4. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs

Hotel operating revenue from continuing operations was comprised of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Room revenue	$	200,238	$	184,327	$	370,067	$	344,834
Food and beverage revenue	45,471		42,162		85,256		79,105
Other operating departments	12,570		12,317		23,978		23,405
Total hotel operating revenue	$	258,279	$	238,806	$	479,301	$	447,344

Nearly all of our revenue is comprised of hotel operating revenue. These revenues are recorded net of any sales or occupancy taxes collected from our guests. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts, which are recorded as a bad debt expense. Hotel departmental expenses from continuing operations were comprised of the following (in thousands):

	Three Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Room	$	50,585	19.6	%	$	47,322	19.8	%
Food and beverage	33,066		12.8		31,747		13.3
Other operating departments	5,977		2.3		5,902		2.5
Total hotel departmental expenses	$	89,628	34.7	%	$	84,971	35.6	%

15

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs— (continued)

	Six Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Room	$	97,318	20.3	%	$	92,192	20.6	%
Food and beverage	64,253		13.4		61,993		13.9
Other operating departments	11,580		2.4		11,191		2.5
Total hotel departmental expenses	$	173,151	36.1	%	$	165,376	37.0	%

Other property-related costs from continuing operations were comprised of the following amounts (in thousands):

	Three Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Hotel general and administrative expense	$	21,133	8.2	%	$	20,311	8.5	%
Marketing	21,150		8.2		19,555		8.2
Repair and maintenance	11,332		4.4		11,247		4.7
Utilities	9,297		3.6		8,917		3.7
Total other property-related costs	$	62,912	24.4	%	$	60,030	25.1	%

	Six Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Hotel general and administrative expense	$	40,967	8.5	%	$	40,358	9.0	%
Marketing	41,221		8.6		38,566		8.6
Repair and maintenance	23,019		4.8		22,808		5.1
Utilities	19,283		4.1		17,726		4.0
Total other property-related costs	$	124,490	26.0	%	$	119,458	26.7	%

16

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs— (continued)

In March 2013, we rebranded and transitioned management at eight core hotels located in strategic markets to Wyndham brands. Wyndham's parent guaranteed a minimum level of net operating income for each year of the initial ten-year term, subject to an aggregate $100 million limit over the term and an annual $21.5 million limit. Amounts recorded under the guaranty will be accounted for, to the extent available, as a reduction in contractual management and other fees paid and payable to Wyndham. Any amounts in excess of those fees will be recorded as revenue when earned. For the six months ended June 30, 2014 and 2013, we have recorded a $431,000 and $2.7 million, respectively, pro rata portion of the projected full-year guaranty (of which $295,000 and $2.3 million is for the three months ended June 30, 2014 and 2013, respectively) as a reduction of Wyndham's contractual management and other fees.

5. Taxes, Insurance and Lease Expense

Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Hotel lease expense(a)	$	13,296	$	12,166	$	23,687	$	21,723
Land lease expense(b)	3,160		2,772		5,622		5,166
Real estate and other taxes	8,025		7,637		16,133		15,232
Property insurance, general liability insurance and other	2,511		2,278		5,183		4,896
Total taxes, insurance and lease expense	$	26,992	$	24,853	$	50,625	$	47,017

(a) Hotel lease expense is recorded by the consolidated operating lessees of 12 hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities.  Hotel lease expense includes percentage rent of $7.8 million and $6.7 million for the three months ended June 30, 2014 and 2013, respectively, and $12.7 million and $10.8 million for the six months ended June 30, 2014 and 2013, respectively.

(b) Land lease expense includes percentage rent of $1.7 million and $1.3 million for the three months ended June 30, 2014 and 2013, respectively, and $2.7 million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively.

17

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6. Impairment

Our hotels are comprised of operations and cash flows that can clearly be distinguished, operationally and for financial reporting purposes, from the remainder of our operations. Accordingly, we consider each hotel to be a component for purposes of determining impairment charges and reporting discontinued operations.

We may record impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and/or lodging industry weakens, or we shorten our contemplated holding period for additional hotels. For the quarter ended June 30, 2013, we recorded a $27.7 million impairment charge ($24.4 million related to two hotels included in continuing operations and $3.3 million related to one hotel included in discontinued operations).

The impairment charge related to the one hotel included in discontinued operations ($3.3 million) was based on third-party offers to purchase (a Level 2 input under authoritative guidance for fair value measurements) at prices below our previously estimated fair market values for this property. This hotel had been identified as a sale candidate in a prior year, reducing its estimated hold period at that time.

As part of our long-term strategic plan, we may identify hotels that no longer meet our investment criteria. We identified two additional such hotels, thereby significantly reducing their respective estimated hold periods, resulting in impairments on both hotels during the second quarter of 2013. A portion ($24.4 million) of the second quarter 2013 impairment charges relates to these hotels and was determined using Level 3 inputs, as follows:

• with respect to one hotel, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3.0%, a discounted cash flow term of five years, a terminal capitalization rate of 8.0%, and a discount rate of 10.0%; and

• with respect to the other hotel, we used information based on EBITDA multiples ranging from 10 to 12 times.

7. Hotel Dispositions

Effective January 1, 2014, we have adopted the provisions of Accounting Standards Update No. 2014-08 (the Update), under which the disposal of components of an entity are reported as discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. These new provisions are applied prospectively only and, as such, hotels that were considered discontinued operations for the year ended December 31, 2013 and prior continue to be reported as discontinued operations in all periods presented.

During the six months ended June 30, 2014, we sold four hotels, one of which was previously held for sale at December 31, 2013. Additionally, as of June 30, 2014, we had two hotels held for sale. We designate a hotel as held for sale when the sale is probable within the next twelve months. We consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale, and we have received a substantial non-refundable deposit. Operations for five of the hotels (three hotels sold not previously held for sale and two hotels held for sale as of June 30, 2014) are included in income (loss) from continuing operations as shown in the statements of operations for the three and six months ended June 30, 2014 and 2013, as disposition of these hotels does not represent a strategic shift in our business.

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FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7. Hotel Dispositions— (continued)

The following table includes operations from these five hotels (in thousands):

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Income (loss) from continuing operations	$816	$652	$226	$(370)
Net income (loss) attributable to FelCor	$784	$621	$173	$(413)

The gain on the sale of the three hotels not previously held for sale is reported in the accompanying statement of operations on a separate line item and is not included in continuing operations.

Discontinued operations include the results of operations for five hotels sold in 2013 and one hotel sold in 2014 (which was held for sale as of December 31, 2013). The following table summarizes the condensed financial information for those hotels (in thousands):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2014		2013			2014			2013
Hotel operating revenue	$	—	$	12,858		$	730		$	24,612
Operating expenses	5		(13,796		)	(670		)	(24,501		)
Operating income (loss) from discontinued operations	5		(938		)	60			111
Interest expense, net	—		(198		)	(66		)	(397		)
Debt extinguishment	—		—			(245		)	—
Gain on sale of property, net	—		7,259			391			7,259
Income from discontinued operations	$	5	$	6,123		$	140		$	6,973

19

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Income (Loss) Per Share/Unit

The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data):

FelCor Income (Loss) Per Share

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Numerator:
Net income (loss) attributable to FelCor	$	24,281		$	(18,683	)	$	9,463		$	(44,868	)
Discontinued operations attributable to FelCor	(5		)	(6,021		)	(139		)	(6,852		)
Income (loss) from continuing operations attributable to FelCor	24,276			(24,704		)	9,324			(51,720		)
Less: Preferred dividends	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Less: Dividends declared on unvested restricted stock	(2		)	—			(3		)	—
Less: Undistributed earnings allocated to unvested restricted stock	(6		)	—			—			—
Numerator for continuing operations attributable to FelCor common stockholders	14,590			(34,382		)	(10,035		)	(71,076		)
Discontinued operations attributable to FelCor	5			6,021			139			6,852
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders	$	14,595		$	(28,361	)	$	(9,896	)	$	(64,224	)
Denominator:
Denominator for basic income (loss) per share	124,169			123,814			124,158			123,814
Denominator for diluted income (loss) per share	125,386			123,814			124,158			123,814
Basic and diluted income (loss) per share data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Discontinued operations	$	—		$	0.05		$	—		$	0.06
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)

20

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Income (Loss) Per Share/Unit — (continued)

FelCor LP Income (Loss) Per Unit

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Numerator:
Net income (loss) attributable to FelCor LP	$	24,352		$	(18,823	)	$	9,413		$	(45,188	)
Discontinued operations attributable to FelCor LP	(5		)	(6,051		)	(140		)	(6,886		)
Income (loss) from continuing operations attributable to FelCor LP	24,347			(24,874		)	9,273			(52,074		)
Less: Preferred distributions	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Less: Distributions declared on FelCor unvested restricted stock	(2		)	—			(3		)	—
Less: Undistributed earnings allocated to FelCor unvested restricted stock	(6		)	—			—			—
Numerator for continuing operations attributable to FelCor LP common unitholders	14,661			(34,552		)	(10,086		)	(71,430		)
Discontinued operations attributable to FelCor LP	5			6,051			140			6,886
Numerator for basic and diluted income (loss) attributable to FelCor common unitholders	$	14,666		$	(28,501	)	$	(9,946	)	$	(64,544	)
Denominator:
Denominator for basic income (loss) per unit	124,783			124,435			124,774			124,435
Denominator for diluted income (loss) per unit	126,000			124,435			124,774			124,435
Basic and diluted income (loss) per unit data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Discontinued operations	$	—		$	0.05		$	—		$	0.06
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)

The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the gain on the sale of property attributable to FelCor/FelCor LP.

Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands):

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Series A convertible preferred shares/units	9,985	9,985	9,985	9,985
FelCor restricted stock units	—	576	1,020	373

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Income (Loss) Per Share/Unit — (continued)

Series A preferred dividends (distributions) that would be excluded from net income (loss) attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $6.3 million for the three months ended June 30, 2014 and 2013, and $12.6 million for the six months ended June 30, 2014 and 2013.

We grant our executive officers restricted stock units each year, which provides them with the potential to earn shares of our common stock in three increments over four years. The actual number of shares that vest is determined based on total stockholder return relative to a group of 10 lodging REIT peers. We amortize the fixed cost of these grants over the vesting period. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method.

9. Fair Value of Financial Instruments

Disclosures about fair value of our financial instruments are based on pertinent information available to management as of June 30, 2014 and December 31, 2013. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. Different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.

Our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our publicly-traded debt is based on observable market data (a Level 2 input) and has an estimated fair value of $1.3 billion at June 30, 2014 and December 31, 2013; and (iii) our debt that is not publicly-traded is based on a discounted cash flow model using effective borrowing rates for debt with similar terms, loan to estimated fair value of collateral and remaining maturities (a Level 3 input) and has an estimated fair value of $322.2 million and $390.1 million at June 30, 2014 and December 31, 2013, respectively. The estimated fair value of all our debt was $1.7 billion at June 30, 2014 and December 31, 2013. The carrying value of our debt was $1.6 billion and $1.7 billion at June 30, 2014 and December 31, 2013, respectively.

10. Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units

We record redeemable noncontrolling interests in FelCor LP, in the case of FelCor, and redeemable units, in the case of FelCor LP, in the mezzanine section (between liabilities and equity or partners’ capital) of our consolidated balance sheets because of the redemption feature of these units. Additionally, FelCor’s consolidated statements of operations separately present earnings attributable to redeemable noncontrolling interests. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. The historical cost is based on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. Redemption value is based on the closing price of FelCor’s common stock at period end. FelCor allocates net income (loss) to FelCor LP’s noncontrolling partners based on their weighted average ownership percentage during the period.

At June 30, 2014, we had 612,707 limited partnership units outstanding carried at $6.4 million. The value of these outstanding units is based on the closing price of FelCor’s common stock at June 30, 2014 ($10.51 per share).

22

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued)

Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2014 and 2013 are shown below — (in thousands):

	Six Months Ended
	June 30,
	2014			2013
Balance at beginning of period	$	5,039		$	2,902
Conversion of units	(44		)	—
Redemption value allocation	1,519			1,095
Distributions paid to unitholders	(24		)	—
Comprehensive loss:
Foreign exchange translation	—			(5		)
Net loss	(50		)	(320		)
Balance at end of period	$	6,440		$	3,672

11.    Consolidated Joint Venture Preferred Equity/Capital

Our joint venture that is redeveloping the Knickerbocker Hotel raised $45 million through the sale of 3.5% preferred equity/capital under the EB-5 immigrant investor program. The investors in this preferred equity receive a 3.25% current annual return, with a 0.25% non-compounding annual return paid at redemption. Redemption is at the company’s option. If the preferred equity is not redeemed within five years, the current return increases to 8.00%. The venture received $41.6 million in gross proceeds ($41.0 million net of issuance costs) during the six months ended June 30, 2014, and the remaining $3.4 million will be received as investors’ visas are approved by the government. We used our 95% share of the proceeds to repay borrowings under our line of credit.

12.    Recently Issued Accounting Standards

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.

23

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. FelCor LP’s Consolidating Financial Information

Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor Baton Rouge Owner, L.L.C.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Lodging Holding Company, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor Hotel Asset Company, L.L.C.; FelCor Copley Plaza, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Los Angeles International Airport Hotel Associates, a Texas L.P.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt.

The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (1) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, (2) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (3) a legal defeasance or covenant defeasance of the indenture, (4) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (5) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture.

24

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13. FelCor LP’s Consolidating Financial Information – (continued)

The following tables present consolidating information for the Subsidiary Guarantors.

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	44,166		$	1,040,284		$	467,722	$	—		$	1,552,172
Hotel development	—			—			261,181		—			261,181
Equity investment in consolidated entities	1,491,230			—			—		(1,491,230		)	—
Investment in unconsolidated entities	31,479			11,314			1,333		—			44,126
Hotels held for sale	—			13,974			19,174		—			33,148
Cash and cash equivalents	12,816			45,033			3,495		—			61,344
Restricted cash	—			10,160			55,886		—			66,046
Accounts receivable, net	336			34,921			632		—			35,889
Deferred expenses, net	18,783			—			7,179		—			25,962
Other assets	7,650			11,996			19,065		(11,915		)	26,796
Total assets	$	1,606,460		$	1,167,682		$	835,667	$	(1,503,145	)	$	2,106,664
Debt, net	$	1,282,289		$	11,915		$	360,075	$	(53,113	)	$	1,601,166
Distributions payable	11,116			—			112		—			11,228
Accrued expenses and other liabilities	31,078			104,033			14,688		—			149,799
Total liabilities	1,324,483			115,948			374,875		(53,113		)	1,762,193
Redeemable units	6,440			—			—		—			6,440
Preferred units	478,766			—			—		—			478,766
Common units	(228,227		)	1,047,455			377,579		(1,425,034		)	(228,227		)
Accumulated other comprehensive income	24,998			4,551			20,447		(24,998		)	24,998
Total FelCor LP partners’ capital	275,537			1,052,006			398,026		(1,450,032		)	275,537
Noncontrolling interests	—			(272		)	21,772		—			21,500
Preferred capital in consolidated joint venture	—			—			40,994		—			40,994
Total partners’ capital	275,537			1,051,734			460,792		(1,450,032		)	338,031
Total liabilities and partners’ capital	$	1,606,460		$	1,167,682		$	835,667	$	(1,503,145	)	$	2,106,664

25

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	48,971		$	1,053,724		$	550,572	$	—		$	1,653,267
Hotel development	—			—			216,747		—			216,747
Equity investment in consolidated entities	1,508,593			—			—		(1,508,593		)	—
Investment in unconsolidated entities	34,090			11,497			1,356		—			46,943
Hotel held for sale	—			—			16,319		—			16,319
Cash and cash equivalents	5,227			33,283			7,135		—			45,645
Restricted cash	—			9,051			68,176		—			77,227
Accounts receivable, net	516			34,366			865		—			35,747
Deferred expenses, net	20,540			—			8,785		—			29,325
Other assets	6,248			10,767			17,998		(11,953		)	23,060
Total assets	$	1,624,185		$	1,152,688		$	887,953	$	(1,520,546	)	$	2,144,280
Debt, net	$	1,279,190		$	11,953		$	464,036	$	(91,953	)	$	1,663,226
Distributions payable	11,047			—			—		—			11,047
Accrued expenses and other liabilities	37,980			96,494			16,264		—			150,738
Total liabilities	1,328,217			108,447			480,300		(91,953		)	1,825,011
Redeemable units	5,039			—			—		—			5,039
Preferred units	478,774			—			—		—			478,774
Common units	(212,888		)	1,039,903			363,647		(1,403,550		)	(212,888		)
Accumulated other comprehensive income	25,043			4,569			20,474		(25,043		)	25,043
Total FelCor LP partners’ capital	290,929			1,044,472			384,121		(1,428,593		)	290,929
Noncontrolling interests	—			(231		)	23,532		—			23,301
Total partners’ capital	290,929			1,044,241			407,653		(1,428,593		)	314,230
Total liabilities and partners’ capital	$	1,624,185		$	1,152,688		$	887,953	$	(1,520,546	)	$	2,144,280

26

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	258,279		$	—		$	—		$	258,279
Percentage lease revenue	1,910			—			24,401			(26,311		)	—
Other revenue	1			1,082			153			—			1,236
Total revenues	1,911			259,361			24,554			(26,311		)	259,515
Expenses:
Hotel operating expenses	—			162,700			—			—			162,700
Taxes, insurance and lease expense	450			49,544			3,309			(26,311		)	26,992
Corporate expenses	149			5,263			2,235			—			7,647
Depreciation and amortization	992			18,004			10,086			—			29,082
Other expenses	—			789			1,325			—			2,114
Total operating expenses	1,591			236,300			16,955			(26,311		)	228,535
Operating income	320			23,061			7,599			—			30,980
Interest expense, net	(20,300		)	(306		)	(3,889		)	—			(24,495		)
Debt extinguishment	—			—			(27		)	—			(27		)
Gain on sale of other assets, net	—			100			—			—			100
Income before equity in income from unconsolidated entities	(19,980		)	22,855			3,683			—			6,558
Equity in income from consolidated entities	42,238			—			—			(42,238		)	—
Equity in income from unconsolidated entities	2,315			462			(11		)	—			2,766
Income from continuing operations	24,573			23,317			3,672			(42,238		)	9,324
Income from discontinued operations	—			5			—			—			5
Income before gain on sale of property	24,573			23,322			3,672			(42,238		)	9,329
Gain on sale of property, net	(221		)	(15		)	15,862			—			15,626
Net income	24,352			23,307			19,534			(42,238		)	24,955
Income attributable to noncontrolling interests	—			(113		)	(149		)	—			(262		)
Preferred distributions - consolidated joint venture	—			—			(341		)	—			(341		)
Net income attributable to FelCor LP	24,352			23,194			19,044			(42,238		)	24,352
Preferred distributions	(9,678		)	—			—			—			(9,678		)
Net income attributable to FelCor LP common unitholders	$	14,674		$	23,194		$	19,044		$	(42,238	)	$	14,674

27

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	238,806		$	—		$	—		$	238,806
Percentage lease revenue	1,615			—			21,788			(23,403		)	—
Other revenue	2			918			130			—			1,050
Total revenues	1,617			239,724			21,918			(23,403		)	239,856
Expenses:
Hotel operating expenses	—			153,915			—			—			153,915
Taxes, insurance and lease expense	386			44,436			3,434			(23,403		)	24,853
Corporate expenses	272			4,811			1,611			—			6,694
Depreciation and amortization	1,185			17,879			10,834			—			29,898
Impairment loss	14,294			—			10,147			—			24,441
Conversion expenses	4			292			291			—			587
Other expenses	2,754			842			319			—			3,915
Total operating expenses	18,895			222,175			26,636			(23,403		)	244,303
Operating loss	(17,278		)	17,549			(4,718		)	—			(4,447		)
Interest expense, net	(21,380		)	(319		)	(4,677		)	—			(26,376		)
Loss before equity in income from unconsolidated entities	(38,658		)	17,230			(9,395		)	—			(30,823		)
Equity in income from consolidated entities	21,183			—			—			(21,183		)	—
Equity in income from unconsolidated entities	1,547			369			(11		)	—			1,905
Loss from continuing operations	(15,928		)	17,599			(9,406		)	(21,183		)	(28,918		)
Income from discontinued operations	(2,895		)	(119		)	9,137			—			6,123
Net loss	(18,823		)	17,480			(269		)	(21,183		)	(22,795		)
Loss attributable to noncontrolling interests	—			(16		)	3,988			—			3,972
Net loss attributable to FelCor LP	(18,823		)	17,464			3,719			(21,183		)	(18,823		)
Preferred distributions	(9,678		)	—			—			—			(9,678		)
Net loss attributable to FelCor LP common unitholders	$	(28,501	)	$	17,464		$	3,719		$	(21,183	)	$	(28,501	)

28

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	479,301		$	—		$	—		$	479,301
Percentage lease revenue	3,309			—			50,010			(53,319		)	—
Other revenue	2			1,348			213			—			1,563
Total revenues	3,311			480,649			50,223			(53,319		)	480,864
Expenses:
Hotel operating expenses	—			316,814			—			—			316,814
Taxes, insurance and lease expense	870			96,372			6,702			(53,319		)	50,625
Corporate expenses	272			10,333			4,867			—			15,472
Depreciation and amortization	1,984			35,770			20,929			—			58,683
Other expenses	35			1,629			2,464			—			4,128
Total operating expenses	3,161			460,918			34,962			(53,319		)	445,722
Operating income	150			19,731			15,261			—			35,142
Interest expense, net	(40,784		)	(634		)	(8,304		)	—			(49,722		)
Debt extinguishment	—			—			(33		)	—			(33		)
Gain on sale of other assets, net	—			100			—			—			100
Loss before equity in income from unconsolidated entities	(40,634		)	19,197			6,924			—			(14,513		)
Equity in income from consolidated entities	47,381			—			—			(47,381		)	—
Equity in income from unconsolidated entities	3,115			317			(23		)	—			3,409
Loss from continuing operations	9,862			19,514			6,901			(47,381		)	(11,104		)
Income from discontinued operations	—			34			106			—			140
Loss before gain on sale of property	9,862			19,548			7,007			(47,381		)	(10,964		)
Gain on sale of property, net	(449		)	(28		)	21,560			—			21,083
Net income	9,413			19,520			28,567			(47,381		)	10,119
Income attributable to noncontrolling interests	—			21			(205		)	—			(184		)
Preferred distributions - consolidated joint venture	—			—			(522		)	—			(522		)
Net income attributable to FelCor LP	9,413			19,541			27,840			(47,381		)	9,413
Preferred distributions	(19,356		)	—			—			—			(19,356		)
Net loss attributable to FelCor LP common unitholders	$	(9,943	)	$	19,541		$	27,840		$	(47,381	)	$	(9,943	)

29

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months EndedJune 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	447,344		$	—		$	—		$	447,344
Percentage lease revenue	2,877			—			44,931			(47,808		)	—
Other revenue	5			1,251			193			—			1,449
Total revenues	2,882			448,595			45,124			(47,808		)	448,793
Expenses:
Hotel operating expenses	—			302,911			—			—			302,911
Taxes, insurance and lease expense	690			87,427			6,708			(47,808		)	47,017
Corporate expenses	380			10,355			3,791			—			14,526
Depreciation and amortization	2,435			35,475			21,743			—			59,653
Impairment loss	14,294			—			10,147			—			24,441
Conversion expenses	24			682			509			—			1,215
Other expenses	2,777			1,359			600			—			4,736
Total operating expenses	20,600			438,209			43,498			(47,808		)	454,499
Operating loss	(17,718		)	10,386			1,626			—			(5,706		)
Interest expense, net	(42,985		)	(622		)	(9,054		)	—			(52,661		)
Loss before equity in income from unconsolidated entities	(60,703		)	9,764			(7,428		)	—			(58,367		)
Equity in income from consolidated entities	16,558			—			—			(16,558		)	—
Equity in income from unconsolidated entities	1,852			165			(23		)	—			1,994
Loss from continuing operations	(42,293		)	9,929			(7,451		)	(16,558		)	(56,373		)
Income from discontinued operations	(2,895		)	(535		)	10,403			—			6,973
Net loss	(45,188		)	9,394			2,952			(16,558		)	(49,400		)
Loss attributable to noncontrolling interests	—			240			3,972			—			4,212
Net loss attributable to FelCor LP	(45,188		)	9,634			6,924			(16,558		)	(45,188		)
Preferred distributions	(19,356		)	—			—			—			(19,356		)
Net loss attributable to FelCor LP common unitholders	$	(64,544	)	$	9,634		$	6,924		$	(16,558	)	$	(64,544	)

30

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2014

(in thousands)

	FelCor LP		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	24,352	$	23,307		$	19,534		$	(42,238	)	$	24,955
Foreign currency translation adjustment	575		65			510			(575		)	575
Comprehensive income	24,927		23,372			20,044			(42,813		)	25,530
Comprehensive income attributable to noncontrolling interests	—		(113		)	(149		)	—			(262		)
Preferred distributions - consolidated joint venture	—		—			(341		)	—			(341		)
Comprehensive income attributable to FelCor LP	$	24,927	$	23,259		$	19,554		$	(42,813	)	$	24,927

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Three Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net loss	$	(18,823	)	$	17,480		$	(269	)	$	(21,183	)	$	(22,795	)
Foreign currency translation adjustment	(567		)	(111		)	(456		)	567			(567		)
Comprehensive loss	(19,390		)	17,369			(725		)	(20,616		)	(23,362		)
Comprehensive loss attributable to noncontrolling interests	—			(16		)	3,988			—			3,972
Comprehensive loss attributable to FelCor LP	$	(19,390	)	$	17,353		$	3,263		$	(20,616	)	$	(19,390	)

31

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	9,413		$	19,520		$	28,567		$	(47,381	)	$	10,119
Foreign currency translation adjustment	(45		)	(18		)	(27		)	45			(45		)
Comprehensive income	9,368			19,502			28,540			(47,336		)	10,074
Comprehensive income attributable to noncontrolling interests	—			21			(205		)	—			(184		)
Preferred distributions - consolidated joint venture	—			—			(522		)	—			(522		)
Comprehensive income attributable to FelCor LP	$	9,368		$	19,523		$	27,813		$	(47,336	)	$	9,368

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Six Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net loss	$	(45,188	)	$	9,394		$	2,952		$	(16,558	)	$	(49,400	)
Foreign currency translation adjustment	(924		)	(207		)	(717		)	924			(924		)
Comprehensive loss	(46,112		)	9,187			2,235			(15,634		)	(50,324		)
Comprehensive loss attributable to noncontrolling interests	—			240			3,972			—			4,212
Comprehensive loss attributable to FelCor LP	$	(46,112	)	$	9,427		$	6,207		$	(15,634	)	$	(46,112	)

32

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(38,098	)	$	62,307		$	29,912		$	—		$	54,121
Investing activities:
Improvements and additions to hotels	(685		)	(36,397		)	(10,950		)	—			(48,032		)
Hotel development	—			—			(48,178		)	—			(48,178		)
Net proceeds from asset dispositions	(419		)	(73		)	94,100			—			93,608
Insurance proceeds	—			255			—			—			255
Change in restricted cash - investing	—			(1,533		)	12,714			—			11,181
Distributions from unconsolidated entities	3,406			500			—			—			3,906
Intercompany financing	67,733			—			—			(67,733		)	—
Cash flows from investing activities	70,035			(37,248		)	47,686			(67,733		)	12,740
Financing activities:
Proceeds from borrowings	—			—			140,500			—			140,500
Repayment of borrowings	—			—			(205,904		)	—			(205,904		)
Distributions paid to noncontrolling interests	—			(626		)	(6,428		)	—			(7,054		)
Contributions from noncontrolling interests	—			605			4,464			—			5,069
Distributions paid to preferred unitholders	(19,356		)	—			—			—			(19,356		)
Distributions paid to common unitholders	(4,968		)	—			—			—			(4,968		)
Net proceeds from issuance of preferred capital - consolidated joint venture	—			—			40,994			—			40,994
Intercompany financing	—			(13,285		)	(54,448		)	67,733			—
Other	(24		)	—			(416		)	—			(440		)
Cash flows from financing activities	(24,348		)	(13,306		)	(81,238		)	67,733			(51,159		)
Effect of exchange rate changes on cash	—			(3		)	—			—			(3		)
Change in cash and cash equivalents	7,589			11,750			(3,640		)	—			15,699
Cash and cash equivalents at beginning of period	5,227			33,283			7,135			—			45,645
Cash and cash equivalents at end of period	$	12,816		$	45,033		$	3,495		$	—		$	61,344

33

FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(30,682	)	$	40,893		$	19,060		$	—		$	29,271
Investing activities:
Improvements and additions to hotels	2,689			(30,529		)	(19,183		)	—			(47,023		)
Hotel development	—			—			(22,220		)	—			(22,220		)
Net proceeds from asset dispositions	(5		)	(1,252		)	21,736			—			20,479
Distributions from unconsolidated entities	3,066			375			—			—			3,441
Contributions to unconsolidated entities	—			(1,500		)	—			—			(1,500		)
Intercompany financing	52,477			—			—			(52,477		)	—
Other	—			1,824			(1,778		)	—			46
Cash flows from investing activities	58,227			(31,082		)	(21,445		)	(52,477		)	(46,777		)
Financing activities:
Proceeds from borrowings	—			—			127,245			—			127,245
Repayment of borrowings	—			—			(68,535		)	—			(68,535		)
Distributions paid to preferred unitholders	(19,356		)	—			—			—			(19,356		)
Intercompany financing	—			1,799			(54,276		)	52,477			—
Other	(2,329		)	372			653			—			(1,304		)
Cash flows from financing activities	(21,685		)	2,171			5,087			52,477			38,050
Effect of exchange rate changes on cash	—			(54		)	—			—			(54		)
Change in cash and cash equivalents	5,860			11,928			2,702			—			20,490
Cash and cash equivalents at beginning of period	8,312			30,425			7,008			—			45,745
Cash and cash equivalents at end of period	$	14,172		$	42,353		$	9,710		$	—		$	66,235

34

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Revenue per available room, or RevPAR, for our 46 comparable hotels (our same-store hotels excluding the Wyndham portfolio) increased 9.2% in the second quarter of 2014 compared to the same period last year. Same-store hotels RevPAR (which includes our Wyndham portfolio) grew 10.8% in the second quarter of 2014 compared to the same period last year, driven primarily by a 7.0% increase in average daily rate, or ADR, and a 3.5% increase in occupancy.

RevPAR for the Wyndham portfolio, which were converted from Holiday Inn on March 1, 2013, increased 20.4% for the second quarter compared to the same period last year. As expected, revenues at these hotels have improved meaningfully as the transitional disruption is subsiding. In addition, Wyndham’s parent has guaranteed a minimum level of net operating income for each year of the ten-year term. Wyndham’s aggregate payments under this guaranty are limited to $100 million over the term and $21.5 million annually. For the six months ended June 30, 2014 and 2013, we have recorded a $431,000and $2.7 million, respectively, pro rata portion of the projected full-year guaranty as a reduction of Wyndham's contractual management and other fees.

We have spent $105.5 million (excluding the initial acquisition costs and capitalized interest) through June 30, 2014 to redevelop the 4+ star Knickerbocker Hotel, located in the heart of Times Square in Manhattan. We expect the net project will cost $240 million, in the aggregate, and to open the hotel in early fall.

Our joint venture that is redeveloping the Knickerbocker Hotel raised $45 million through the sale of 3.5% preferred equity through the EB-5 immigrant investor program. The venture received $41.6 million in proceeds during the first six months of 2014, and the remaining $3.4 million will be received as investors’ visas are approved by the government. We used our 95% share of the proceeds to repay borrowings under our line of credit.

On July 25, 2014, we unwound unconsolidated joint ventures, in which we held a 50% interest, that owned 10 hotels. As a consequence, we now own 100% of five of the hotels and affiliates of our joint venture partner now own 100% of the other five hotels. The five retained hotels will be marketed for sale in early September. In addition, we received our partner’s 10% interest in a separate venture also resulting in our 100% ownership of an additional hotel. We paid $2.3 million to our joint venture partner to equalize the aggregate value of assets received by us compared to our joint venture partner. We have not yet determined the gain we will be recording in our consolidated statement of operations from this transaction.

Our joint ventures had a loan secured by eight of these properties. That loan bears interest at one-month LIBOR plus 3%, matures in March 2017 and is freely pre-payable in whole or in part. In connection with unwinding the joint ventures, that loan was bifurcated. We are only liable to repay our share of the bifurcated loan ($64 million), which share is secured by mortgages on four of the hotels we now own outright.

During July, we obtained a $140 million term loan secured by three hotels. Borrowings under the facility bear interest at LIBOR (no floor) plus 2.5%. The loan matures in 2017 (may be extended for up to two years, subject to satisfaction of certain conditions) and is freely pre-payable. On August 15, 2014, we expect to use borrowings from the term loan, cash on hand and borrowings under our line of credit to repay the remaining $234 million of our maturing 10% senior secured notes. We will use proceeds from pending and future asset sales to repay the term loan and our line of credit. After repaying the 10% notes, we will have no significant debt maturities other than our line of credit, until 2019.

35

Since December 2010, we have sold 28 non-strategic hotels, for total gross proceeds of $627 million, and exchanged interests in 10 non-strategic hotels with our joint venture partner. Following the exchange of interests in our joint venture hotels, we have 12 non-strategic hotels remaining to be sold of which we have agreed to sell five (three with non-refundable deposits).

Results of Operations

Comparison of the Three Months ended June 30, 2014 and 2013

For the three months ended June 30, 2014, we recorded net income of $25.0 million compared to a $22.8 million net loss for the same period last year. Our 2014 net income included a $15.6 million net gain on sale primarily related to two hotels. Our 2013 net loss included a $27.7 million impairment charge ($24.4 million related to two hotels included in continuing operations and $3.3 million related to one hotel included in discontinued operations), offset by a $7.3 million net gain on sale, included in discontinued operations, primarily related to one hotel.

For the three months ended June 30, 2014:

• Total revenue was $259.5 million, 8.2% more than last year. The increase was driven by a 10.8%increase in RevPAR at our same-store hotels, reflecting a 7.0%increase in ADR and a 280 basis point increase in occupancy. RevPAR for our recently-converted Wyndham portfolio increased 20.4%, driven by a 10.8% increase in ADR and a 620 basis point increase in occupancy. The increase in revenue for the Wyndham portfolio primarily reflects less transitional disruption compared to the same period in 2013.

• Hotel departmental expenses increased $4.7 million. As a percentage of total revenue, hotel departmental expenses decreased to 34.5% in the current period from 35.4% last year. In the current period, we experienced a favorable shift in banquet and catering operations, which typically have higher margins than other food and beverage operations. Hotel departmental operations also recognized a slight improvement in profitability margins for the rooms department, which was driven by a favorable increase in ADR.

• Other property-related costs increased $2.9 million. As a percentage of total revenue, other property-related costs decreased to 24.2% in the current period from 25.0% last year, primarily attributable to growth in ADR.

• Management and franchise fees increased $1.2 million. As a percentage of total revenue, these costs increased to 3.9% in the current period from 3.7% last year. In March 2013, we converted eight hotels to Wyndham brands and management. Wyndham’s base management fee is lower than the previous management company, resulting in an improved cost structure. In addition, Wyndham Worldwide Corporation guaranteed a minimum annual NOI for the eight hotels. We account for amounts recorded under the guaranty, to the extent available, as a reduction in contractual management fees. We recorded a smaller reduction in Wyndham management fees in the current period than in the same period in 2013 as a consequence of improved operating performance, driven primarily by higher ADR and occupancy.

• Taxes, insurance and lease expense increased $2.1 million and remained relatively flat as a percentage of total revenue. The increase reflects higher percentage lease expense (computed as a percentage of hotel revenues in excess of base rent; as revenue increases, percentage rent increases at a faster rate than other expenses) and higher general liability costs (due to less favorable claims experience in 2014).

36

• Corporate expenses increased $953,000 (increasing slightly as a percentage of total revenue from 2.8% to 2.9%). This increase primarily reflects our higher stock price, which increases the variable stock compensation expense associated with our incentive awards.

• Depreciation and amortization expense decreased $816,000 primarily related to the sale of one hotel and the held for sale classification of another hotel in the first quarter of 2014.

• Conversion expenses. We converted eight hotels to Wyndham brands and management in March 2013. We classified those expenses as conversion expense in our 2013 statements of operations.

• Other expenses decreased $1.8 million compared to last year, primarily related to severance costs incurred in June 2013. This reduction in severance costs is offset by an increase in pre-opening costs incurred in the current period for the Knickerbocker Hotel.

• Net interest expense decreased $1.9 million, primarily reflecting greater capitalized interest, attributable to renovation and redevelopment projects, and lower average outstanding debt.

• Discontinued operations include the results of operations for one hotel sold in January 2014 and five hotels sold in 2013. Discontinued operations in 2013 included a $7.3 million net gain on sale primarily related to one hotel, offset by an impairment charge of $3.3 million related to another hotel.

Comparison of the Six Months ended June 30, 2014 and 2013

For the six months ended June 30, 2014, we recorded net income of $10.1 million compared to a $49.4 million net loss for the same period last year. Our 2014 net income included a $21.5 million net gain on sale primarily related to two hotels (including $391,000 in discontinued operations). Our 2013 net loss included a $27.7 million impairment charge ($24.4 million related to two hotels included in continuing operations and $3.3 million related to one hotel included in discontinued operations), offset by a $7.3 million net gain on sale, included in discontinued operations, primarily related to one hotel.

For the six months ended June 30, 2014:

• Total revenue was $480.9 million, 7.1% more than last year. The increase was driven by a 8.9%increase in same-store RevPAR, reflecting a 6.1%increase in ADR and a 190 basis point increase in occupancy. RevPAR for our recently-converted Wyndham portfolio increased 12.5%, driven by a 8.0% increase in ADR and a 280 basis point increase in occupancy. The increase in revenue for the Wyndham portfolio primarily reflects less transitional disruption compared to the same period in 2013.

• Hotel departmental expenses increased $7.8 million. As a percentage of total revenue, hotel departmental expenses decreased to 36.0% in the current period from 36.8% last year. In the current period, we experienced a favorable shift in banquet and catering operations, which typically have higher margins than other food and beverage operations. Hotel departmental operations also recognized a slight improvement in profitability margins for the rooms department, which was driven by a favorable increase in ADR.

• Other property-related costs increased $5.0 million. As a percentage of total revenue, other property-related costs decreased to 25.9% in the current period from 26.6% last year, primarily attributable to growth in ADR and a change in employee benefit plans implemented by one of the management companies during the current period.

• Management and franchise fees increased $1.1 million. As a percentage of total revenue, these costs remained flat. In March 2013, we converted eight hotels to Wyndham brands and management. Wyndham’s base management fee is lower than the previous management

37

company, resulting in an improved cost structure. In addition, Wyndham Worldwide Corporation guaranteed a minimum annual NOI for the eight hotels. We account for amounts recorded under the guaranty, to the extent available, as a reduction in contractual management fees. We recorded a smaller reduction in Wyndham management fees in the current period than in the same period in 2013 as a consequence of improved operating performance, driven primarily by higher ADR and occupancy.

• Taxes, insurance and lease expense increased $3.6 million and remained flat as a percentage of total revenue. The increase reflects higher percentage lease expense (computed as a percentage of hotel revenues in excess of base rent; as revenue increases, percentage rent increases at a faster rate than other expenses) and higher property taxes.

• Corporate expenses increased $946,000 and remained relatively flat as a percentage of total revenue. This increase primarily reflects our higher stock price, which increases the variable stock compensation expense associated with our incentive awards.

• Depreciation and amortization expense decreased $970,000 primarily related to the sale of one hotel and the held for sale classification of another hotel in the first quarter of 2014.

• Conversion expenses. We converted eight hotels to Wyndham brands and management in March 2013. We classified those expenses as conversion expense in our 2013 statements of operations.

• Other expenses decreased $608,000 compared to the same period in 2013, primarily related to severance costs incurred in June 2013. This reduction in severance costs is offset by an increase in pre-opening costs incurred in the current period for the Knickerbocker Hotel.

• Net interest expense decreased $2.9 million, primarily reflecting greater capitalized interest, attributable to renovation and redevelopment projects, and lower average outstanding debt.

• Discontinued operations include the results of operations for one hotel sold in January 2014 and five hotels sold in 2013. Discontinued operations in 2014 included a $391,000 net gain on sale, offset by debt extinguishment charges of$245,000(related to $10.9 million in repayment of debt for the hotel sold in the current period).Discontinued operations in 2013 included a $7.3 million net gain on sale primarily related to one hotel, offset by an impairment charge of $3.3 million related to another hotel.

Non-GAAP Financial Measures

We refer in this report to certain “non-GAAP financial measures.” These measures, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-store Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA margin, are measures of our financial performance that are not calculated and presented in accordance with GAAP. The following tables reconcile 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.

38

Reconciliation of Net Income (Loss) to FFO and Adjusted FFO

(in thousands, except per share data)

	Three Months Ended June 30,
	2014							2013
	Dollars			Shares	Per Share Amount			Dollars			Shares	Per Share Amount
Net income (loss)	$	24,955						$	(22,795	)
Noncontrolling interests	(333		)					4,112
Preferred dividends	(9,678		)					(9,678		)
Preferred distributions - consolidated joint venture	(341		)					—
Net income (loss) attributable to FelCor common stockholders	14,603							(28,361		)
Less: Dividends declared on unvested restricted stock	(2		)					—
Less: Undistributed earnings allocated to unvested restricted stock	(6		)					—
Basic earnings per share data	14,595			124,169	$	0.12		(28,361		)	123,814	$	(0.23	)
Restricted stock units	—			1,217	—			—			—	—
Diluted earnings per share data	14,595			125,386	0.12			(28,361		)	123,814	(0.23		)
Depreciation and amortization	29,082			—	0.23			29,898			—	0.24
Depreciation, discontinued operations and unconsolidated entities	2,700			—	0.02			4,448			—	0.04
Gain on sale of other assets	(100		)	—	—			—			—	—
Impairment loss, net of noncontrolling interests in other partnerships	—			—	—			20,382			—	0.16
Impairment loss, discontinued operations	—			—	—			3,265			—	0.03
Gain on sale of property, net of noncontrolling interests in other partnerships	(15,541		)	—	(0.12		)	(7,259		)	—	(0.06		)
Noncontrolling interests in FelCor LP	71			614	(0.01		)	(140		)	621	—
Dividends declared on unvested restricted stock	2			—	—			—			—	—
Undistributed earnings allocated to unvested restricted stock	6			—	—			—			—	—
Conversion of unvested restricted stock and units	—			11	—			—			792	—
FFO	30,815			126,011	0.24			22,233			125,227	0.18
Debt extinguishment	25			—	—			—			—	—
Severance costs	3			—	—			2,791			—	0.02
Conversion expenses	—			—	—			587			—	0.01
Variable stock compensation	854			—	0.01			121			—	—
Pre-opening costs, net of noncontrolling interests	1,206			—	0.01			322			—	—
Adjusted FFO	$	32,903		126,011	$	0.26		$	26,054		125,227	$	0.21

39

Reconciliation of Net Income (Loss) to FFO and Adjusted FFO

(in thousands, except per share data)

	Six Months Ended June 30,
	2014							2013
	Dollars			Shares	Per Share Amount			Dollars			Shares	Per Share Amount
Net income (loss)	$	10,119						$	(49,400	)
Noncontrolling interests	(134		)					4,532
Preferred distributions - consolidated joint venture	(522		)					—
Preferred dividends	(19,356		)					(19,356		)
Net loss attributable to FelCor common stockholders	(9,893		)					(64,224		)
Less: Dividends declared on unvested restricted stock	(3		)					—
Basic and diluted earnings per share data	(9,896		)	124,158	(0.08		)	(64,224		)	123,814	(0.52		)
Depreciation and amortization	58,683			—	0.47			59,653			—	0.48
Depreciation, discontinued operations and unconsolidated entities	5,374			—	0.04			8,971			—	0.07
Gain on sale of other assets	(100		)	—	—			—			—	—
Impairment loss, net of noncontrolling interests in other partnerships	—			—	—			20,382			—	0.16
Impairment loss, discontinued operations	—			—	—			3,265			—	0.03
Gain on sale of property, net of noncontrolling interests in other partnerships	(21,361		)	—	(0.17		)	(7,259		)	—	(0.06		)
Noncontrolling interests in FelCor LP	(50		)	616	—			(320		)	621	—
Dividends declared on unvested restricted stock	3			—	—			—			—	—
Conversion of unvested restricted stock and units	—			1,029	—			—			565	—
FFO	32,653			125,803	0.26			20,468			125,000	0.16
Acquisition costs	—			—	—			23			—	—
Debt extinguishment, including discontinued operations	276			—	—			—			—	—
Severance costs	403			—	—			2,791			—	0.02
Conversion expenses	—			—	—			1,215			—	0.01
Variable stock compensation	1,419			—	0.01			223			—	—
Pre-opening costs, net of noncontrolling interests	2,259			—	0.02			563			—	0.01
Adjusted FFO	$	37,010		125,803	$	0.29		$	25,283		125,000	$	0.20

40

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

(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Net income (loss)	$	24,955		$	(22,795	)	$	10,119		$	(49,400	)
Depreciation and amortization	29,082			29,898			58,683			59,653
Depreciation, discontinued operations and unconsolidated entities	2,700			4,448			5,374			8,971
Interest expense	24,509			26,398			49,751			52,705
Interest expense, discontinued operations and unconsolidated entities	647			879			1,390			1,749
Noncontrolling interests in other partnerships	(262		)	3,972			(184		)	4,212
EBITDA	81,631			42,800			125,133			77,890
Impairment loss, net of noncontrolling interests in other partnerships	—			20,382			—			20,382
Impairment loss, discontinued operations	—			3,265			—			3,265
Debt extinguishment, including discontinued operations	25			—			276			—
Acquisition costs	—			—			—			23
Gain on sale of property, net of noncontrolling interests in other partnerships	(15,541		)	(7,259		)	(21,361		)	(7,259		)
Gain on sale of other assets	(100		)	—			(100		)	—
Amortization of fixed stock and directors’ compensation	1,171			1,572			2,292			3,150
Severance costs	3			2,791			403			2,791
Conversion expenses	—			587			—			1,215
Variable stock compensation	854			121			1,419			223
Pre-opening costs, net of noncontrolling interests	1,206			322			2,259			563
Adjusted EBITDA	$	69,249		$	64,581		110,321			102,243
Adjusted EBITDA from hotels, disposed and held for sale	(2,293		)	(7,507		)	(4,210		)	(12,224		)
Same-store Adjusted EBITDA	$	66,956		$	57,074		$	106,111		$	90,019

41

Hotel EBITDA and Hotel EBITDA Margin

(dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Same-store operating revenue:
Room	$	192,523		$	173,831		$	353,480		$	325,313
Food and beverage	43,389			39,823			81,196			74,700
Other operating departments	12,222			11,891			23,239			22,575
Same-store operating revenue	248,134			225,545			457,915			422,588
Same-store operating expense:
Room	48,335			44,465			92,368			86,578
Food and beverage	31,473			30,044			61,074			58,697
Other operating departments	5,823			5,690			11,246			10,772
Other property related costs	60,108			56,259			118,095			112,078
Management and franchise fees	9,732			8,305			18,234			16,939
Taxes, insurance and lease expense	15,120			14,251			29,584			27,924
Same-store operating expense	170,591			159,014			330,601			312,988
Hotel EBITDA	$	77,543		$	66,531		$	127,314		$	109,600
Hotel EBITDA Margin	31.3		%	29.5		%	27.8		%	25.9		%

Hotel EBITDA and Hotel EBITDA Margin (continued)

(dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Hotel EBITDA - Comparable core (31)	$	51,241		$	43,979		$	84,650		$	72,552
Hotel EBITDA - Non-strategic (15)	12,382			11,351			22,706			20,762
Hotel EBITDA - Comparable (46)	63,623			55,330			107,356			93,314
Hotel EBITDA - Wyndham (8)	13,920			11,201			19,958			16,286
Hotel EBITDA (54)	$	77,543		$	66,531		$	127,314		$	109,600
Hotel EBITDA Margin - Comparable core (31)	30.1		%	28.0		%	26.8		%	24.8		%
Hotel EBITDA Margin - Non-strategic (15)	29.3		%	28.6		%	27.8		%	27.0		%
Hotel EBITDA Margin - Comparable (46)	29.9		%	28.1		%	27.0		%	25.2		%
Hotel EBITDA Margin - Wyndham (8)	39.5		%	38.7		%	33.3		%	30.8		%
Hotel EBITDA Margin (54)	31.3		%	29.5		%	27.8		%	25.9		%

42

Reconciliation of Same-store Operating Revenue and Same-store Operating Expense to Total Revenue, Total Operating Expense and Operating Income (Loss)

(in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Same-store operating revenue	$	248,134		$	225,545		$	457,915		$	422,588
Other revenue	1,236			1,050			1,563			1,449
Revenue from hotels, disposed and held for sale(a)	10,145			13,261			21,386			24,756
Total revenue	259,515			239,856			480,864			448,793
Same-store operating expense	170,591			159,014			330,601			312,988
Consolidated hotel lease expense(b)	13,296			12,166			23,687			21,723
Unconsolidated taxes, insurance and lease expense	(1,985		)	(2,040		)	(3,951		)	(3,938		)
Corporate expenses	7,647			6,694			15,472			14,526
Depreciation and amortization	29,082			29,898			58,683			59,653
Impairment loss	—			24,441			—			24,441
Conversion expenses	—			587			—			1,215
Expenses from hotels, disposed and held for sale(a)	7,790			9,628			17,102			19,155
Other expenses	2,114			3,915			4,128			4,736
Total operating expense	228,535			244,303			445,722			454,499
Operating income (loss)	$	30,980		$	(4,447	)	$	35,142		$	(5,706	)

(a) During the six months ended June 30, 2014, we sold three hotels, which were not held for sale at December 31, 2013, for $78.1 million. In addition, we have agreed to sell two hotels for $52 million. These hotels are considered held for sale on our June 30, 2014 balance sheet, as the purchasers each paid a non-refundable deposit toward the purchase price. Under recently issued GAAP accounting guidance, we included the operating performance for these hotels in continuing operations in our Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013. However, for purposes of our Non-GAAP reporting metrics, we have excluded the results of these hotels to provide a meaningful same-store comparison.

(b) Consolidated hotel lease expense represents the percentage lease expense of our 51% owned operating lessees. The offsetting percentage lease revenue is included in equity in income from unconsolidated entities.

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 diminishes 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 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 (loss) attributable to FelCor as a measure of our operating performance.

43

FFO and EBITDA

The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income or loss attributable to parent (computed in accordance with GAAP), excluding gains or losses from sales of property, plus depreciation, amortization and impairment losses. FFO for unconsolidated partnerships and joint ventures are calculated 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 attributable to parent (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 items provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted FFO, and Adjusted EBITDA when combined with GAAP net income attributable to FelCor, EBITDA and FFO, is beneficial to an investor’s better understanding of our operating performance.

• Gains and losses related to extinguishment of debt and interest rate swaps - We exclude gains and losses related to 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.

• 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.

• Other transaction costs - From time to time, we periodically incur costs that are not indicative of ongoing operating performance. Such costs include, but are not limited to, conversions costs, acquisition costs, pre-opening costs and severance costs. We exclude these costs from the calculation of Adjusted FFO and Adjusted EBITDA.

• Variable stock compensation - We exclude the cost associated with our variable stock compensation. This cost is subject to volatility related to the price and dividends of our common stock that does not necessarily correspond to our operating performance.

In addition, to derive Adjusted EBITDA, we exclude gains or losses on the sale of depreciable assets and impairment losses because including them in EBITDA is inconsistent with reporting the ongoing performance of our remaining assets. Additionally, the gain or loss on sale of depreciable assets and impairment losses represents either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA. We also exclude the amortization of our fixed stock compensation. While this amortization is included in corporate expenses and is not separately stated on our statements of operations, excluding this amortization is consistent with the EBITDA definition.

44

Hotel EBITDA and Hotel EBITDA Margin

Hotel EBITDA and Hotel EBITDA 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 brand/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 that we use in our financial and operational decision-making. Additionally, using these measures facilitates comparisons with other hotel REITs and hotel owners. We present Hotel EBITDA and Hotel EBITDA margin in a manner consistent with Adjusted EBITDA, however, we also eliminate all revenues and expenses from continuing operations not directly associated with hotel operations, including other income and corporate-level and other expenses. We eliminate these additional items because we believe property-level results provide investors with supplemental information into the ongoing operational performance of our hotels and the effectiveness of management on a property-level basis. We also eliminate consolidated percentage rent paid to unconsolidated entities, which is effectively eliminated by noncontrolling interests 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 Consolidated Hotels. Hotel EBITDA and Hotel EBITDA margins are presented on a same-store basis.

Use and Limitations of Non-GAAP Measures

Our management and Board of Directors use FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-store Adjusted EBITDA, Hotel EBITDA and Hotel EBITDA margin 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. We use Hotel EBITDA and Hotel EBITDA margin in evaluating hotel-level performance and the operating efficiency of our hotel managers.

The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures 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 most comparable 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. These non-GAAP financial measures 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.

45

Pro Rata Share of Rooms Owned

The following table sets forth, at June 30, 2014, our pro rata share of hotel rooms, included in continuing operations, after giving consideration to the portion of rooms attributed to our partners in our consolidated and unconsolidated joint ventures:

	Hotels	Room Count at June 30, 2014
Consolidated Hotels(a)	54	16,095
Unconsolidated hotel operations	1	171
Total hotels	55	16,266
50% joint ventures	13	(1,573	)
60% joint venture	1	(214	)
82% joint venture	1	(40	)
90% joint ventures	1	(19	)
Pro rata rooms attributed to joint venture partners		(1,846	)
Pro rata share of rooms owned		14,420

(a)    Excludes two hotels held for sale as of June 30, 2014.

46

Hotel Portfolio Composition

The following table illustrates the distribution of same-store hotels.

			Year Ended December 31, 2013
Brand	Hotels	Rooms	Hotel Operating Revenue (in thousands)		Hotel EBITDA (in thousands)(a)
Embassy Suites Hotels	18	4,982	$	255,744	$	81,051
Wyndham and Wyndham Grand(b)	8	2,528	103,932		35,042
Renaissance and Marriott	3	1,321	119,839		21,338
DoubleTree by Hilton and Hilton	3	802	41,106		12,619
Sheraton and Westin	2	673	37,996		10,173
Fairmont	1	383	49,104		7,844
Holiday Inn	2	968	46,403		6,405
Morgans and Royalton	2	285	34,340		3,513
Core hotels	39	11,942	688,464		177,985
Non-strategic hotels(c)	15	4,153	152,039		40,348
Same-store hotels	54	16,095	$	840,503	$	218,333
Market
San Francisco area	5	1,903	$	124,825	$	31,583
Boston	3	916	76,510		17,791
South Florida	3	923	50,011		14,303
Los Angeles area	2	481	23,760		10,450
Myrtle Beach	2	640	37,956		10,118
Philadelphia	2	728	34,271		7,567
Tampa	1	361	46,423		7,434
New York area	3	546	48,045		6,760
Austin	1	188	13,126		5,679
Atlanta	1	316	14,016		5,490
Other markets	16	4,940	219,521		60,810
Core hotels	39	11,942	688,464		177,985
Non-strategic hotels(c)	15	4,153	152,039		40,348
Same-store hotels	54	16,095	$	840,503	$	218,333
Location
Urban	17	5,310	$	323,305	$	81,341
Resort	9	2,733	185,264		41,288
Airport	8	2,621	122,735		37,359
Suburban	5	1,278	57,160		17,997
Core hotels	39	11,942	688,464		177,985
Non-strategic hotels(c)	15	4,153	152,039		40,348
Same-store hotels	54	16,095	$	840,503	$	218,333

(a) Hotel EBITDA is a non-GAAP financial measure. A detailed reconciliation and further discussion of Hotel EBITDA is contained in the “Non-GAAP Financial Measures” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Quarterly Report on Form 10-Q. We consider Hotel Operating Revenue and Hotel EBITDA to be same store metrics for this presentation and hotels disposed or held for sale are excluded.

(b) These hotels converted to Wyndham on March 1, 2013.

(c) Excludes two hotels held for sale as of June 30, 2014.

47

Hotel Operating Statistics

The following tables set forth occupancy, ADR and RevPAR for the three and six months ended June 30, 2014 and 2013, and the percentage changes therein for the periods presented, for our same-store hotels.

Operating Statistics by Brand

	Occupancy (%)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014	2013	%Variance		2014	2013	%Variance
Embassy Suites Hotels	81.7	78.7	3.7		79.3	76.4	3.7
Renaissance and Marriott	76.3	73.2	4.2		76.0	74.0	2.6
DoubleTree by Hilton and Hilton	82.8	77.9	6.3		73.7	68.9	7.0
Sheraton and Westin	75.5	75.5	0.1		66.0	66.9	(1.2	)
Fairmont	83.9	80.3	4.5		71.3	70.4	1.3
Holiday Inn	85.1	88.3	(3.7	)	74.8	78.4	(4.5	)
Morgans and Royalton	91.0	89.4	1.7		85.2	85.3	—
Comparable core hotels (31)	81.3	79.0	2.9		76.8	75.0	2.4
Non-strategic hotels (15)(a)	77.7	76.1	2.2		75.0	73.4	2.2
Comparable hotels (46)	80.2	78.1	2.7		76.2	74.5	2.3
Wyndham and Wyndham Grand(b)	77.4	71.2	8.7		70.2	67.4	4.2
Same-store hotels (54)	79.8	77.0	3.5		75.3	73.4	2.6
	ADR ($)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014	2013	%Variance		2014	2013	%Variance
Embassy Suites Hotels	162.07	150.55	7.7		164.31	153.80	6.8
Renaissance and Marriott	227.30	214.91	5.8		231.96	218.02	6.4
DoubleTree by Hilton and Hilton	160.29	152.07	5.4		158.52	153.54	3.2
Sheraton and Westin	153.06	159.32	(3.9	)	142.37	144.64	(1.6	)
Fairmont	330.56	313.17	5.6		292.78	273.98	6.9
Holiday Inn	160.13	138.09	16.0		147.99	126.97	16.6
Morgans and Royalton	331.94	336.33	(1.3	)	297.97	300.28	(0.8	)
Comparable core hotels (31)	182.53	171.23	6.6		179.59	168.90	6.3
Non-strategic hotels (15)(a)	122.74	166.70	5.2		121.57	116.58	4.3
Comparable hotels (46)	164.79	154.98	6.3		162.12	153.15	5.9
Wyndham and Wyndham Grand(b)	164.91	148.81	10.8		155.86	144.36	8.0
Same-store hotels (54)	164.81	154.08	7.0		161.21	151.88	6.1
	RevPAR ($)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014	2013	%Variance		2014	2013	%Variance
Embassy Suites Hotels	132.35	118.53	11.7		130.22	117.55	10.8
Renaissance and Marriott	173.47	157.39	10.2		176.20	161.40	9.2
DoubleTree by Hilton and Hilton	132.72	118.41	12.1		116.77	105.76	10.4
Sheraton and Westin	115.62	120.21	(3.8	)	94.03	96.70	(2.8	)
Fairmont	227.30	251.44	10.3		208.76	192.81	8.3
Holiday Inn	136.21	121.92	11.7		110.75	99.53	11.3
Morgans and Royalton	301.98	300.74	0.4		253.93	256.00	(0.8	)
Comparable core hotels (31)	148.39	135.30	9.7		137.88	126.64	8.9
Non-strategic hotels (15)(a)	95.40	88.76	7.5		91.12	85.53	6.5
Comparable hotels (46)	132.17	121.06	9.2		123.57	114.08	8.3
Wyndham and Wyndham Grand(b)	127.59	105.95	20.4		109.40	97.27	12.5
Same-store hotels (54)	131.45	118.69	10.8		121.34	111.43	8.9

(a)    Excludes two hotels held for sale as of June 30, 2014.

(b)    These hotels converted to Wyndham on March 1, 2013.

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Hotel Operating Statistics by Market

	Occupancy (%)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014	2013	%Variance		2014	2013	%Variance
San Francisco area	85.1	86.3	(1.4	)	78.6	80.3	(2.2	)
Boston	83.1	79.9	4.0		72.0	71.5	0.8
South Florida	84.9	79.3	6.9		88.0	85.0	3.5
Los Angeles area	84.9	87.0	(2.4	)	83.8	82.0	2.2
Myrtle Beach	78.4	75.7	3.6		62.0	56.5	9.7
Philadelphia	78.4	79.0	(0.8	)	69.1	66.1	4.6
Tampa	84.8	81.8	3.6		85.5	82.8	3.2
New York area	88.0	87.8	0.2		79.9	80.6	(0.9	)
Austin	82.1	87.1	(5.7	)	80.3	83.7	(4.1	)
Atlanta	76.9	74.4	3.4		76.2	73.3	3.9
Other markets	77.0	72.4	6.4		74.8	71.3	4.8
Comparable core hotels (31)	81.3	79.0	2.9		76.8	75.0	2.4
	ADR ($)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014	2013	%Variance		2014	2013	%Variance
San Francisco area	203.56	179.54	13.4		196.51	171.62	14.5
Boston	267.04	251.75	6.1		240.43	224.95	6.9
South Florida	148.46	134.39	10.5		177.73	164.33	8.2
Los Angeles area	146.14	138.07	5.8		141.77	137.16	3.4
Myrtle Beach	170.84	162.69	5.0		148.21	145.28	2.0
Philadelphia	172.66	182.05	(5.2	)	162.40	170.15	(4.6	)
Tampa	194.20	182.67	6.3		210.17	199.34	5.4
New York area	265.24	260.37	1.9		249.10	241.31	3.2
Austin	209.58	192.74	8.7		220.94	206.60	6.9
Atlanta	141.54	144.32	(1.9	)	143.98	143.56	0.3
Other markets	154.90	146.29	5.9		154.54	147.69	4.6
Comparable core hotels (31)	182.53	171.23	6.6		179.59	168.90	6.3
	RevPAR ($)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014	2013	%Variance		2014	2013	%Variance
San Francisco area	173.22	154.94	11.8		154.42	137.87	12.0
Boston	221.88	201.17	10.3		173.16	160.81	7.7
South Florida	125.98	106.63	18.1		156.41	139.74	11.9
Los Angeles area	124.13	120.18	3.3		118.82	112.49	5.6
Myrtle Beach	133.98	123.19	8.8		91.94	82.16	11.9
Philadelphia	135.35	143.82	(5.9	)	112.22	112.41	(0.2	)
Tampa	164.67	149.46	10.2		179.62	165.02	8.8
New York area	233.33	228.66	2.0		198.94	194.52	2.3
Austin	172.12	167.82	2.6		177.37	172.96	2.6
Atlanta	108.84	107.37	1.4		109.73	105.28	4.2
Other markets	119.32	105.93	12.6		115.54	105.34	9.7
Comparable core hotels (31)	148.39	135.30	9.7		137.88	126.64	8.9

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Hotel Portfolio

The following table sets forth certain descriptive information regarding the hotels in which we held ownership interest at June 30, 2014.

Core Hotels	Brand	State	Rooms	% Owned		(a)
Birmingham	Embassy Suites Hotel	AL	242
Phoenix – Biltmore	Embassy Suites Hotel	AZ	232
Indian Wells – Esmeralda Resort & Spa	Renaissance	CA	560
Los Angeles – International Airport/South	Embassy Suites Hotel	CA	349
Napa Valley	Embassy Suites Hotel	CA	205
Mandalay Beach – Hotel & Resort	Embassy Suites Hotel	CA	250
Milpitas – Silicon Valley	Embassy Suites Hotel	CA	266
San Diego – Bayside	Wyndham	CA	600
San Francisco – Airport/Waterfront	Embassy Suites Hotel	CA	340
San Francisco – Airport/South San Francisco	Embassy Suites Hotel	CA	312
San Francisco – Fisherman’s Wharf	Holiday Inn	CA	585
San Francisco – Union Square	Marriott	CA	400
Santa Monica – at the Pier	Wyndham	CA	132
Deerfield Beach – Resort & Spa	Embassy Suites Hotel	FL	244
Ft. Lauderdale – 17th Street	Embassy Suites Hotel	FL	361
Miami – International Airport	Embassy Suites Hotel	FL	318
Orlando – International Drive South/Convention	Embassy Suites Hotel	FL	244
Orlando – Walt Disney World Resort	DoubleTree Suites by Hilton	FL	229
St. Petersburg – Vinoy Resort & Golf Club	Renaissance	FL	361
Atlanta – Buckhead	Embassy Suites Hotel	GA	316
New Orleans – French Quarter	Wyndham	LA	374
Boston – Beacon Hill	Wyndham	MA	304
Boston – Copley Plaza	Fairmont	MA	383
Boston – Marlborough	Embassy Suites Hotel	MA	229
Minneapolis – Airport	Embassy Suites Hotel	MN	310
Secaucus – Meadowlands	Embassy Suites Hotel	NJ	261	50	%
New York – Morgans	Independent	NY	117
New York – Royalton	Independent	NY	168
Philadelphia – Historic District	Wyndham	PA	364
Philadelphia – Society Hill	Sheraton	PA	364
Pittsburgh – at University Center (Oakland)	Wyndham	PA	251
Charleston – The Mills House	Wyndham Grand	SC	216
Myrtle Beach – Oceanfront Resort	Embassy Suites Hotel	SC	255
Myrtle Beach Resort	Hilton	SC	385
Nashville – Opryland – Airport (Briley    Parkway)	Holiday Inn	TN	383

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Hotel Portfolio (continued)

Core Hotels	Brand	State	Rooms	% Owned		(a)
Austin(b)	DoubleTree Suites by Hilton	TX	188	90	%
Dallas – Love Field	Embassy Suites Hotel	TX	248
Houston – Medical Center	Wyndham	TX	287
Burlington Hotel & Conference Center	Sheraton	VT	309
Unconsolidated Hotel
New Orleans – French Quarter – Chateau    LeMoyne	Holiday Inn	LA	171	50	%
Hotel under Development
New York – Knickerbocker	Independent	NY	330	95	%
Non-strategic Hotels
San Rafael – Marin County(c)	Embassy Suites Hotel	CA	235	50	%
Orlando – International Airport	Holiday Inn	FL	288
Atlanta – Gateway – Atlanta Airport	Sheraton	GA	395
Atlanta – Perimeter Center(c)	Embassy Suites Hotel	GA	241	50	%
Chicago – Lombard/Oak Brook(b)	Embassy Suites Hotel	IL	262	50	%
Indianapolis – North	Embassy Suites Hotel	IN	221	82	%
Kansas City – Overland Park(c)	Embassy Suites Hotel	KS	199	50	%
Kansas City – Plaza(c)	Embassy Suites Hotel	MO	266	50	%
Charlotte	Embassy Suites Hotel	NC	274	50	%
Raleigh – Crabtree(b)	Embassy Suites Hotel	NC	225	50	%
Parsippany(c)	Embassy Suites Hotel	NJ	274	50	%
Austin – Central(b)	Embassy Suites Hotel	TX	260	50	%
Dallas – Park Central	Westin	TX	536	60	%
San Antonio – International Airport(b)	Embassy Suites Hotel	TX	261	50	%
San Antonio – NW I-10(b)	Embassy Suites Hotel	TX	216	50	%
Non-strategic Hotels Held for Sale
Charlotte – SouthPark	DoubleTree Suites by Hilton	NC	208
Toronto – International Airport	Holiday Inn	Ontario	446

(a) We own 100% of each hotel except where otherwise noted.

(b) Effective July 25, 2014, we own 100% of this hotel as a result of unwinding our joint venture.

(c) Effective July 25, 2014, we no longer own an interest in this hotel after unwinding our joint venture.

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Liquidity and Capital Resources

Operating Activities

During the first six months of 2014, our operations (primarily hotel operations) provided $54.1 million in cash, $24.9 million more than the same period last year. This increase is primarily attributable to receiving Wyndham’s $8 million net operating income guaranty in 2014, which we accrued for in 2013, as well as improved operations compared to last year. Our consolidated statements of cash flows combines cash flow from continuing and discontinued operations. Hotels in discontinued operations did not generate operating cash flow for the six months ended June 30, 2014 and generated $6.5 million of operating cash flow for the six months ended June 30, 2013. The hotels reported in discontinued operations would not have provided acceptable future returns of operating cash flow on our investment, and the absence of their operating cash flow has not had a material impact on our business.

At June 30, 2014, we had $61.3 million of cash and cash equivalents, including $43.9 million held by third-party management companies.

RevPAR growth for the lodging industry remains strong. RevPAR at our comparable hotels for the first six months increased 8.3%, driven by a 5.9% increase in ADR and a 2.3% increase in occupancy. We expect RevPAR at our comparable hotels to increase 7.5-8.0% during 2014, primarily from ADR growth, which is a premium to the industry due to portfolio condition and quality. We expect to generate $129.2 million - $134.8 million of operating cash flow in 2014.

Investing Activities

During the first six months of 2014, we had $12.7 million of cash provided by investing activities compared to $46.8 million of cash used during the same period last year. So far in 2014, compared to the same period last year, we spent $1.0 million more on improvements and additions to hotels and $26.0 million more on hotel development. Our increase in capitalized investments were more than offset by a $73.1 million increase in net proceeds from hotel sales and a $11.1 million reduction of restricted cash (which was primarily used to fund our hotel development).

For renovations and redevelopment in 2014, we expect to spend approximately $85 million which will be funded from operating cash flow, cash on hand and borrowings under our line of credit. In addition, for the Knickerbocker Hotel we expect to invest approximately $81 million in 2014, which will be funded primarily by draws on the Knickerbocker construction loan and additional capital that is currently being raised through the EB-5 immigrant investment program.

Since December 2010, we have sold 28 non-strategic hotels, for total gross proceeds of $627 million, and exchanged interests in 10 non-strategic hotels with our joint venture partner. Following the exchange of interests in our joint venture hotels, we now have 12 non-strategic hotels remaining to be sold of which we have agreed to sell five (three with non-refundable deposits).

Financing Activities

During the first six months of 2014, cash provided by financing activities decreased by $89.2 million compared to the same period last year. We repaid $137.4 million more of debt in the current year as compared to the same period last year, which was partially offset by $41.0 million in net proceeds from issuing preferred equity by our Knickerbocker Hotel consolidated joint venture. In 2014, we expect to pay approximately $3 million of normally occurring principal payments, $39 million of preferred dividends and $10 million in common dividends (assuming the current quarterly dividend per

52

share), all of which will be funded from operating cash flow and cash on hand. We are using proceeds from hotel sales to make additional non-recurring principal payments.

During July, we obtained a $140 million term loan secured by three hotels. Borrowings under the facility bear interest at LIBOR (no floor) plus 2.5%. The loan matures in 2017 (may be extended for up to two years, subject to satisfaction of certain conditions) and is freely pre-payable. On August 15, 2014, we expect to use borrowings from the term loan, cash on hand and borrowings under our line of credit to repay the remaining $234 million of our maturing 10% senior secured notes. We will use proceeds from pending and future asset sales to repay the term loan and our line of credit. After repaying the 10% notes, we will have no significant debt maturities other than our line of credit, until 2019.

FelCor’s Board of Directors declared $0.02 per share first and second quarter common stock dividends, which were paid in April 2014 and July 2014, respectively. FelCor LP, which is our operating partnership, distributes funds to FelCor to pay common or preferred dividends. FelCor's Board of Directors will determine the amount of future common and preferred dividends for each quarter, if any, based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as the minimum REIT distribution requirements.

Except for our senior notes, line of credit and 2014 term loan, our mortgage debt is generally recourse solely to the specific hotels securing the debt, except in case of fraud, misapplication of funds and certain other customary limited recourse carve-out provisions that could extend recourse to us. Much of our secured debt allows us to substitute collateral under certain conditions and is prepayable, subject (in some instances) to various prepayment, yield maintenance or defeasance obligations.

Most of our secured debt (other than our senior notes and line of credit) includes lock-box arrangements under certain circumstances. We are permitted to spend an amount required to cover our budgeted hotel operating expenses, taxes, debt service, insurance and capital expenditure reserves, even if revenues are flowing through a lock-box because a specified debt service coverage ratio is not met. All of our consolidated loans subject to lock-box provisions currently exceed the applicable minimum debt service coverage ratios.

Senior Notes. Our senior notes require that we satisfy total leverage, secured leverage and interest coverage tests in order to: (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to qualify as a REIT; (iii) repurchase capital stock; or (iv) merge. We currently exceed all minimum thresholds. These notes are guaranteed by us, and payment of our 10% notes is secured by a pledge of the limited partner interests in FelCor LP owned by FelCor. In addition, our senior notes are secured by a combination of first lien mortgages and related security interests and/or negative pledges on 26 hotels (11 hotels for our 10% senior notes, six hotels for our 6.75% senior notes and nine hotels for our 5.625% senior notes), as well as pledges of equity interests in certain subsidiaries of FelCor LP.

Inflation and Competition

Operators of hotels, in general, possess the ability to adjust room rates daily to reflect the effects of inflation. Competitive pressures may, however, require us to reduce room rates in the near term and may limit our ability to raise room rates in the future. We are also subject to the risk that inflation will cause increases in hotel operating expenses disproportionately to revenues. If competition requires us to reduce room rates or limits our ability to raise room rates in the future, we may not be able to adjust our room rates to reflect the effects of inflation in full, in which case our operating results and liquidity could be adversely affected.

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Seasonality

The lodging business is seasonal in nature. Generally, hotel revenues are greater in the second and third calendar quarters than in the first and fourth calendar quarters, although this may not be true for hotels in major tourist destinations. Revenues for hotels in tourist areas generally are substantially greater during tourist season than other times of the year. Seasonal variations in revenue at our hotels can be expected to cause quarterly fluctuations in our revenues. Quarterly earnings also may be adversely affected by events beyond our control, such as extreme weather conditions, economic factors and other considerations affecting travel. To the extent that cash flow from operations is insufficient during any quarter, due to temporary or seasonal fluctuations in revenues, we may utilize cash on hand or borrowings to satisfy our obligations.

Disclosure Regarding Forward-Looking Statements

This report and the documents incorporated by reference in this report include forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “anticipates,” “may,” “will,” “should,” “seeks,” or other variations of these terms (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause actual results to differ materially from those anticipated by these forward-looking statements. Certain of these risks and uncertainties are described in greater detail under “Risk Factors” in our Annual Report on Form 10-K or in our other filings with the Securities and Exchange Commission, or the SEC.

These forward-looking statements are necessarily dependent upon assumptions and estimates that may prove to be incorrect. Accordingly, while we believe that the plans, intentions and expectations reflected in these forward-looking statements are reasonable, we cannot assure you that deviations from these plans, intentions or expectations will not be material. The forward-looking statements included in this report, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, are expressly qualified in their entirety by the risk factors and cautionary statements discussed in our filings to the SEC. We undertake no obligation to publicly update any forward-looking statements to reflect future circumstances or changes in our expectations.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

At June 30, 2014, approximately 90% of our consolidated debt bears fixed-rate interest.

The following table provides information about our financial instruments that are sensitive to changes in interest rates. For debt obligations, the table presents scheduled maturities and weighted average interest rates, by maturity dates. The fair value of our fixed-rate debt indicates the estimated principal amount of debt having the same debt service requirements that could have been borrowed at the date presented, at then current market interest rates.

Expected Maturity Date

at June 30, 2014

(dollars in thousands)

	Expected Maturity Date
	2014			2015			2016			2017			2018			Thereafter			Total			Fair Value
Liabilities
Fixed-rate:
Debt	$	235,387		$	3,107		$	11,461		$	2,810		$	2,954		$	1,194,701		$	1,450,420		$	1,511,403
Average   interest rate	9.97		%	5.11		%	5.61		%	4.95		%	4.95		%	6.04		%	6.67		%
Floating-rate:
Debt	—			—			152,361			—			—			—			152,361			$	152,754
Average   interest rate (a)	—			—			3.74		%	—			—			—			3.74		%
Total debt	$	235,387		$	3,107		$	163,822		$	2,810		$	2,954		$	1,194,701		$	1,602,781
Average    interest rate	9.97		%	5.11		%	3.87		%	4.95		%	4.95		%	6.04		%	6.39		%
Net discount																			(1,615		)
Total debt																			$	1,601,166

(a) The average floating interest rate considers the implied forward rates in the yield curve at June 30, 2014.

Item 4. Controls and Procedures.

(a)Evaluation of disclosure controls and procedures.

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934) as of the end of the period covered by this report (the “Evaluation Date”). Based on this evaluation, our chief executive officer and chief financial officer concluded, as of the Evaluation Date, that our disclosure controls and procedures were effective, such that the information relating to us required to be disclosed in our reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures.

(b)Changes in internal control over financial reporting.

There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15 (f) promulgated under the Securities Exchange Act of 1934) during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 6. Exhibits.

The following exhibits are furnished in accordance with the provisions of Item 601 of Regulation S-K:

Exhibit Number	Description of Exhibit
10.1	Amendment No. 2 to Amended and Restated Revolving Credit Agreement dated as of May 23, 2014, among FelCor/JPM Hospitality (SPE), L.L.C., DJONT/JPM Hospitality Leasing (SPE), L.L.C., FelCor/JPM Boca Raton Hotel, L.L.C., DJONT/JPM Boca Raton Leasing, L.L.C., Miami AP Hotel, L.L.C. and Charleston Mills House Hotel, L.L.C as borrowers, and JPMorgan Chase Bank, N.A., as administrative agent, and the lenders that are parties thereto.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor.
31.3	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor LP.
31.4	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor LP.

32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for FelCor.
32.2	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for FelCor LP.
101.INS	XBRL Instance Document. Submitted electronically with this report.
101.SCH	XBRL Taxonomy Extension Schema Document. Submitted electronically with this report.
101.CAL	XBRL Taxonomy Calculation Linkbase Document. Submitted electronically with this report.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document. Submitted electronically with this report.
101.LAB	XBRL Taxonomy Label Linkbase Document. Submitted electronically with this report.
101.PRE	XBRL Taxonomy Presentation Linkbase Document. Submitted electronically with this report.

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Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) FelCor’s Consolidated Balance Sheets at June 30, 2014 and December 31, 2013; (ii) FelCor’s Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013; (iii) FelCor’s Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2014 and 2013; (iv) FelCor’s Consolidated Statements of Changes in Equity for the six months ended June 30, 2014 and 2013; (v) FelCor’s Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013; (vi) FelCor LP’s Consolidated Balance Sheets at June 30, 2014 and December 31, 2013; (vii) FelCor LP’s Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013; (viii) FelCor LP’s Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2014 and 2013; (ix) FelCor LP’s Consolidated Statements of Partners’ Capital for the six months ended June 30, 2014 and 2013; (x) FelCor LP’s Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013; and (xi) the Notes to Consolidated Financial Statements. Users of this data are advised pursuant to Rule 406T of Regulation S‑T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

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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 thereunto duly authorized.

	FELCOR LODGING TRUST INCORPORATED
Date: August 1, 2014	By:	/s/ Jeffrey D. Symes
		Name:	Jeffrey D. Symes
		Title:	Senior Vice President, Chief Accounting Officer and Controller

	FELCOR LODGING LIMITED PARTNERSHIP
	a Delaware limited partnership
	By:	FelCor Lodging Trust Incorporated
		Its General Partner
Date:  August 1, 2014	By:	/s/ Jeffrey D. Symes
		Name:	Jeffrey D. Symes
		Title:	Senior Vice President, Chief Accounting Officer and Controller

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EX-10.1

Exhibit 10.1

EXECUTION COPY

AMENDMENT No. 2 TO AMENDED AND RESTATED

REVOLVING CREDIT AGREEMENT

This AMENDMENT No. 2 TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Amendment No. 2”) is made as of May 23, 2014 among (a) Miami AP Hotel, L.L.C., FelCor/JPM Hospitality (SPE), L.L.C., DJONT/JPM Hospitality Leasing (SPE), L.L.C., FelCor/JPM Boca Raton Hotel, L.L.C., DJONT/JPM Boca Raton Leasing, L.L.C. and Charleston Mills House Hotel, L.L.C. (collectively, the “Borrowers”), (b) JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, “Administrative Agent”) for the Lenders, and (c) the Lenders signatory hereto.

WHEREAS, Borrowers, the Lenders and Administrative Agent are parties to an Amended and Restated Revolving Credit Agreement, dated as of December 18, 2012, as amended by Amendment No. 1 thereto, dated as of March 1, 2013 (as amended, the “Existing Credit Agreement”), pursuant to which the Lenders have agreed to make loans to Borrowers on the terms and conditions set forth therein; and

WHEREAS, Borrowers have requested that the Lenders clarify certain aspects of the minimum liquidity test set forth in Section 8.07(b) in connection with a refinancing of certain of the Senior Secured Notes;

NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and fully intending to be legally bound by this Amendment No. 2, the parties hereto agree as follows:

1.Definitions. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Existing Credit Agreement.

2.Amendment to the Existing Credit Agreement. As of the Second Amendment Effective Date (as defined in Section 4 hereof), Section 8.07(b) of Existing Credit Agreement is hereby amended and restated in its entirety as follows:

“(b) Minimum Liquidity Test. On August 1, 2014, unrestricted cash and Permitted Investments of FelCor Trust and its Subsidiaries, unused and available Commitments and amounts available to be drawn under other credit facilities of FelCor Trust and its Subsidiaries shall equal or exceed the sum of (A) the aggregate principal amount of all recourse debt and the aggregate amount of preferred, convertible or other securities that require mandatory cash purchases, redemption or payments, in each case that matures within one-year of the Stated Maturity Date (without giving effect to any extension thereof), including the then outstanding principal balance of the Senior Secured Notes (2014), and (B) $25,000,000.”

3.Provisions of General Application.

3.1.Representations and Warranties. Borrowers hereby represent and warrant as of the date hereof that (a) each of the representations and warranties of Borrowers contained in the

Existing Credit Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with the Existing Credit Agreement or this Amendment No. 2 are true as of the date as of which they were made and are true in all material respects (unless such representations are qualified as to “materiality”, “Material Adverse Effect” or with similar language, in which case such representations shall be true in all respects) at and as of the date of this Amendment No. 2 (except to the extent that such representations and warranties expressly speak as of a different date), (b) no Default or Event of Default exists on the date hereof, (c) the organizational documents of (i) each of the Borrowers (other than the Miami Owner and the Charleston Borrower) attached to the Secretary’s Certificate dated as of March 4, 2011, (ii) the Miami Owner attached to the Secretary’s Certificate dated as of December 11, 2012, and (iii) the Charleston Borrower attached to the Secretary’s Certificate dated as of March 1, 2013, in each case remain in full force and effect and such organizational documents have not been amended, modified, annulled, rescinded or revoked since March 4, 2011, December 11, 2012, or March 1, 2013, respectively, and (d) this Amendment No. 2 and each other Loan Document, certificate or other documentation delivered in connection herewith has been duly authorized, executed and delivered by each of Borrowers and is in full force and effect as of the Second Amendment Effective Date, and the agreements and obligations of each of Borrowers contained herein and therein constitute the legal, valid and binding obligations of each of Borrowers, enforceable against it in accordance with their respective terms, except to the extent that the enforcement thereof or the availability of equitable remedies may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer, fraudulent conveyance or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally or by general principles of equity, or by the discretion of any court in awarding equitable remedies, regardless of whether such enforcement is considered in a preceding in equity or at law.

3.2.No Other Changes. Except as otherwise expressly provided or contemplated by this Amendment No. 2, all of the terms, conditions and provisions of the Existing Credit Agreement remain unaltered and in full force and effect and are hereby ratified and confirmed in all respects. The Existing Credit Agreement and this Amendment No. 2 shall be read and construed as one agreement.

3.3.Governing Law. THIS AMENDMENT No. 2 SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

3.4.Assignment. This Amendment No. 2 shall be binding upon and inure to the benefit of each of the parties hereto and their respective permitted successors and assigns.

3.5.Counterparts. This Amendment No. 2 may be executed in any number of counterparts, but all such counterparts shall together constitute but one and the same agreement. In making proof of this Amendment No. 2, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto.

3.6Loan Documents. This Amendment No. 2 shall be deemed to be a Loan Document under the Existing Credit Agreement and shall be construed, administered, and applied in accordance with all of the terms and provisions of the Loan Documents.

-2-

3.7Further Assurances. Borrowers shall, at any time and from time to time following the execution of this Amendment No. 2, execute and deliver all such further instruments and take all such further action as may be reasonably necessary or appropriate in order to carry out the provisions of this Amendment No. 2, in each case, as reasonably determined by Administrative Agent.

3.8Credit Agreement References. On and after to the Second Amendment Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import, and each reference to the Credit Agreement by the words “thereunder”, “thereof” or words of like import in any Loan Document or other document executed in connection with the Existing Credit Agreement, shall mean and be a reference to the Existing Credit Agreement, as amended by this Amendment No. 2 and any other amendments effective prior to the date hereof.

4.Effectiveness of this Amendment No. 2. This Amendment No. 2 shall become effective on the date on which the following conditions precedent are satisfied (the “Second AmendmentEffective Date”):

(a)Each of the Administrative Agent, Borrowers, Guarantors and Lenders constituting Required Lenders shall have executed and delivered this Amendment No. 2, and Borrowers shall have delivered all other documentation, opinions, certificates as required hereunder.

(b)The representations and warranties of Borrowers contained in the Existing Credit Agreement and each of the other Loan Documents shall be true and correct in all material respects on and as of the Second Amendment Effective Date (except to the extent that such representations and warranties expressly speak as of a different date);

(c) On and as of the Second Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing;

(d)Since the Restatement Date, there shall not have been any material adverse change in the business, condition, operations, performance, or properties of Borrowers that is reasonably likely to or which could reasonably be expected to have or result in a Material Adverse Effect;

(e)Borrowers shall have delivered a certificate of an Authorized Officer (1) containing incumbency certificates of Borrowers and Guarantors, (2) attaching resolutions authorizing this Amendment No. 2, and (3) confirming (x) no changes to the Organizational Documents of Borrowers and Guarantors from those copies delivered on the Restatement Date or such other date indicated above and (y) satisfaction of the condition set forth in clause (d) above.

(f)Borrowers shall have paid to Administrative Agent, for its own account, all reasonable, out-of-pocket fees and expenses (including legal fees and expenses) that are due and payable as of the date hereof.

[Remainder of page left blank intentionally]

-3-

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment No. 2 as of the date set forth above.

BORROWERS:	FELCOR/JPM HOSPITALITY (SPE), L.L.C.
	By:	/s/Bianca Sandoval Green
	Name:	Bianca Sandoval Green
	Title:	Vice President and Associate General Counsel
	DJONT/JPM HOSPITALITY LEASING (SPE), L.L.C.
	By:	/s/Bianca Sandoval Green
	Name:	Bianca Sandoval Green
	Title:	Vice President and Associate General Counsel
	FELCOR/JPM BOCA RATON HOTEL, L.L.C.
	By:	/s/Bianca Sandoval Green
	Name:	Bianca Sandoval Green
	Title:	Vice President and Associate General Counsel
	DJONT/JPM BOCA RATON LEASING (SPE), L.L.C.
	By:	/s/Bianca Sandoval Green
	Name:	Bianca Sandoval Green
	Title:	Vice President and Associate General Counsel
	MIAMI AP HOTEL, L.L.C.
	By:	/s/Bianca Sandoval Green
	Name:	Bianca Sandoval Green
	Title:	Vice President and Associate General Counsel

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

CHARLESTON MILLS HOUSE HOTEL, L.L.C.
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

GUARANTORS AND PRINCIPALS:Each Guarantor and Principal, as applicable, by its signature below hereby (i) acknowledges Amendment No. 2 to the Existing Credit Agreement, (ii) reaffirms (a) its pledge or guaranty (including the Environmental Indemnity), as applicable, as security for the payment and performance when due of all of the Obligations of all Borrowers in accordance with the applicable Loan Documents to which it is a party, including the Credit Agreement, and (b) the representations, warranties and covenants set forth in Sections 6.34 and 7.23(e) of the Credit Agreement, as applicable, and (iii) confirms that the Loan Document(s) to which is party shall remain in full force and effect after giving effect to Amendment No. 2 to the Existing Credit Agreement.

FELCOR/JPM HOSPITALITY HOLDCO (SPE), L.L.C.,
as Principal of Hospitality Owner
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel
DJONT/JPM HOSPITALITY LEASING HOLDCO (SPE), L.L.C.
as Principal of Hospitality Operating Lease
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel
FELCOR LODGING LIMITED PARTNERSHIP,
as Principal of Dana Point Owner
By:	FelCor Lodging Trust Incorporated, its General Partner
	By:	/s/Bianca Sandoval Green
	Name:	Bianca Sandoval Green
	Title:	Vice President and Associate General Counsel

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

FELCOR TRS HOLDINGS, L.L.C.,
as Principal of Dana Point Operating Lessee
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel
FELCOR PENNSYLVANIA COMPANY, L.L.C.,
a Delaware limited liability company
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel
FELCOR LODGING TRUST INCORPORATED,
a Maryland corporation
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel
MIAMI AP HOTEL HOLDCO, L.L.C.
as Principal of Miami Owner
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel
CHARLESTON MILLS HOUSE HOTEL HOLDCO, L.L.C.,
as Principal of Charleston Owner
By:	/s/Bianca Sandoval Green
Name:	Bianca Sandoval Green
Title:	Vice President and Associate General Counsel

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

LENDERS:	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and as a Lender
	By:	/s/Mohammad Hasan
	Name:	Mohammad Hasan
	Title:	Vice President

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

DEUTSCH BANK TRUST COMPANY AMERICAS
By:	/s/J.T. Johnston Coe
Name:	J.T. Johnston Coe
Title:	Managing Director
By:	/s/David Naranjo
Name:	David Naranjo
Title:	Vice President

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

THE BANK OF NOVA SCOTIA
By:	/s/George Sherman
Name:	George Sherman
Title:	Director

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

FIFTH THIRD BANK
By:	/s/Casey Gehrig
Name:	Casey Gehrig
Title:	Vice President

Signature Page to Amendment No. 2 to FelCor Amended and Restated Revolving Credit Agreement

EX-31.1

Exhibit 31.1

Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002

I, Richard A. Smith, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 1, 2014	/s/ Richard A. Smith
		Richard A. Smith Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002

I, Michael C. Hughes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 1, 2014	/s/ Michael C. Hughes
		Michael C. Hughes Chief Financial Officer

EX-31.3

Exhibit 31.3

Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002

I, Richard A. Smith, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 1, 2014	/s/ Richard A. Smith
		Richard A. Smith Chief Executive Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership

EX-31.4

Exhibit 31.4

Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002

I, Michael C. Hughes, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	August 1, 2014	/s/ Michael C. Hughes
		Michael C. Hughes Chief Financial Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership

EX-32.1

Exhibit 32.1

Section 906 Certification

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to

18 U.S.C. § 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of FelCor Lodging Trust Incorporated (the “Company”) hereby certify, to such officers' knowledge, that:

(i)the accompanying Quarterly Report on Form 10-Q of the Company for the three and six months ended June 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended;

and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:    August 1, 2014

/s/ Richard A. Smith

Richard A. Smith

Chief Executive Officer

/s/ Michael C. Hughes

Michael C. Hughes

Chief Financial Officer

EX-32.2

Exhibit 32.2

Section 906 Certification

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to

18 U.S.C. § 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of FelCor Lodging Trust Incorporated as general partner of FelCor Lodging Limited Partnership (the “Company”) hereby certify, to such officers' knowledge, that:

(i)the accompanying Quarterly Report on Form 10-Q of the Company for the three and six months ended June 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended;

and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:    August 1, 2014

/s/ Richard A. Smith

Richard A. Smith

Chief Executive Officer of FelCor Lodging Trust Incorporated,

as general partner of FelCor Lodging Limited Partnership

/s/ Michael C. Hughes

Michael C. Hughes

Chief Financial Officer of FelCor Lodging Trust Incorporated,

as general partner of FelCor Lodging Limited Partnership

XML

Debt (Details) (USD $)	3 Months Ended		6 Months Ended			0 Months Ended		6 Months Ended	0 Months Ended	6 Months Ended																								6 Months Ended		1 Months Ended				6 Months Ended
	Jun. 30, 2014 Hotels	Jun. 30, 2013	Jun. 30, 2014 Hotels	Jun. 30, 2013	Dec. 31, 2013	Jul. 25, 2014 Subsequent Event [Member]	Jul. 25, 2014 Subsequent Event [Member] Hotels	Jun. 30, 2014 Knickerbocker [Member]	Jul. 25, 2014 Libor Plus Two Point Five Percent Due July Two Thousand Seventeen [Member] [Member] Subsequent Event [Member]	Jun. 30, 2014 Line of Credit [Member]	Jun. 30, 2014 Line of Credit [Member] Libor Plus Three Point Three Seven Five Due June Two Thousand Sixteen [Member] Hotels	Dec. 31, 2013 Line of Credit [Member] Libor Plus Three Point Three Seven Five Due June Two Thousand Sixteen [Member]	Jun. 30, 2014 Mortgages [Member] Four Point Nine Four Percent Due October 2022 [Member] Hotels	Dec. 31, 2013 Mortgages [Member] Four Point Nine Four Percent Due October 2022 [Member]	Jun. 30, 2014 Mortgages [Member] Four Point Nine Five Percent Due October 2022 [Member] Hotels	Dec. 31, 2013 Mortgages [Member] Four Point Nine Five Percent Due October 2022 [Member]	Jun. 30, 2014 Mortgages [Member] Five Point Eight One Percent Due July 2016 [Member] Hotels	Dec. 31, 2013 Mortgages [Member] Five Point Eight One Percent Due July 2016 [Member]	Jun. 30, 2014 Senior Notes [Member]	Jun. 30, 2014 Senior Notes [Member] Six Point Seven Five Percent Due June 2019 [Member] Hotels	Dec. 31, 2013 Senior Notes [Member] Six Point Seven Five Percent Due June 2019 [Member]	Jun. 30, 2014 Senior Notes [Member] Five Point Six Two Five Percent Due March 2023 [Member] Hotels	Dec. 31, 2013 Senior Notes [Member] Five Point Six Two Five Percent Due March 2023 [Member]	Jun. 30, 2014 Senior Notes [Member] Ten Point Zero Zero Percent Due October 2014 [Member] Hotels	Dec. 31, 2013 Senior Notes [Member] Ten Point Zero Zero Percent Due October 2014 [Member]	Dec. 31, 2010 Senior Notes [Member] Ten Point Zero Zero Percent Due October 2014 [Member]	Jun. 30, 2014 Construction tranche [Member] Libor Plus Four Point Zero Percent Due May 2016 [Member]	Dec. 31, 2013 Construction tranche [Member] Libor Plus Four Point Zero Percent Due May 2016 [Member]	Jun. 30, 2014 Cash collateralized tranche [Member] Libor Plus One Point Two Five Percent Due May 2016 [Member] Hotels	Dec. 31, 2013 Cash collateralized tranche [Member] Libor Plus One Point Two Five Percent Due May 2016 [Member]	Dec. 31, 2013 Retired Debt	Jun. 30, 2014 Knickerbocker Loan Knickerbocker [Member]	Nov. 30, 2012 Knickerbocker Loan Knickerbocker [Member]	Jun. 30, 2014 Knickerbocker Loan Libor Plus Four Point Zero Percent Due May 2016 [Member]	Jun. 30, 2014 Knickerbocker Loan Libor Plus One Point Two Five Percent Due May 2016 [Member]	May 31, 2014 Secured Debt [Member]	Apr. 30, 2014 Secured Debt [Member] Hotels	Mar. 31, 2014 Secured Debt [Member]	Jan. 31, 2014 Secured Debt [Member]	Jun. 30, 2014 Secured Debt [Member]	Jul. 31, 2014 Secured Debt [Member] Subsequent Event [Member] Hotels
Debt Instrument [Line Items]
Number of encumbered hotels (in hotels)	40		40								8		1		4		1			6		9		11					0
Interest rate													4.94%		4.95%		5.81%		10.00%	6.75%		5.625%		10.00%
Variable rate basis									LIBOR		LIBOR																							LIBOR	LIBOR
Variable rate basis spread									2.50%		3.375%																							4.00%	1.25%
Long-term Debt	$ 1,601,166,000		$ 1,601,166,000		$ 1,663,226,000						$ 87,500,000	$ 88,000,000	$ 31,471,000	$ 31,714,000	$ 125,404,000	$ 126,220,000	$ 9,641,000	$ 9,904,000		$ 525,000,000	$ 525,000,000	$ 525,000,000	$ 525,000,000	$ 232,289,000	$ 229,190,000		$ 12,994,000	$ 0	$ 51,867,000	$ 64,861,000	$ 63,337,000			$ 13,000,000	$ 51,900,000						$ 140,000,000
Remaining borrowing capacity of construction loan																																20,100,000
Maximum borrowing capacity of construction loan																																	85,000,000
Credit facility, capacity										225,000,000
Term of debt extension						2 years		1 year		1 year
Debt Instrument, Face Amount																								234,000,000		636,000,000
Interest expense	24,495,000	26,376,000	49,722,000	52,661,000
Interest income	14,000	22,000	29,000	45,000
Capitalized interest	4,300,000	2,900,000	8,300,000	5,700,000
Repayments of secured debt																																				19,200,000	15,600,000	17,100,000	10,900,000
Number of hotels							4																														2				3
Debt extinguishment	$ (27,000)	$ 0	$ (33,000)	$ 0																																				$ 251,000

XML

Fair Value of Financial Instruments (Narrative) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 1,700,000,000	$ 1,700,000,000
Long-term Debt	1,601,166,000	1,663,226,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	1,300,000,000	1,300,000,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	$ 322,200,000	$ 390,100,000

XML

Hotel Dispositions (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014 Hotels	Jun. 30, 2013	Jun. 30, 2014 Hotels	Jun. 30, 2013	Dec. 31, 2013 Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Income from discontinued operations	$ 5	$ 6,123	$ 140	$ 6,973
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	9,324	(28,918)	(11,104)	(56,373)
Net Income (Loss) Attributable to Parent	24,281	(18,683)	9,463	(44,868)
Hotels Sold [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Number of hotels	4		4
Assets Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Number of hotels	2		2
Hotel Sold or Hotel Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Number of hotels	5		5
Hotel Sold & Not in Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Number of hotels	3		3
Continuing Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	816	652	226	(370)
Net Income (Loss) Attributable to Parent	784	621	173	(413)
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Number of hotels	1		1		5
Hotel operating revenue	0	12,858	730	24,612
Operating expenses	5	(13,796)	(670)	(24,501)
Operating income (loss) from discontinued operations	5	(938)	60	111
Interest expense, net	0	(198)	(66)	(397)
Debt extinguishment	0	0	(245)	0
Gain on sale of property, net	0	7,259	391	7,259
Income from discontinued operations	$ 5	$ 6,123	$ 140	$ 6,973

XML

Organization (Schedule of Distribution of Consolidated Hotels) (Details) (Consolidated Hotels [Member])	Jun. 30, 2014 Hotels Rooms	Mar. 31, 2013 Hotels
Real Estate Properties [Line Items]
Number of hotels	54
Number of rooms (in rooms)	16,095
Embassy Suites Hotels®
Real Estate Properties [Line Items]
Number of hotels	30
Number of rooms (in rooms)	7,916
Wyndham® and Wyndham Grand®
Real Estate Properties [Line Items]
Number of hotels	8	8
Number of rooms (in rooms)	2,528
Sheraton® and Westin®
Real Estate Properties [Line Items]
Number of hotels	4
Number of rooms (in rooms)	1,604
Marriott® and Renaissance®
Real Estate Properties [Line Items]
Number of hotels	3
Number of rooms (in rooms)	1,321
Holiday Inn®
Real Estate Properties [Line Items]
Number of hotels	3
Number of rooms (in rooms)	1,256
DoubleTree by Hilton® and Hilton®
Real Estate Properties [Line Items]
Number of hotels	3
Number of rooms (in rooms)	802
Fairmont®
Real Estate Properties [Line Items]
Number of hotels	1
Number of rooms (in rooms)	383
Morgans and Royalton
Real Estate Properties [Line Items]
Number of hotels	2
Number of rooms (in rooms)	285

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Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2014

Investment in Unconsolidated Entities [Abstract]

Schedule of Combined Balance Sheet Information of Unconsolidated Entities

The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):

	June 30,		December 31,
	2014		2013
Investment in hotels and other properties, net of accumulated depreciation	$	132,773	$	140,145
Total assets	$	152,454	$	155,848
Debt	$	146,722	$	146,358
Total liabilities	$	152,446	$	152,068
Equity	$	8	$	3,780

Schedule of Combined Statement of Operations Information of Unconsolidated Entities

The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total revenues	$	22,327		$	20,543		$	36,945		$	34,151
Net income	$	6,462		$	4,740		$	8,678		$	5,848
Net income attributable to FelCor	$	3,231		$	2,370		$	4,339		$	2,924
Depreciation of cost in excess of book value	(465		)	(465		)	(930		)	(930		)
Equity in income from unconsolidated entities	$	2,766		$	1,905		$	3,409		$	1,994

Schedule of Components of Investment In Unconsolidated Entities

The following table summarizes the components of our investment in unconsolidated entities (in thousands):

	June 30,			December 31,
	2014			2013
Hotel-related investments	$	(7,651	)	$	(6,349	)
Cost in excess of book value of hotel investments	44,122			45,053
Land and condominium investments	7,655			8,239
Investment in unconsolidated entities	$	44,126		$	46,943

Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities

The following table summarizes the components of our equity in income from unconsolidated entities (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014			2013
Hotel investments	$	2,722	$	1,883	$	3,993		$	2,591
Other investments	44		22		(584		)	(597		)
Equity in income from unconsolidated entities	$	2,766	$	1,905	$	3,409		$	1,994

XML

Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 FelCor Lodging LP [Member]	Dec. 31, 2013 FelCor Lodging LP [Member]	Jun. 30, 2014 Closing Price of FelCor's Common Stock [Member] FelCor Lodging LP [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period			$ 5,039	$ 2,902	$ 6,440	$ 5,039	$ 6,440
Conversion of units			(44)	0
Redemption value allocation			1,519	1,095
Distribution Made to Limited Partner, Cash Distribution Declared			(24)	0
Comprehensive income (loss):
Foreign exchange translation			0	(5)
Net loss	71	(140)	(50)	(320)
Balance at end of period	$ 6,440	$ 3,672	$ 6,440	$ 3,672	$ 6,440	$ 5,039	$ 6,440

XML

Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Other Property-Related Costs) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Other property-related costs	$ 62,912	$ 60,030	$ 124,490	$ 119,458
Other property-related costs as a percent of total hotel operating revenue	24.40%	25.10%	26.00%	26.70%
Hotel general and administrative expense
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Other property-related costs	21,133	20,311	40,967	40,358
Other property-related costs as a percent of total hotel operating revenue	8.20%	8.50%	8.50%	9.00%
Marketing
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Other property-related costs	21,150	19,555	41,221	38,566
Other property-related costs as a percent of total hotel operating revenue	8.20%	8.20%	8.60%	8.60%
Repair and maintenance
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Other property-related costs	11,332	11,247	23,019	22,808
Other property-related costs as a percent of total hotel operating revenue	4.40%	4.70%	4.80%	5.10%
Utilities
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Other property-related costs	$ 9,297	$ 8,917	$ 19,283	$ 17,726
Other property-related costs as a percent of total hotel operating revenue	3.60%	3.70%	4.10%	4.00%

XML

Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 44,126	$ 46,943
Hotel-related investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	(7,651)	(6,349)
Cost in excess of book value of hotel investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	44,122	45,053
Land and condominium investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 7,655	$ 8,239

XML

FelCor LP's Consolidating Financial Information (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
CONDENSED CONSOLIDATING BALANCE SHEET
Net investment in hotels	$ 1,552,172,000		$ 1,552,172,000		$ 1,653,267,000
Hotel development	261,181,000		261,181,000		216,747,000
Investment in unconsolidated entities	44,126,000		44,126,000		46,943,000
Hotel held for sale	33,148,000		33,148,000		16,319,000
Cash and cash equivalents	61,344,000	66,235,000	61,344,000	66,235,000
Restricted cash	66,046,000		66,046,000		77,227,000
Accounts receivable, net	35,889,000		35,889,000		35,747,000
Deferred expenses, net	25,962,000		25,962,000		29,325,000
Other assets	26,796,000		26,796,000		23,060,000
Total assets	2,106,664,000		2,106,664,000		2,144,280,000
Debt, net	1,601,166,000		1,601,166,000		1,663,226,000
Distributions payable	11,228,000		11,228,000		11,047,000
Accrued expenses and other liabilities	149,799,000		149,799,000		150,738,000
Total liabilities	1,762,193,000		1,762,193,000		1,825,011,000
Redeemable units	6,440,000	3,672,000	6,440,000	3,672,000	5,039,000	2,902,000
Accumulated other comprehensive income	24,892,000		24,892,000		24,937,000
Preferred capital in consolidated joint venture	40,994,000		40,994,000		0
Total liabilities and equity	2,106,664,000		2,106,664,000		2,144,280,000
Revenues:
Hotel operating revenue	258,279,000	238,806,000	479,301,000	447,344,000
Other revenue	1,236,000	1,050,000	1,563,000	1,449,000
Total revenues	259,515,000	239,856,000	480,864,000	448,793,000
Expenses:
Taxes, insurance and lease expense	26,992,000	24,853,000	50,625,000	47,017,000
Corporate expenses	7,647,000	6,694,000	15,472,000	14,526,000
Depreciation and amortization	29,082,000	29,898,000	58,683,000	59,653,000
Impairment loss	0	24,441,000	0	24,441,000
Conversion expenses	0	587,000	0	1,215,000
Other expenses	2,114,000	3,915,000	4,128,000	4,736,000
Total operating expenses	228,535,000	244,303,000	445,722,000	454,499,000
Operating income (loss)	30,980,000	(4,447,000)	35,142,000	(5,706,000)
Interest expense, net	(24,495,000)	(26,376,000)	(49,722,000)	(52,661,000)
Debt extinguishment	(27,000)	0	(33,000)	0
Gain on sale of other assets, net	100,000	0	100,000	0
Income (loss) before equity in income from unconsolidated entities	6,558,000	(30,823,000)	(14,513,000)	(58,367,000)
Equity in income from unconsolidated entities	2,766,000	1,905,000	3,409,000	1,994,000
Income (loss) from continuing operations	9,324,000	(28,918,000)	(11,104,000)	(56,373,000)
Income from discontinued operations	5,000	6,123,000	140,000	6,973,000
Loss before gain on sale of property	9,329,000	(22,795,000)	(10,964,000)	(49,400,000)
Gain on sale of property, net	15,626,000	0	21,083,000	0
Net income (loss)	24,955,000	(22,795,000)	10,119,000	(49,400,000)
Comprehensive loss attributable to noncontrolling interests	(262,000)	3,972,000	(184,000)	4,212,000
Preferred distributions - consolidated joint venture	(341,000)	0	(522,000)	0
Net income (loss) attributable to reporting entity	24,281,000	(18,683,000)	9,463,000	(44,868,000)
Preferred dividends	(9,678,000)	(9,678,000)	(19,356,000)	(19,356,000)
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	24,955,000	(22,795,000)	10,119,000	(49,400,000)
Foreign currency translation adjustment	575,000	(567,000)	(45,000)	(924,000)
Comprehensive income (loss)	25,530,000	(23,362,000)	10,074,000	(50,324,000)
Comprehensive loss attributable to noncontrolling interests	(262,000)	3,972,000	(184,000)	4,212,000
Comprehensive income (loss) attributable to FelCor	24,853,000	(19,247,000)	9,418,000	(45,787,000)
Operating activities:
Cash flows from operating activities			54,121,000	29,271,000
Investing activities:
Improvements and additions to hotels			(48,032,000)	(47,023,000)
Hotel development			(48,178,000)	(22,220,000)
Net proceeds from asset dispositions			93,608,000	20,479,000
Insurance proceeds			255,000	0
Change in restricted cash - investing			11,181,000	46,000
Contributions to unconsolidated entities			0	1,500,000
Net cash flow provided by (used in) investing activities			12,740,000	(46,777,000)
Financing activities:
Proceeds from borrowings			140,500,000	127,245,000
Repayment of borrowings			(205,904,000)	(68,535,000)
Payment of deferred financing fees			(11,000)	(2,698,000)
Distributions paid to noncontrolling interests			(7,054,000)	(446,000)
Contributions from noncontrolling interests			5,069,000	1,840,000
Distributions paid to common stockholders			(4,968,000)	0
Net proceeds from issuance of preferred capital - consolidated joint venture			40,994,000	0
Net cash flow provided by (used in) financing activities			(51,159,000)	38,050,000
Effect of exchange rate changes on cash			(3,000)	(54,000)
Change in cash and cash equivalents			15,699,000	20,490,000
Cash and cash equivalents at beginning of periods			45,645,000	45,745,000
Cash and cash equivalents at end of periods	61,344,000	66,235,000	61,344,000	66,235,000
FelCor Lodging LP [Member]
CONDENSED CONSOLIDATING BALANCE SHEET
Net investment in hotels	44,166,000		44,166,000		48,971,000
Hotel development	0		0		0
Equity investment in consolidated entities	1,491,230,000		1,491,230,000		1,508,593,000
Investment in unconsolidated entities	31,479,000		31,479,000		34,090,000
Hotel held for sale	0		0		0
Cash and cash equivalents	12,816,000	14,172,000	12,816,000	14,172,000
Restricted cash	0		0		0
Accounts receivable, net	336,000		336,000		516,000
Deferred expenses, net	18,783,000		18,783,000		20,540,000
Other assets	7,650,000		7,650,000		6,248,000
Total assets	1,606,460,000		1,606,460,000		1,624,185,000
Debt, net	1,282,289,000		1,282,289,000		1,279,190,000
Distributions payable	11,116,000		11,116,000		11,047,000
Accrued expenses and other liabilities	31,078,000		31,078,000		37,980,000
Total liabilities	1,324,483,000		1,324,483,000		1,328,217,000
Redeemable units	6,440,000		6,440,000		5,039,000
Preferred units	478,766,000		478,766,000		478,774,000
Common units	(228,227,000)		(228,227,000)		(212,888,000)
Accumulated other comprehensive income	24,998,000		24,998,000		25,043,000
Total FelCor LP partners' capital	275,537,000		275,537,000		290,929,000
Noncontrolling interests	0		0		0
Preferred capital in consolidated joint venture	0		0
Total partners’ capital	275,537,000		275,537,000		290,929,000
Total liabilities and equity	1,606,460,000		1,606,460,000		1,624,185,000
Revenues:
Hotel operating revenue	0	0	0	0
Percentage lease revenue	1,910,000	1,615,000	3,309,000	2,877,000
Other revenue	1,000	2,000	2,000	5,000
Total revenues	1,911,000	1,617,000	3,311,000	2,882,000
Expenses:
Hotel operating expenses	0	0	0	0
Taxes, insurance and lease expense	450,000	386,000	870,000	690,000
Corporate expenses	149,000	272,000	272,000	380,000
Depreciation and amortization	992,000	1,185,000	1,984,000	2,435,000
Impairment loss		14,294,000		14,294,000
Conversion expenses		4,000		24,000
Other expenses	0	2,754,000	35,000	2,777,000
Total operating expenses	1,591,000	18,895,000	3,161,000	20,600,000
Operating income (loss)	320,000	(17,278,000)	150,000	(17,718,000)
Interest expense, net	(20,300,000)	(21,380,000)	(40,784,000)	(42,985,000)
Debt extinguishment	0		0
Gain on sale of other assets, net	0		0
Income (loss) before equity in income from unconsolidated entities	(19,980,000)	(38,658,000)	(40,634,000)	(60,703,000)
Equity in income from consolidated entities	42,238,000	21,183,000	47,381,000	16,558,000
Equity in income from unconsolidated entities	2,315,000	1,547,000	3,115,000	1,852,000
Income (loss) from continuing operations	24,573,000	(15,928,000)	9,862,000	(42,293,000)
Income from discontinued operations	0	(2,895,000)	0	(2,895,000)
Loss before gain on sale of property	24,573,000		9,862,000
Gain on sale of property, net	(221,000)		(449,000)
Net income (loss)	24,352,000	(18,823,000)	9,413,000	(45,188,000)
Comprehensive loss attributable to noncontrolling interests	0	0	0	0
Preferred distributions - consolidated joint venture	0		0
Net income (loss) attributable to reporting entity	24,352,000	(18,823,000)	9,413,000	(45,188,000)
Preferred dividends	(9,678,000)	(9,678,000)	(19,356,000)	(19,356,000)
Net income (loss) attributable to FelCor LP common unitholders	14,674,000	(28,501,000)	(9,943,000)	(64,544,000)
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	24,352,000	(18,823,000)	9,413,000	(45,188,000)
Foreign currency translation adjustment	575,000	(567,000)	(45,000)	(924,000)
Comprehensive income (loss)	24,927,000	(19,390,000)	9,368,000	(46,112,000)
Comprehensive loss attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to FelCor	24,927,000	(19,390,000)	9,368,000	(46,112,000)
Operating activities:
Cash flows from operating activities			(38,098,000)	(30,682,000)
Investing activities:
Improvements and additions to hotels			(685,000)	2,689,000
Hotel development			0	0
Net proceeds from asset dispositions			(419,000)	(5,000)
Insurance proceeds			0
Change in restricted cash - investing			0
Distributions from unconsolidated entities			3,406,000	3,066,000
Contributions to unconsolidated entities				0
Intercompany financing			67,733,000	52,477,000
Other				0
Net cash flow provided by (used in) investing activities			70,035,000	58,227,000
Financing activities:
Proceeds from borrowings			0	0
Repayment of borrowings			0	0
Distributions paid to noncontrolling interests			0
Contributions from noncontrolling interests			0
Distributions paid to preferred unitholders			(19,356,000)	(19,356,000)
Distributions paid to common stockholders			(4,968,000)
Net proceeds from issuance of preferred capital - consolidated joint venture			0
Intercompany financing			0	0
Other			(24,000)	(2,329,000)
Net cash flow provided by (used in) financing activities			(24,348,000)	(21,685,000)
Effect of exchange rate changes on cash			0	0
Change in cash and cash equivalents			7,589,000	5,860,000
Cash and cash equivalents at beginning of periods			5,227,000	8,312,000
Cash and cash equivalents at end of periods	12,816,000	14,172,000	12,816,000	14,172,000
Guarantor Subsidiaries [Member]
CONDENSED CONSOLIDATING BALANCE SHEET
Net investment in hotels	1,040,284,000		1,040,284,000		1,053,724,000
Hotel development	0		0		0
Equity investment in consolidated entities	0		0		0
Investment in unconsolidated entities	11,314,000		11,314,000		11,497,000
Hotel held for sale	13,974,000		13,974,000		0
Cash and cash equivalents	45,033,000	42,353,000	45,033,000	42,353,000
Restricted cash	10,160,000		10,160,000		9,051,000
Accounts receivable, net	34,921,000		34,921,000		34,366,000
Deferred expenses, net	0		0		0
Other assets	11,996,000		11,996,000		10,767,000
Total assets	1,167,682,000		1,167,682,000		1,152,688,000
Debt, net	11,915,000		11,915,000		11,953,000
Distributions payable	0		0		0
Accrued expenses and other liabilities	104,033,000		104,033,000		96,494,000
Total liabilities	115,948,000		115,948,000		108,447,000
Redeemable units	0		0		0
Preferred units	0		0		0
Common units	1,047,455,000		1,047,455,000		1,039,903,000
Accumulated other comprehensive income	4,551,000		4,551,000		4,569,000
Total FelCor LP partners' capital	1,052,006,000		1,052,006,000		1,044,472,000
Noncontrolling interests	(272,000)		(272,000)		(231,000)
Preferred capital in consolidated joint venture	0		0
Total partners’ capital	1,051,734,000		1,051,734,000		1,044,241,000
Total liabilities and equity	1,167,682,000		1,167,682,000		1,152,688,000
Revenues:
Hotel operating revenue	258,279,000	238,806,000	479,301,000	447,344,000
Percentage lease revenue	0	0	0	0
Other revenue	1,082,000	918,000	1,348,000	1,251,000
Total revenues	259,361,000	239,724,000	480,649,000	448,595,000
Expenses:
Hotel operating expenses	162,700,000	153,915,000	316,814,000	302,911,000
Taxes, insurance and lease expense	49,544,000	44,436,000	96,372,000	87,427,000
Corporate expenses	5,263,000	4,811,000	10,333,000	10,355,000
Depreciation and amortization	18,004,000	17,879,000	35,770,000	35,475,000
Impairment loss		0		0
Conversion expenses		292,000		682,000
Other expenses	789,000	842,000	1,629,000	1,359,000
Total operating expenses	236,300,000	222,175,000	460,918,000	438,209,000
Operating income (loss)	23,061,000	17,549,000	19,731,000	10,386,000
Interest expense, net	(306,000)	(319,000)	(634,000)	(622,000)
Debt extinguishment	0		0
Gain on sale of other assets, net	100,000		100,000
Income (loss) before equity in income from unconsolidated entities	22,855,000	17,230,000	19,197,000	9,764,000
Equity in income from consolidated entities	0	0	0	0
Equity in income from unconsolidated entities	462,000	369,000	317,000	165,000
Income (loss) from continuing operations	23,317,000	17,599,000	19,514,000	9,929,000
Income from discontinued operations	5,000	(119,000)	34,000	(535,000)
Loss before gain on sale of property	23,322,000		19,548,000
Gain on sale of property, net	(15,000)		(28,000)
Net income (loss)	23,307,000	17,480,000	19,520,000	9,394,000
Comprehensive loss attributable to noncontrolling interests	(113,000)	(16,000)	21,000	240,000
Preferred distributions - consolidated joint venture	0		0
Net income (loss) attributable to reporting entity	23,194,000	17,464,000	19,541,000	9,634,000
Preferred dividends	0	0	0	0
Net income (loss) attributable to FelCor LP common unitholders	23,194,000	17,464,000	19,541,000	9,634,000
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	23,307,000	17,480,000	19,520,000	9,394,000
Foreign currency translation adjustment	65,000	(111,000)	(18,000)	(207,000)
Comprehensive income (loss)	23,372,000	17,369,000	19,502,000	9,187,000
Comprehensive loss attributable to noncontrolling interests	(113,000)	(16,000)	21,000	240,000
Comprehensive income (loss) attributable to FelCor	23,259,000	17,353,000	19,523,000	9,427,000
Operating activities:
Cash flows from operating activities			62,307,000	40,893,000
Investing activities:
Improvements and additions to hotels			(36,397,000)	(30,529,000)
Hotel development			0	0
Net proceeds from asset dispositions			(73,000)	(1,252,000)
Insurance proceeds			255,000
Change in restricted cash - investing			(1,533,000)
Distributions from unconsolidated entities			500,000	375,000
Contributions to unconsolidated entities				1,500,000
Intercompany financing			0	0
Other				1,824,000
Net cash flow provided by (used in) investing activities			(37,248,000)	(31,082,000)
Financing activities:
Proceeds from borrowings			0	0
Repayment of borrowings			0	0
Distributions paid to noncontrolling interests			(626,000)
Contributions from noncontrolling interests			605,000
Distributions paid to preferred unitholders			0	0
Distributions paid to common stockholders			0
Net proceeds from issuance of preferred capital - consolidated joint venture			0
Intercompany financing			(13,285,000)	1,799,000
Other			0	372,000
Net cash flow provided by (used in) financing activities			(13,306,000)	2,171,000
Effect of exchange rate changes on cash			(3,000)	(54,000)
Change in cash and cash equivalents			11,750,000	11,928,000
Cash and cash equivalents at beginning of periods			33,283,000	30,425,000
Cash and cash equivalents at end of periods	45,033,000	42,353,000	45,033,000	42,353,000
Non-Guarantor Subsidiaries [Member]
CONDENSED CONSOLIDATING BALANCE SHEET
Net investment in hotels	467,722,000		467,722,000		550,572,000
Hotel development	261,181,000		261,181,000		216,747,000
Equity investment in consolidated entities	0		0		0
Investment in unconsolidated entities	1,333,000		1,333,000		1,356,000
Hotel held for sale	19,174,000		19,174,000		16,319,000
Cash and cash equivalents	3,495,000	9,710,000	3,495,000	9,710,000
Restricted cash	55,886,000		55,886,000		68,176,000
Accounts receivable, net	632,000		632,000		865,000
Deferred expenses, net	7,179,000		7,179,000		8,785,000
Other assets	19,065,000		19,065,000		17,998,000
Total assets	835,667,000		835,667,000		887,953,000
Debt, net	360,075,000		360,075,000		464,036,000
Distributions payable	112,000		112,000		0
Accrued expenses and other liabilities	14,688,000		14,688,000		16,264,000
Total liabilities	374,875,000		374,875,000		480,300,000
Redeemable units	0		0		0
Preferred units	0		0		0
Common units	377,579,000		377,579,000		363,647,000
Accumulated other comprehensive income	20,447,000		20,447,000		20,474,000
Total FelCor LP partners' capital	398,026,000		398,026,000		384,121,000
Noncontrolling interests	21,772,000		21,772,000		23,532,000
Preferred capital in consolidated joint venture	40,994,000		40,994,000
Total partners’ capital	460,792,000		460,792,000		407,653,000
Total liabilities and equity	835,667,000		835,667,000		887,953,000
Revenues:
Hotel operating revenue	0	0	0	0
Percentage lease revenue	24,401,000	21,788,000	50,010,000	44,931,000
Other revenue	153,000	130,000	213,000	193,000
Total revenues	24,554,000	21,918,000	50,223,000	45,124,000
Expenses:
Hotel operating expenses	0	0	0	0
Taxes, insurance and lease expense	3,309,000	3,434,000	6,702,000	6,708,000
Corporate expenses	2,235,000	1,611,000	4,867,000	3,791,000
Depreciation and amortization	10,086,000	10,834,000	20,929,000	21,743,000
Impairment loss		10,147,000		10,147,000
Conversion expenses		291,000		509,000
Other expenses	1,325,000	319,000	2,464,000	600,000
Total operating expenses	16,955,000	26,636,000	34,962,000	43,498,000
Operating income (loss)	7,599,000	(4,718,000)	15,261,000	1,626,000
Interest expense, net	(3,889,000)	(4,677,000)	(8,304,000)	(9,054,000)
Debt extinguishment	(27,000)		(33,000)
Gain on sale of other assets, net	0		0
Income (loss) before equity in income from unconsolidated entities	3,683,000	(9,395,000)	6,924,000	(7,428,000)
Equity in income from consolidated entities	0	0	0	0
Equity in income from unconsolidated entities	(11,000)	(11,000)	(23,000)	(23,000)
Income (loss) from continuing operations	3,672,000	(9,406,000)	6,901,000	(7,451,000)
Income from discontinued operations	0	9,137,000	106,000	10,403,000
Loss before gain on sale of property	3,672,000		7,007,000
Gain on sale of property, net	15,862,000		21,560,000
Net income (loss)	19,534,000	(269,000)	28,567,000	2,952,000
Comprehensive loss attributable to noncontrolling interests	(149,000)	3,988,000	(205,000)	3,972,000
Preferred distributions - consolidated joint venture	(341,000)		(522,000)
Net income (loss) attributable to reporting entity	19,044,000	3,719,000	27,840,000	6,924,000
Preferred dividends	0	0	0	0
Net income (loss) attributable to FelCor LP common unitholders	19,044,000	3,719,000	27,840,000	6,924,000
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	19,534,000	(269,000)	28,567,000	2,952,000
Foreign currency translation adjustment	510,000	(456,000)	(27,000)	(717,000)
Comprehensive income (loss)	20,044,000	(725,000)	28,540,000	2,235,000
Comprehensive loss attributable to noncontrolling interests	(149,000)	3,988,000	(205,000)	3,972,000
Comprehensive income (loss) attributable to FelCor	19,554,000	3,263,000	27,813,000	6,207,000
Operating activities:
Cash flows from operating activities			29,912,000	19,060,000
Investing activities:
Improvements and additions to hotels			(10,950,000)	(19,183,000)
Hotel development			(48,178,000)	(22,220,000)
Net proceeds from asset dispositions			94,100,000	21,736,000
Insurance proceeds			0
Change in restricted cash - investing			12,714,000
Distributions from unconsolidated entities			0	0
Contributions to unconsolidated entities				0
Intercompany financing			0	0
Other				(1,778,000)
Net cash flow provided by (used in) investing activities			47,686,000	(21,445,000)
Financing activities:
Proceeds from borrowings			140,500,000	127,245,000
Repayment of borrowings			(205,904,000)	(68,535,000)
Distributions paid to noncontrolling interests			(6,428,000)
Contributions from noncontrolling interests			4,464,000
Distributions paid to preferred unitholders			0	0
Distributions paid to common stockholders			0
Net proceeds from issuance of preferred capital - consolidated joint venture			40,994,000
Intercompany financing			(54,448,000)	(54,276,000)
Other			(416,000)	653,000
Net cash flow provided by (used in) financing activities			(81,238,000)	5,087,000
Effect of exchange rate changes on cash			0	0
Change in cash and cash equivalents			(3,640,000)	2,702,000
Cash and cash equivalents at beginning of periods			7,135,000	7,008,000
Cash and cash equivalents at end of periods	3,495,000	9,710,000	3,495,000	9,710,000
Consolidation, Eliminations [Member]
CONDENSED CONSOLIDATING BALANCE SHEET
Net investment in hotels	0		0		0
Hotel development	0		0		0
Equity investment in consolidated entities	(1,491,230,000)		(1,491,230,000)		(1,508,593,000)
Investment in unconsolidated entities	0		0		0
Hotel held for sale	0		0		0
Cash and cash equivalents	0	0	0	0
Restricted cash	0		0		0
Accounts receivable, net	0		0		0
Deferred expenses, net	0		0		0
Other assets	(11,915,000)		(11,915,000)		(11,953,000)
Total assets	(1,503,145,000)		(1,503,145,000)		(1,520,546,000)
Debt, net	(53,113,000)		(53,113,000)		(91,953,000)
Distributions payable	0		0		0
Accrued expenses and other liabilities	0		0		0
Total liabilities	(53,113,000)		(53,113,000)		(91,953,000)
Redeemable units	0		0		0
Preferred units	0		0		0
Common units	(1,425,034,000)		(1,425,034,000)		(1,403,550,000)
Accumulated other comprehensive income	(24,998,000)		(24,998,000)		(25,043,000)
Total FelCor LP partners' capital	(1,450,032,000)		(1,450,032,000)		(1,428,593,000)
Noncontrolling interests	0		0		0
Preferred capital in consolidated joint venture	0		0
Total partners’ capital	(1,450,032,000)		(1,450,032,000)		(1,428,593,000)
Total liabilities and equity	(1,503,145,000)		(1,503,145,000)		(1,520,546,000)
Revenues:
Hotel operating revenue	0	0	0	0
Percentage lease revenue	(26,311,000)	(23,403,000)	(53,319,000)	(47,808,000)
Other revenue	0	0	0	0
Total revenues	(26,311,000)	(23,403,000)	(53,319,000)	(47,808,000)
Expenses:
Hotel operating expenses	0	0	0	0
Taxes, insurance and lease expense	(26,311,000)	(23,403,000)	(53,319,000)	(47,808,000)
Corporate expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment loss		0		0
Conversion expenses		0		0
Other expenses	0	0	0	0
Total operating expenses	(26,311,000)	(23,403,000)	(53,319,000)	(47,808,000)
Operating income (loss)	0	0	0	0
Interest expense, net	0	0	0	0
Debt extinguishment	0		0
Gain on sale of other assets, net	0		0
Income (loss) before equity in income from unconsolidated entities	0	0	0	0
Equity in income from consolidated entities	(42,238,000)	(21,183,000)	(47,381,000)	(16,558,000)
Equity in income from unconsolidated entities	0	0	0	0
Income (loss) from continuing operations	(42,238,000)	(21,183,000)	(47,381,000)	(16,558,000)
Income from discontinued operations	0	0	0	0
Loss before gain on sale of property	(42,238,000)		(47,381,000)
Gain on sale of property, net	0		0
Net income (loss)	(42,238,000)	(21,183,000)	(47,381,000)	(16,558,000)
Comprehensive loss attributable to noncontrolling interests	0	0	0	0
Preferred distributions - consolidated joint venture	0		0
Net income (loss) attributable to reporting entity	(42,238,000)	(21,183,000)	(47,381,000)	(16,558,000)
Preferred dividends	0	0	0	0
Net income (loss) attributable to FelCor LP common unitholders	(42,238,000)	(21,183,000)	(47,381,000)	(16,558,000)
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	(42,238,000)	(21,183,000)	(47,381,000)	(16,558,000)
Foreign currency translation adjustment	(575,000)	567,000	45,000	924,000
Comprehensive income (loss)	(42,813,000)	(20,616,000)	(47,336,000)	(15,634,000)
Comprehensive loss attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to FelCor	(42,813,000)	(20,616,000)	(47,336,000)	(15,634,000)
Operating activities:
Cash flows from operating activities			0	0
Investing activities:
Improvements and additions to hotels			0
Hotel development			0	0
Net proceeds from asset dispositions			0	0
Insurance proceeds			0
Change in restricted cash - investing			0
Distributions from unconsolidated entities			0	0
Contributions to unconsolidated entities				0
Intercompany financing			(67,733,000)	(52,477,000)
Other				0
Net cash flow provided by (used in) investing activities			(67,733,000)	(52,477,000)
Financing activities:
Proceeds from borrowings			0	0
Repayment of borrowings			0	0
Distributions paid to noncontrolling interests			0
Contributions from noncontrolling interests			0
Distributions paid to preferred unitholders			0	0
Distributions paid to common stockholders			0
Net proceeds from issuance of preferred capital - consolidated joint venture			0
Intercompany financing			67,733,000	52,477,000
Other			0	0
Net cash flow provided by (used in) financing activities			67,733,000	52,477,000
Effect of exchange rate changes on cash			0	0
Change in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of periods			0	0
Cash and cash equivalents at end of periods	0	0	0	0
Total Consolidated [Member]
Guarantor Obligations [Line Items]
Percentage of subsidiary guarantor owned by company			100.00%
CONDENSED CONSOLIDATING BALANCE SHEET
Net investment in hotels	1,552,172,000		1,552,172,000		1,653,267,000
Hotel development	261,181,000		261,181,000		216,747,000
Equity investment in consolidated entities	0		0		0
Investment in unconsolidated entities	44,126,000		44,126,000		46,943,000
Hotel held for sale	33,148,000		33,148,000		16,319,000
Cash and cash equivalents	61,344,000	66,235,000	61,344,000	66,235,000
Restricted cash	66,046,000		66,046,000		77,227,000
Accounts receivable, net	35,889,000		35,889,000		35,747,000
Deferred expenses, net	25,962,000		25,962,000		29,325,000
Other assets	26,796,000		26,796,000		23,060,000
Total assets	2,106,664,000		2,106,664,000		2,144,280,000
Debt, net	1,601,166,000		1,601,166,000		1,663,226,000
Distributions payable	11,228,000		11,228,000		11,047,000
Accrued expenses and other liabilities	149,799,000		149,799,000		150,738,000
Total liabilities	1,762,193,000		1,762,193,000		1,825,011,000
Redeemable units	6,440,000		6,440,000		5,039,000
Preferred units	478,766,000		478,766,000		478,774,000
Common units	(228,227,000)		(228,227,000)		(212,888,000)
Accumulated other comprehensive income	24,998,000		24,998,000		25,043,000
Total FelCor LP partners' capital	275,537,000		275,537,000		290,929,000
Noncontrolling interests	21,500,000		21,500,000		23,301,000
Preferred capital in consolidated joint venture	40,994,000		40,994,000
Total partners’ capital	338,031,000	355,136,000	338,031,000	355,136,000	314,230,000	422,019,000
Total liabilities and equity	2,106,664,000		2,106,664,000		2,144,280,000
Revenues:
Hotel operating revenue	258,279,000	238,806,000	479,301,000	447,344,000
Percentage lease revenue	0	0	0	0
Other revenue	1,236,000	1,050,000	1,563,000	1,449,000
Total revenues	259,515,000	239,856,000	480,864,000	448,793,000
Expenses:
Hotel operating expenses	162,700,000	153,915,000	316,814,000	302,911,000
Taxes, insurance and lease expense	26,992,000	24,853,000	50,625,000	47,017,000
Corporate expenses	7,647,000	6,694,000	15,472,000	14,526,000
Depreciation and amortization	29,082,000	29,898,000	58,683,000	59,653,000
Impairment loss	0	24,441,000	0	24,441,000
Conversion expenses	0	587,000	0	1,215,000
Other expenses	2,114,000	3,915,000	4,128,000	4,736,000
Total operating expenses	228,535,000	244,303,000	445,722,000	454,499,000
Operating income (loss)	30,980,000	(4,447,000)	35,142,000	(5,706,000)
Interest expense, net	(24,495,000)	(26,376,000)	(49,722,000)	(52,661,000)
Debt extinguishment	(27,000)	0	(33,000)	0
Gain on sale of other assets, net	100,000	0	100,000	0
Income (loss) before equity in income from unconsolidated entities	6,558,000	(30,823,000)	(14,513,000)	(58,367,000)
Equity in income from consolidated entities	0	0	0	0
Equity in income from unconsolidated entities	2,766,000	1,905,000	3,409,000	1,994,000
Income (loss) from continuing operations	9,324,000	(28,918,000)	(11,104,000)	(56,373,000)
Income from discontinued operations	5,000	6,123,000	140,000	6,973,000
Loss before gain on sale of property	9,329,000	(22,795,000)	(10,964,000)	(49,400,000)
Gain on sale of property, net	15,626,000	0	21,083,000	0
Net income (loss)	24,955,000	(22,795,000)	10,119,000	(49,400,000)
Comprehensive loss attributable to noncontrolling interests	(262,000)	3,972,000	(184,000)	4,212,000
Preferred distributions - consolidated joint venture	(341,000)	0	(522,000)	0
Net income (loss) attributable to reporting entity	24,352,000	(18,823,000)	9,413,000	(45,188,000)
Preferred dividends	(9,678,000)	(9,678,000)	(19,356,000)	(19,356,000)
Net income (loss) attributable to FelCor LP common unitholders	14,674,000	(28,501,000)	(9,943,000)	(64,544,000)
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	24,955,000	(22,795,000)	10,119,000	(49,400,000)
Foreign currency translation adjustment	575,000	(567,000)	(45,000)	(924,000)
Comprehensive income (loss)	25,530,000	(23,362,000)	10,074,000	(50,324,000)
Comprehensive loss attributable to noncontrolling interests	(262,000)	3,972,000	(184,000)	4,212,000
Comprehensive income (loss) attributable to FelCor	24,927,000	(19,390,000)	9,368,000	(46,112,000)
Operating activities:
Cash flows from operating activities			54,121,000	29,271,000
Investing activities:
Improvements and additions to hotels			(48,032,000)	(47,023,000)
Hotel development			(48,178,000)	(22,220,000)
Net proceeds from asset dispositions			93,608,000	20,479,000
Insurance proceeds			255,000	0
Change in restricted cash - investing			11,181,000	46,000
Distributions from unconsolidated entities			3,906,000	3,441,000
Contributions to unconsolidated entities			0	1,500,000
Intercompany financing				0
Other				46,000
Net cash flow provided by (used in) investing activities			12,740,000	(46,777,000)
Financing activities:
Proceeds from borrowings			140,500,000	127,245,000
Repayment of borrowings			(205,904,000)	(68,535,000)
Payment of deferred financing fees			(11,000)	(2,698,000)
Distributions paid to noncontrolling interests			(7,054,000)	(446,000)
Contributions from noncontrolling interests			5,069,000	1,840,000
Distributions paid to preferred unitholders			(19,356,000)	(19,356,000)
Distributions paid to common stockholders			(4,968,000)	0
Net proceeds from issuance of preferred capital - consolidated joint venture			40,994,000	0
Intercompany financing			0	0
Other			(440,000)	(1,304,000)
Net cash flow provided by (used in) financing activities			(51,159,000)	38,050,000
Effect of exchange rate changes on cash			(3,000)	(54,000)
Change in cash and cash equivalents			15,699,000	20,490,000
Cash and cash equivalents at beginning of periods			45,645,000	45,745,000
Cash and cash equivalents at end of periods	$ 61,344,000	$ 66,235,000	$ 61,344,000	$ 66,235,000

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Income (Loss) Per Share/Unit (Details) (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:
Net income (loss) attributable to FelCor	$ 24,281,000	$ (18,683,000)	$ 9,463,000	$ (44,868,000)
Discontinued operations attributable to FelCor	(5,000)	(6,021,000)	(139,000)	(6,852,000)
Income (loss) from continuing operations attributable to FelCor	24,276,000	(24,704,000)	9,324,000	(51,720,000)
Less: Preferred dividends	(9,678,000)	(9,678,000)	(19,356,000)	(19,356,000)
Less: Dividends declared on unvested restricted stock	(2,000)	0	(3,000)	0
Less: Undistributed earnings allocated to unvested restricted stock	(6,000)	0	0	0
Numerator for continuing operations attributable to FelCor common stockholders	14,590,000	(34,382,000)	(10,035,000)	(71,076,000)
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders	14,595,000	(28,361,000)	(9,896,000)	(64,224,000)
Denominator:
Denominator for basic income (loss) per share	124,169	123,814	124,158	123,814
Denominator for diluted income (loss) per share	125,386	123,814	124,158	123,814
Basic and diluted income (loss) per share data:
Income (loss) from continuing operations (in dollars per share)	$ 0.12	$ (0.28)	$ (0.08)	$ (0.57)
Discontinued operations (in dollars per share)	$ 0.00	$ 0.05	$ 0.00	$ 0.06
Net income (loss) (in dollars per share)	$ 0.12	$ (0.23)	$ (0.08)	$ (0.52)
FelCor Lodging LP [Member]
Numerator:
Net income (loss) attributable to FelCor	24,352,000	(18,823,000)	9,413,000	(45,188,000)
Discontinued operations attributable to FelCor	(5,000)	(6,051,000)	(140,000)	(6,886,000)
Income (loss) from continuing operations attributable to FelCor	24,347,000	(24,874,000)	9,273,000	(52,074,000)
Less: Preferred dividends	(9,678,000)	(9,678,000)	(19,356,000)	(19,356,000)
Less: Dividends declared on unvested restricted stock	(2,000)	0	(3,000)	0
Less: Undistributed earnings allocated to unvested restricted stock	(6,000)	0	0	0
Numerator for continuing operations attributable to FelCor common stockholders	14,661,000	(34,552,000)	(10,086,000)	(71,430,000)
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders	14,666,000	(28,501,000)	(9,946,000)	(64,544,000)
Denominator:
Denominator for basic income (loss) per share	124,783	124,435	124,774	124,435
Denominator for diluted income (loss) per share	126,000	124,435	124,774	124,435
Basic and diluted income (loss) per share data:
Income (loss) from continuing operations (in dollars per share)	$ 0.12	$ (0.28)	$ (0.08)	$ (0.57)
Discontinued operations (in dollars per share)	$ 0.00	$ 0.05	$ 0.00	$ 0.06
Net income (loss) (in dollars per share)	$ 0.12	$ (0.23)	$ (0.08)	$ (0.52)
SeriesA Preferred Shares / Units [Member]
Earnings Per Share/Unit [Line Items]
Dividends excluded from computation of earnings per share/unit	$ 6,300,000	$ 6,300,000	$ 12,600,000	$ 12,600,000
Antidilutive Securities [Member]
Earnings Per Share/Unit [Line Items]
Series A Convertible Preferred Shares/Units	9,985	9,985	9,985	9,985
Restricted Stock Units (RSUs) [Member]
Earnings Per Share/Unit [Line Items]
Number of Vesting Increments			3
Vesting Period			4 years
Number of Lodging REIT Peers			10
Restricted Stock Units (RSUs) [Member] | Antidilutive Securities [Member]
Earnings Per Share/Unit [Line Items]
Restricted Stock Units/Treasury Stock Method	0	576	1,020	373

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income (loss)	$ 10,119	$ (49,400)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	58,683	63,194
Gain on sale of property and other assets, net	(21,574)	(7,259)
Amortization of deferred financing fees and debt discount	5,907	5,426
Amortization of fixed stock and directors’ compensation	2,953	3,150
Equity based severance	0	822
Equity in income from unconsolidated entities	(3,409)	(1,994)
Distributions of income from unconsolidated entities	2,320	2,384
Debt extinguishment	278	0
Impairment loss	0	27,706
Changes in assets and liabilities:
Accounts receivable	(1,155)	(15,803)
Other assets	(5,825)	(7,211)
Accrued expenses and other liabilities	5,824	8,256
Net cash flow provided by operating activities	54,121	29,271
Cash flows from investing activities:
Improvements and additions to hotels	(48,032)	(47,023)
Hotel development	(48,178)	(22,220)
Net proceeds from asset dispositions	93,608	20,479
Change in restricted cash – investing	11,181	46
Insurance proceeds	255	0
Distributions from unconsolidated entities	3,906	3,441
Contributions to unconsolidated entities	0	(1,500)
Net cash flow provided by (used in) investing activities	12,740	(46,777)
Cash flows from financing activities:
Proceeds from borrowings	140,500	127,245
Repayment of borrowings	(205,904)	(68,535)
Payment of deferred financing fees	(11)	(2,698)
Distributions paid to noncontrolling interests	(7,054)	(446)
Contributions from noncontrolling interests	5,069	1,840
Distributions paid to FelCor LP limited partners	(20)	0
Distributions paid to preferred stockholders	(19,356)	(19,356)
Preferred distributions - consolidated joint venture	(409)	0
Distributions paid to common stockholders	(4,968)	0
Net proceeds from issuance of preferred equity - consolidated joint venture	40,994	0
Net cash flow provided by (used in) financing activities	(51,159)	38,050
Effect of exchange rate changes on cash	(3)	(54)
Net change in cash and cash equivalents	15,699	20,490
Cash and cash equivalents at beginning of periods	45,645	45,745
Cash and cash equivalents at end of periods	61,344	66,235
Supplemental cash flow information – interest paid, net of capitalized interest	43,747	38,301
FelCor Lodging LP [Member]
Cash flows from operating activities:
Net income (loss)	10,119	(49,400)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	58,683	63,194
Gain on sale of property and other assets, net	(21,574)	(7,259)
Amortization of deferred financing fees and debt discount	5,907	5,426
Amortization of fixed stock and directors’ compensation	2,953	3,150
Equity based severance	0	822
Equity in income from unconsolidated entities	(3,409)	(1,994)
Distributions of income from unconsolidated entities	2,320	2,384
Debt extinguishment	278	0
Impairment loss	0	27,706
Changes in assets and liabilities:
Accounts receivable	(1,155)	(15,803)
Other assets	(5,825)	(7,211)
Accrued expenses and other liabilities	5,824	8,256
Net cash flow provided by operating activities	54,121	29,271
Cash flows from investing activities:
Improvements and additions to hotels	(48,032)	(47,023)
Hotel development	(48,178)	(22,220)
Net proceeds from asset dispositions	93,608	20,479
Change in restricted cash – investing	11,181	46
Insurance proceeds	255	0
Distributions from unconsolidated entities	3,906	3,441
Contributions to unconsolidated entities	0	(1,500)
Net cash flow provided by (used in) investing activities	12,740	(46,777)
Cash flows from financing activities:
Proceeds from borrowings	140,500	127,245
Repayment of borrowings	(205,904)	(68,535)
Payment of deferred financing fees	(11)	(2,698)
Distributions paid to noncontrolling interests	(7,054)	(446)
Contributions from noncontrolling interests	5,069	1,840
Distributions paid to FelCor LP limited partners	(20)	0
Distributions paid to preferred stockholders	(19,356)	(19,356)
Preferred distributions - consolidated joint venture	(409)	0
Distributions paid to common stockholders	(4,968)	0
Net proceeds from issuance of preferred equity - consolidated joint venture	40,994	0
Net cash flow provided by (used in) financing activities	(51,159)	38,050
Effect of exchange rate changes on cash	(3)	(54)
Net change in cash and cash equivalents	15,699	20,490
Cash and cash equivalents at beginning of periods	45,645	45,745
Cash and cash equivalents at end of periods	61,344	66,235
Supplemental cash flow information – interest paid, net of capitalized interest	$ 43,747	$ 38,301

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Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Term of Management NOI Guaranty	10 years
Management Company NOI Guaranty	$ 100,000,000
Management Company NOI Guaranty, Annual Limit	21,500,000
Management Company NOI Guaranty, Amount Recorded		$ 295,000	$ 2,300,000	$ 431,000	$ 2,700,000
Consolidated Hotels [Member]
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Number of hotels		54		54
Consolidated Hotels [Member] | Wyndham® and Wyndham Grand®
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items]
Number of hotels	8	8		8

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Hotel Dispositions (Tables)

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Condensed Financial Information for Discontinued Operations

The following table includes operations from these five hotels (in thousands):

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Income (loss) from continuing operations	$816	$652	$226	$(370)
Net income (loss) attributable to FelCor	$784	$621	$173	$(413)

Discontinued operations include the results of operations for five hotels sold in 2013 and one hotel sold in 2014 (which was held for sale as of December 31, 2013). The following table summarizes the condensed financial information for those hotels (in thousands):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2014		2013			2014			2013
Hotel operating revenue	$	—	$	12,858		$	730		$	24,612
Operating expenses	5		(13,796		)	(670		)	(24,501		)
Operating income (loss) from discontinued operations	5		(938		)	60			111
Interest expense, net	—		(198		)	(66		)	(397		)
Debt extinguishment	—		—			(245		)	—
Gain on sale of property, net	—		7,259			391			7,259
Income from discontinued operations	$	5	$	6,123		$	140		$	6,973

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Taxes, Insurance and Lease Expense (Tables)

6 Months Ended

Jun. 30, 2014

Taxes, Insurance and Lease Expenses [Abstract]

Schedule of Taxes, Insurance and Lease Expense

Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Hotel lease expense(a)	$	13,296	$	12,166	$	23,687	$	21,723
Land lease expense(b)	3,160		2,772		5,622		5,166
Real estate and other taxes	8,025		7,637		16,133		15,232
Property insurance, general liability insurance and other	2,511		2,278		5,183		4,896
Total taxes, insurance and lease expense	$	26,992	$	24,853	$	50,625	$	47,017

(a) Hotel lease expense is recorded by the consolidated operating lessees of 12 hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities.  Hotel lease expense includes percentage rent of $7.8 million and $6.7 million for the three months ended June 30, 2014 and 2013, respectively, and $12.7 million and $10.8 million for the six months ended June 30, 2014 and 2013, respectively.

(b) Land lease expense includes percentage rent of $1.7 million and $1.3 million for the three months ended June 30, 2014 and 2013, respectively, and $2.7 million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively.

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Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Taxes, Insurance and Lease Expense [Line Items]
Real estate and other taxes	$ 8,025,000	$ 7,637,000	$ 16,133,000	$ 15,232,000
Property insurance, general liability insurance and other	2,511,000	2,278,000	5,183,000	4,896,000
Total taxes, insurance and lease expense	26,992,000	24,853,000	50,625,000	47,017,000
Hotel Lease [Member]
Taxes, Insurance and Lease Expense [Line Items]
Lease expense	13,296,000	12,166,000	23,687,000	21,723,000
Percentage rent	7,800,000	6,700,000	12,700,000	10,800,000
Land Lease [Member]
Taxes, Insurance and Lease Expense [Line Items]
Lease expense	3,160,000	2,772,000	5,622,000	5,166,000
Percentage rent	$ 1,700,000	$ 1,300,000	$ 2,700,000	$ 2,300,000
Twelve Hotels [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member]
Taxes, Insurance and Lease Expense [Line Items]
Number of hotels	12		12
Ownership percentage of lessee	49.00%		49.00%
Equity method ownership percentage of lessor	50.00%		50.00%

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Income (Loss) Per Share/Unit (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share/Unit [Line Items]

Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit

The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data):

FelCor Income (Loss) Per Share

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Numerator:
Net income (loss) attributable to FelCor	$	24,281		$	(18,683	)	$	9,463		$	(44,868	)
Discontinued operations attributable to FelCor	(5		)	(6,021		)	(139		)	(6,852		)
Income (loss) from continuing operations attributable to FelCor	24,276			(24,704		)	9,324			(51,720		)
Less: Preferred dividends	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Less: Dividends declared on unvested restricted stock	(2		)	—			(3		)	—
Less: Undistributed earnings allocated to unvested restricted stock	(6		)	—			—			—
Numerator for continuing operations attributable to FelCor common stockholders	14,590			(34,382		)	(10,035		)	(71,076		)
Discontinued operations attributable to FelCor	5			6,021			139			6,852
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders	$	14,595		$	(28,361	)	$	(9,896	)	$	(64,224	)
Denominator:
Denominator for basic income (loss) per share	124,169			123,814			124,158			123,814
Denominator for diluted income (loss) per share	125,386			123,814			124,158			123,814
Basic and diluted income (loss) per share data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Discontinued operations	$	—		$	0.05		$	—		$	0.06
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)

Schedule Securities Excluded from Computation of Earnings Per Share

Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands):

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Series A convertible preferred shares/units	9,985	9,985	9,985	9,985
FelCor restricted stock units	—	576	1,020	373

FelCor Lodging LP [Member]

Earnings Per Share/Unit [Line Items]

Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit

FelCor LP Income (Loss) Per Unit

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Numerator:
Net income (loss) attributable to FelCor LP	$	24,352		$	(18,823	)	$	9,413		$	(45,188	)
Discontinued operations attributable to FelCor LP	(5		)	(6,051		)	(140		)	(6,886		)
Income (loss) from continuing operations attributable to FelCor LP	24,347			(24,874		)	9,273			(52,074		)
Less: Preferred distributions	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Less: Distributions declared on FelCor unvested restricted stock	(2		)	—			(3		)	—
Less: Undistributed earnings allocated to FelCor unvested restricted stock	(6		)	—			—			—
Numerator for continuing operations attributable to FelCor LP common unitholders	14,661			(34,552		)	(10,086		)	(71,430		)
Discontinued operations attributable to FelCor LP	5			6,051			140			6,886
Numerator for basic and diluted income (loss) attributable to FelCor common unitholders	$	14,666		$	(28,501	)	$	(9,946	)	$	(64,544	)
Denominator:
Denominator for basic income (loss) per unit	124,783			124,435			124,774			124,435
Denominator for diluted income (loss) per unit	126,000			124,435			124,774			124,435
Basic and diluted income (loss) per unit data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Discontinued operations	$	—		$	0.05		$	—		$	0.06
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)

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Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables)

6 Months Ended

Jun. 30, 2014

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Noncontrolling Interests

Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2014 and 2013 are shown below — (in thousands):

	Six Months Ended
	June 30,
	2014			2013
Balance at beginning of period	$	5,039		$	2,902
Conversion of units	(44		)	—
Redemption value allocation	1,519			1,095
Distributions paid to unitholders	(24		)	—
Comprehensive loss:
Foreign exchange translation	—			(5		)
Net loss	(50		)	(320		)
Balance at end of period	$	6,440		$	3,672

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Consolidated Statements of Partners' Capital (USD $) In Thousands, unless otherwise specified	Total	FelCor Lodging LP [Member]	FelCor Lodging LP [Member] Preferred Units	FelCor Lodging LP [Member] Common Units	FelCor Lodging LP [Member] Accumulated Other Comprehensive Income	FelCor Lodging LP [Member] Noncontrolling Interests	FelCor Lodging LP [Member] Preferred Capital in Consolidated Joint Venture	FelCor Lodging LP [Member] Comprehensive Income (Loss)	Preferred Equity in Consolidated Joint Venture
Partners' Capital, Beginning Balance at Dec. 31, 2012		$ 422,019	$ 478,774	$ (110,258)	$ 26,151	$ 27,352	$ 0
Increase (Decrease) in Partners' Capital [Roll Forward]
FelCor restricted stock compensation		2,173		2,173
Contributions		1,840				1,840
Distributions		(19,802)		(19,356)		(446)
Allocation to redeemable units		(770)		(770)
Comprehensive income (loss):
Foreign exchange translation	(924)	(924)			(924)			(924)
Net income (loss)	(49,400)	(49,400)		(45,188)		(4,212)		(49,400)
Comprehensive Income (Loss)	(50,324)	(50,324)						(50,324)
Partners' Capital, Ending Balance at Jun. 30, 2013		355,136	478,774	(173,399)	25,227	24,534	0
Partners' Capital, Beginning Balance at Mar. 31, 2013
Comprehensive income (loss):
Foreign exchange translation	(567)	(567)
Net income (loss)	(22,795)	(22,795)
Comprehensive Income (Loss)	(23,362)	(23,362)
Partners' Capital, Ending Balance at Jun. 30, 2013		355,136	478,774				0
Partners' Capital, Beginning Balance at Dec. 31, 2013		314,230	478,774	(212,888)	25,043	23,301
Increase (Decrease) in Partners' Capital [Roll Forward]
Conversion of preferred stock into common stock		0	(8)	8
FelCor restricted stock compensation		1,058		1,058
Contributions		5,069				5,069
Distributions		(31,969)		(24,393)		(7,054)	(522)
Allocation to redeemable units		(1,425)		(1,425)
Issuance of preferred equity - consolidated joint venture	40,994	40,994					40,994		40,994
Comprehensive income (loss):
Foreign exchange translation	(45)	(45)			(45)			(45)
Net income (loss)	10,119	10,119		9,413		184	522	10,119
Comprehensive Income (Loss)	10,074	10,074						10,074
Partners' Capital, Ending Balance at Jun. 30, 2014		338,031	478,766	(228,227)	24,998	21,500	40,994
Partners' Capital, Beginning Balance at Mar. 31, 2014
Comprehensive income (loss):
Foreign exchange translation	575	575
Net income (loss)	24,955	24,955
Comprehensive Income (Loss)	25,530	25,530
Partners' Capital, Ending Balance at Jun. 30, 2014		$ 338,031

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Organization (Narrative) (Details)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Ownership percentage by parent	99.50%
Aggregate shares and units outstanding (in shares)	124,902,232
Common stock, shares outstanding (in shares)	124,289,525
Units of noncontrolling interests in FelCor LP outstanding (in shares)	613,000	618,000
Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	54
UNITED STATES | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of states (in states)	20
CALIFORNIA | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	12
FLORIDA | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	7
TEXAS | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	7
California, Florida, Texas [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of states (in states)	3
Percent of revenues generated from three states	53.00%
Forty-Two Hotels [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	42
One Hundred Percent Owned [Member] | Thirty-Nine Hotels [Member] | Wholly Owned Properties [Member]
Real Estate Properties [Line Items]
Ownership percentage by parent	100.00%
One Hundred Percent Owned [Member] | Thirty-Nine Hotels [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	39
Ninety Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	1
Ownership percentage by parent	90.00%
Eighty-Two Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	1
Ownership percentage by parent	82.00%
Sixty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	1
Ownership percentage by parent	60.00%
Fifty Percent Owned [Member] | Thirteen Hotels [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	13	13
Equity method investment, ownership percentage	50.00%	50.00%
Fifty Percent Owned [Member] | Twelve Hotels [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	12
Operated With A Lease [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	54
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Number of hotels	1
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member]
Real Estate Properties [Line Items]
Equity method investment, ownership percentage	50.00%
Hilton Hotels Corporation [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	32
Wyndham Hotel Group [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	8
InterContinental Hotels Group [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	3
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	4
Marriott International Inc. [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	3
Fairmont Hotels and Resorts [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	1
Morgans Hotel Group Corp. [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	2
Independent Management Company [Member] | Consolidated Hotels [Member]
Real Estate Properties [Line Items]
Number of hotels	1
FelCor Lodging LP [Member]
Real Estate Properties [Line Items]
Units of noncontrolling interests in FelCor LP outstanding (in shares)	612,707
Knickerbocker [Member] | Ninety-five Percent Owned [Member]
Real Estate Properties [Line Items]
Ownership percentage by parent	95.00%
Ownership in all properties, including held for sale [Member]
Real Estate Properties [Line Items]
Number of hotels	57
Ownership in all properties, excluding held for sale
Real Estate Properties [Line Items]
Number of hotels	55
Assets Held-for-sale [Member]
Real Estate Properties [Line Items]
Number of hotels	2

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Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract]
Room revenue	$ 200,238	$ 184,327	$ 370,067	$ 344,834
Food and beverage revenue	45,471	42,162	85,256	79,105
Other operating departments	12,570	12,317	23,978	23,405
Total hotel operating revenue	$ 258,279	$ 238,806	$ 479,301	$ 447,344

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Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Assets
Investment in hotels, net of accumulated depreciation of $882,585 and $929,801 at June 30, 2014 and December 31, 2013, respectively	$ 1,552,172,000	$ 1,653,267,000
Hotel development	261,181,000	216,747,000
Investment in unconsolidated entities	44,126,000	46,943,000
Hotels held for sale	33,148,000	16,319,000
Cash and cash equivalents	61,344,000	45,645,000
Restricted cash	66,046,000	77,227,000
Accounts receivable, net of allowance for doubtful accounts of $231 and $262 at June 30, 2014 and December 31, 2013, respectively	35,889,000	35,747,000
Deferred expenses, net of accumulated amortization of $22,095 and $20,362 at June 30, 2014 and December 31, 2013, respectively	25,962,000	29,325,000
Other assets	26,796,000	23,060,000
Total assets	2,106,664,000	2,144,280,000
Liabilities and Equity
Debt, net of discount of $1,615 and $4,714 at June 30, 2014 and December 31, 2013, respectively	1,601,166,000	1,663,226,000
Distributions payable	11,228,000	11,047,000
Accrued expenses and other liabilities	149,799,000	150,738,000
Total liabilities	1,762,193,000	1,825,011,000
Commitments and contingencies
Redeemable noncontrolling interests in FelCor LP, 613 and 618 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively	6,440,000	5,039,000
Preferred stock, $0.01 par value, 20,000 shares authorized:
Common stock, $0.01 par value, 200,000 shares authorized; 124,290 and 124,051 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	1,243,000	1,240,000
Additional paid-in capital	2,354,847,000	2,354,328,000
Accumulated other comprehensive income	24,892,000	24,937,000
Accumulated deficit	(2,584,211,000)	(2,568,350,000)
Total FelCor stockholders’ equity	275,537,000	290,929,000
Noncontrolling interests in other partnerships	21,500,000	23,301,000
Preferred equity in consolidated joint venture, liquidation value of $41,590	40,994,000	0
Total equity	338,031,000	314,230,000
Total liabilities and equity	2,106,664,000	2,144,280,000
FelCor Lodging LP [Member]
Assets
Investment in hotels, net of accumulated depreciation of $882,585 and $929,801 at June 30, 2014 and December 31, 2013, respectively	1,552,172,000	1,653,267,000
Hotel development	261,181,000	216,747,000
Investment in unconsolidated entities	44,126,000	46,943,000
Hotels held for sale	33,148,000	16,319,000
Cash and cash equivalents	61,344,000	45,645,000
Restricted cash	66,046,000	77,227,000
Accounts receivable, net of allowance for doubtful accounts of $231 and $262 at June 30, 2014 and December 31, 2013, respectively	35,889,000	35,747,000
Deferred expenses, net of accumulated amortization of $22,095 and $20,362 at June 30, 2014 and December 31, 2013, respectively	25,962,000	29,325,000
Other assets	26,796,000	23,060,000
Total assets	2,106,664,000	2,144,280,000
Liabilities and Equity
Debt, net of discount of $1,615 and $4,714 at June 30, 2014 and December 31, 2013, respectively	1,601,166,000	1,663,226,000
Distributions payable	11,228,000	11,047,000
Accrued expenses and other liabilities	149,799,000	150,738,000
Total liabilities	1,762,193,000	1,825,011,000
Commitments and contingencies
Redeemable noncontrolling interests in FelCor LP, 613 and 618 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively	6,440,000	5,039,000
Preferred stock, $0.01 par value, 20,000 shares authorized:
Accumulated other comprehensive income	24,998,000	25,043,000
Preferred equity in consolidated joint venture, liquidation value of $41,590	40,994,000
Total liabilities and equity	2,106,664,000	2,144,280,000
Preferred Units, Preferred Partners' Capital Account [Abstract]
Preferred Units, Contributed Capital	478,766,000	478,774,000
Common units, 124,290 and 124,051 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively	(228,227,000)	(212,888,000)
Total FelCor LP partners’ capital	275,537,000	290,929,000
Noncontrolling interests	21,500,000	23,301,000
Preferred capital in consolidated joint venture	40,994,000	0
Total partners’ capital	338,031,000	314,230,000
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,880 units issued and outstanding at June 30, 2014 and December 31, 2013
Preferred Units, Preferred Partners' Capital Account [Abstract]
Preferred Units, Contributed Capital	309,354,000	309,362,000
FelCor Lodging LP [Member] | Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at June 30, 2014 and December 31, 2013
Preferred Units, Preferred Partners' Capital Account [Abstract]
Preferred Units, Contributed Capital	169,412,000	169,412,000
Series A Cumulative Convertible Preferred Stock, 12,880 shares, liquidation value of $322,004 and $322,011, issued and outstanding at June 30, 2014 and December 31, 2013, respectively
Preferred stock, $0.01 par value, 20,000 shares authorized:
Cumulative Preferred Stock	309,354,000	309,362,000
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at June 30, 2014 and December 31, 2013
Preferred stock, $0.01 par value, 20,000 shares authorized:
Cumulative Preferred Stock	$ 169,412,000	$ 169,412,000

XML

Impairment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		3 Months Ended				3 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2013 Continuing and Discontinued Operations [Member]	Jun. 30, 2013 Continuing Operations [Member] Fair Value, Inputs, Level 3 [Member] Hotels	Jun. 30, 2014 Discontinued Operations [Member] Hotels	Dec. 31, 2013 Discontinued Operations [Member] Hotels	Jun. 30, 2013 Discontinued Operations [Member] Fair Value, Inputs, Level 2 [Member] Hotels	Dec. 31, 2013 Discounted Cash Flow Approach [Member] Continuing Operations [Member] Fair Value, Inputs, Level 3 [Member] Hotels	Dec. 31, 2013 Minimum [Member]	Dec. 31, 2013 Maximum [Member]
Impairment [Line Items]
Impairment loss	$ 0	$ 24,441	$ 0	$ 24,441	$ 27,700	$ 24,400			$ 3,300
Number of Impaired Hotels						2			1
Number of hotels							1	5		1
Fair Value Inputs, Long-term Revenue Growth Rate										3.00%
Fair Value Assumptions, Expected Term										5 years
Fair Value Inputs, Terminal Capitalization Rate										8.00%
Fair Value Inputs, Discount Rate										10.00%
EBITDA Multiple											10	12

XML

Consolidated Statements of Changes in Equity (USD $) In Thousands, unless otherwise specified	Total	$0.975 per Series A preferred share	$1.00 per Series C depositary preferred share	$0.04 per common share	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated Deficit Consolidated Joint Venture	Accumulated Deficit $0.975 per Series A preferred share	Accumulated Deficit $1.00 per Series C depositary preferred share	Accumulated Deficit $0.04 per common share	Noncontrolling Interests in Other Partnerships	Preferred Equity in Consolidated Joint Venture	Comprehensive Income (Loss)
Stockholders' Equity, beginning balance at Dec. 31, 2012	$ 422,019				$ 478,774	$ 1,241	$ 2,353,581	$ 26,039	$ (2,464,968)					$ 27,352	$ 0
Shares, Issued - beginning balance at Dec. 31, 2012					12,948	124,117
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards - shares						5
Issuance of stock awards	0					0	0
Stock awards - amortization	2,173						2,173
Conversion of operating partnership units into common shares - value	0
Allocation to redeemable noncontrolling interests	(1,095)						(1,095)
Contribution from noncontrolling interests	1,840													1,840
Distribution to noncontrolling interests	(446)													(446)
Dividends declared:
Preferred dividends		(12,558)	(6,798)								(12,558)	(6,798)
Comprehensive Income (loss) (attributable to FelCor and noncontrolling interests in other partnerhips)
Foreign exchange translation								(919)								(919)
Net income (loss)									(44,868)					(4,212)		(49,080)
Comprehensive Income (Loss)	(49,999)															(49,999)
Stockholders' Equity, ending balance at Jun. 30, 2013	355,136				478,774	1,241	2,354,659	25,120	(2,529,192)					24,534	0
Shares, Issued - ending balance at Jun. 30, 2013					12,948	124,122
Stockholders' Equity, beginning balance at Dec. 31, 2013	314,230				478,774	1,240	2,354,328	24,937	(2,568,350)					23,301
Shares, Issued - beginning balance at Dec. 31, 2013					12,948	124,051
Increase (Decrease) in Stockholders' Equity
Conversion of preferred stock into common stock					(8)		8
Issuance of stock awards - shares						349
Issuance of stock awards						4	(4)
Stock awards - amortization	1,990						1,990
Forfeiture of stock awards - shares						(115)
Forfeiture of stock awards - value	(932)					(1)	0		(931)
Conversion of operating partnership units into common shares - shares						5
Conversion of operating partnership units into common shares - value	44						44
Allocation to redeemable noncontrolling interests	(1,519)						(1,519)
Contribution from noncontrolling interests	5,069													5,069
Distribution to noncontrolling interests	(7,054)													(7,054)
Dividends declared:
Preferred dividends		(12,558)	(6,798)							0	(12,558)	(6,798)			(522)
Dividends, Common Stock				(5,037)									(5,037)
Issuance of preferred equity - consolidated joint venture	40,994														40,994
Comprehensive Income (loss) (attributable to FelCor and noncontrolling interests in other partnerhips)
Foreign exchange translation								(45)								(45)
Net income (loss)									9,463					184	522	10,169
Comprehensive Income (Loss)	10,124															10,124
Stockholders' Equity, ending balance at Jun. 30, 2014	$ 338,031				$ 478,766	$ 1,243	$ 2,354,847	$ 24,892	$ (2,584,211)					$ 21,500	$ 40,994
Shares, Issued - ending balance at Jun. 30, 2014					12,948	124,290

XML

Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investment in Unconsolidated Entities [Abstract]
Investment in hotels and other properties, net of accumulated depreciation	$ 132,773	$ 140,145
Total assets	152,454	155,848
Debt	146,722	146,358
Total liabilities	152,446	152,068
Equity	8	3,780
Long-term Debt	$ 1,601,166	$ 1,663,226

XML

FelCor LP's Consolidating Financial Information (FelCor Lodging LP [Member])

6 Months Ended

Jun. 30, 2014

FelCor Lodging LP [Member]

Guarantor Obligations [Line Items]

FelCor LP's Consolidating Financial Information

FelCor LP’s Consolidating Financial Information

Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor Baton Rouge Owner, L.L.C.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Lodging Holding Company, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor Hotel Asset Company, L.L.C.; FelCor Copley Plaza, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Los Angeles International Airport Hotel Associates, a Texas L.P.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt.

The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (1) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, (2) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (3) a legal defeasance or covenant defeasance of the indenture, (4) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (5) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture.

13. FelCor LP’s Consolidating Financial Information – (continued)

The following tables present consolidating information for the Subsidiary Guarantors.

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	44,166		$	1,040,284		$	467,722	$	—		$	1,552,172
Hotel development	—			—			261,181		—			261,181
Equity investment in consolidated entities	1,491,230			—			—		(1,491,230		)	—
Investment in unconsolidated entities	31,479			11,314			1,333		—			44,126
Hotels held for sale	—			13,974			19,174		—			33,148
Cash and cash equivalents	12,816			45,033			3,495		—			61,344
Restricted cash	—			10,160			55,886		—			66,046
Accounts receivable, net	336			34,921			632		—			35,889
Deferred expenses, net	18,783			—			7,179		—			25,962
Other assets	7,650			11,996			19,065		(11,915		)	26,796
Total assets	$	1,606,460		$	1,167,682		$	835,667	$	(1,503,145	)	$	2,106,664
Debt, net	$	1,282,289		$	11,915		$	360,075	$	(53,113	)	$	1,601,166
Distributions payable	11,116			—			112		—			11,228
Accrued expenses and other liabilities	31,078			104,033			14,688		—			149,799
Total liabilities	1,324,483			115,948			374,875		(53,113		)	1,762,193
Redeemable units	6,440			—			—		—			6,440
Preferred units	478,766			—			—		—			478,766
Common units	(228,227		)	1,047,455			377,579		(1,425,034		)	(228,227		)
Accumulated other comprehensive income	24,998			4,551			20,447		(24,998		)	24,998
Total FelCor LP partners’ capital	275,537			1,052,006			398,026		(1,450,032		)	275,537
Noncontrolling interests	—			(272		)	21,772		—			21,500
Preferred capital in consolidated joint venture	—			—			40,994		—			40,994
Total partners’ capital	275,537			1,051,734			460,792		(1,450,032		)	338,031
Total liabilities and partners’ capital	$	1,606,460		$	1,167,682		$	835,667	$	(1,503,145	)	$	2,106,664

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotels	$	48,971		$	1,053,724		$	550,572	$	—		$	1,653,267
Hotel development	—			—			216,747		—			216,747
Equity investment in consolidated entities	1,508,593			—			—		(1,508,593		)	—
Investment in unconsolidated entities	34,090			11,497			1,356		—			46,943
Hotel held for sale	—			—			16,319		—			16,319
Cash and cash equivalents	5,227			33,283			7,135		—			45,645
Restricted cash	—			9,051			68,176		—			77,227
Accounts receivable, net	516			34,366			865		—			35,747
Deferred expenses, net	20,540			—			8,785		—			29,325
Other assets	6,248			10,767			17,998		(11,953		)	23,060
Total assets	$	1,624,185		$	1,152,688		$	887,953	$	(1,520,546	)	$	2,144,280
Debt, net	$	1,279,190		$	11,953		$	464,036	$	(91,953	)	$	1,663,226
Distributions payable	11,047			—			—		—			11,047
Accrued expenses and other liabilities	37,980			96,494			16,264		—			150,738
Total liabilities	1,328,217			108,447			480,300		(91,953		)	1,825,011
Redeemable units	5,039			—			—		—			5,039
Preferred units	478,774			—			—		—			478,774
Common units	(212,888		)	1,039,903			363,647		(1,403,550		)	(212,888		)
Accumulated other comprehensive income	25,043			4,569			20,474		(25,043		)	25,043
Total FelCor LP partners’ capital	290,929			1,044,472			384,121		(1,428,593		)	290,929
Noncontrolling interests	—			(231		)	23,532		—			23,301
Total partners’ capital	290,929			1,044,241			407,653		(1,428,593		)	314,230
Total liabilities and partners’ capital	$	1,624,185		$	1,152,688		$	887,953	$	(1,520,546	)	$	2,144,280

.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	258,279		$	—		$	—		$	258,279
Percentage lease revenue	1,910			—			24,401			(26,311		)	—
Other revenue	1			1,082			153			—			1,236
Total revenues	1,911			259,361			24,554			(26,311		)	259,515
Expenses:
Hotel operating expenses	—			162,700			—			—			162,700
Taxes, insurance and lease expense	450			49,544			3,309			(26,311		)	26,992
Corporate expenses	149			5,263			2,235			—			7,647
Depreciation and amortization	992			18,004			10,086			—			29,082
Other expenses	—			789			1,325			—			2,114
Total operating expenses	1,591			236,300			16,955			(26,311		)	228,535
Operating income	320			23,061			7,599			—			30,980
Interest expense, net	(20,300		)	(306		)	(3,889		)	—			(24,495		)
Debt extinguishment	—			—			(27		)	—			(27		)
Gain on sale of other assets, net	—			100			—			—			100
Income before equity in income from unconsolidated entities	(19,980		)	22,855			3,683			—			6,558
Equity in income from consolidated entities	42,238			—			—			(42,238		)	—
Equity in income from unconsolidated entities	2,315			462			(11		)	—			2,766
Income from continuing operations	24,573			23,317			3,672			(42,238		)	9,324
Income from discontinued operations	—			5			—			—			5
Income before gain on sale of property	24,573			23,322			3,672			(42,238		)	9,329
Gain on sale of property, net	(221		)	(15		)	15,862			—			15,626
Net income	24,352			23,307			19,534			(42,238		)	24,955
Income attributable to noncontrolling interests	—			(113		)	(149		)	—			(262		)
Preferred distributions - consolidated joint venture	—			—			(341		)	—			(341		)
Net income attributable to FelCor LP	24,352			23,194			19,044			(42,238		)	24,352
Preferred distributions	(9,678		)	—			—			—			(9,678		)
Net income attributable to FelCor LP common unitholders	$	14,674		$	23,194		$	19,044		$	(42,238	)	$	14,674

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	238,806		$	—		$	—		$	238,806
Percentage lease revenue	1,615			—			21,788			(23,403		)	—
Other revenue	2			918			130			—			1,050
Total revenues	1,617			239,724			21,918			(23,403		)	239,856
Expenses:
Hotel operating expenses	—			153,915			—			—			153,915
Taxes, insurance and lease expense	386			44,436			3,434			(23,403		)	24,853
Corporate expenses	272			4,811			1,611			—			6,694
Depreciation and amortization	1,185			17,879			10,834			—			29,898
Impairment loss	14,294			—			10,147			—			24,441
Conversion expenses	4			292			291			—			587
Other expenses	2,754			842			319			—			3,915
Total operating expenses	18,895			222,175			26,636			(23,403		)	244,303
Operating loss	(17,278		)	17,549			(4,718		)	—			(4,447		)
Interest expense, net	(21,380		)	(319		)	(4,677		)	—			(26,376		)
Loss before equity in income from unconsolidated entities	(38,658		)	17,230			(9,395		)	—			(30,823		)
Equity in income from consolidated entities	21,183			—			—			(21,183		)	—
Equity in income from unconsolidated entities	1,547			369			(11		)	—			1,905
Loss from continuing operations	(15,928		)	17,599			(9,406		)	(21,183		)	(28,918		)
Income from discontinued operations	(2,895		)	(119		)	9,137			—			6,123
Net loss	(18,823		)	17,480			(269		)	(21,183		)	(22,795		)
Loss attributable to noncontrolling interests	—			(16		)	3,988			—			3,972
Net loss attributable to FelCor LP	(18,823		)	17,464			3,719			(21,183		)	(18,823		)
Preferred distributions	(9,678		)	—			—			—			(9,678		)
Net loss attributable to FelCor LP common unitholders	$	(28,501	)	$	17,464		$	3,719		$	(21,183	)	$	(28,501	)

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	479,301		$	—		$	—		$	479,301
Percentage lease revenue	3,309			—			50,010			(53,319		)	—
Other revenue	2			1,348			213			—			1,563
Total revenues	3,311			480,649			50,223			(53,319		)	480,864
Expenses:
Hotel operating expenses	—			316,814			—			—			316,814
Taxes, insurance and lease expense	870			96,372			6,702			(53,319		)	50,625
Corporate expenses	272			10,333			4,867			—			15,472
Depreciation and amortization	1,984			35,770			20,929			—			58,683
Other expenses	35			1,629			2,464			—			4,128
Total operating expenses	3,161			460,918			34,962			(53,319		)	445,722
Operating income	150			19,731			15,261			—			35,142
Interest expense, net	(40,784		)	(634		)	(8,304		)	—			(49,722		)
Debt extinguishment	—			—			(33		)	—			(33		)
Gain on sale of other assets, net	—			100			—			—			100
Loss before equity in income from unconsolidated entities	(40,634		)	19,197			6,924			—			(14,513		)
Equity in income from consolidated entities	47,381			—			—			(47,381		)	—
Equity in income from unconsolidated entities	3,115			317			(23		)	—			3,409
Loss from continuing operations	9,862			19,514			6,901			(47,381		)	(11,104		)
Income from discontinued operations	—			34			106			—			140
Loss before gain on sale of property	9,862			19,548			7,007			(47,381		)	(10,964		)
Gain on sale of property, net	(449		)	(28		)	21,560			—			21,083
Net income	9,413			19,520			28,567			(47,381		)	10,119
Income attributable to noncontrolling interests	—			21			(205		)	—			(184		)
Preferred distributions - consolidated joint venture	—			—			(522		)	—			(522		)
Net income attributable to FelCor LP	9,413			19,541			27,840			(47,381		)	9,413
Preferred distributions	(19,356		)	—			—			—			(19,356		)
Net loss attributable to FelCor LP common unitholders	$	(9,943	)	$	19,541		$	27,840		$	(47,381	)	$	(9,943	)

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months EndedJune 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	447,344		$	—		$	—		$	447,344
Percentage lease revenue	2,877			—			44,931			(47,808		)	—
Other revenue	5			1,251			193			—			1,449
Total revenues	2,882			448,595			45,124			(47,808		)	448,793
Expenses:
Hotel operating expenses	—			302,911			—			—			302,911
Taxes, insurance and lease expense	690			87,427			6,708			(47,808		)	47,017
Corporate expenses	380			10,355			3,791			—			14,526
Depreciation and amortization	2,435			35,475			21,743			—			59,653
Impairment loss	14,294			—			10,147			—			24,441
Conversion expenses	24			682			509			—			1,215
Other expenses	2,777			1,359			600			—			4,736
Total operating expenses	20,600			438,209			43,498			(47,808		)	454,499
Operating loss	(17,718		)	10,386			1,626			—			(5,706		)
Interest expense, net	(42,985		)	(622		)	(9,054		)	—			(52,661		)
Loss before equity in income from unconsolidated entities	(60,703		)	9,764			(7,428		)	—			(58,367		)
Equity in income from consolidated entities	16,558			—			—			(16,558		)	—
Equity in income from unconsolidated entities	1,852			165			(23		)	—			1,994
Loss from continuing operations	(42,293		)	9,929			(7,451		)	(16,558		)	(56,373		)
Income from discontinued operations	(2,895		)	(535		)	10,403			—			6,973
Net loss	(45,188		)	9,394			2,952			(16,558		)	(49,400		)
Loss attributable to noncontrolling interests	—			240			3,972			—			4,212
Net loss attributable to FelCor LP	(45,188		)	9,634			6,924			(16,558		)	(45,188		)
Preferred distributions	(19,356		)	—			—			—			(19,356		)
Net loss attributable to FelCor LP common unitholders	$	(64,544	)	$	9,634		$	6,924		$	(16,558	)	$	(64,544	)

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2014

(in thousands)

	FelCor LP		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	24,352	$	23,307		$	19,534		$	(42,238	)	$	24,955
Foreign currency translation adjustment	575		65			510			(575		)	575
Comprehensive income	24,927		23,372			20,044			(42,813		)	25,530
Comprehensive income attributable to noncontrolling interests	—		(113		)	(149		)	—			(262		)
Preferred distributions - consolidated joint venture	—		—			(341		)	—			(341		)
Comprehensive income attributable to FelCor LP	$	24,927	$	23,259		$	19,554		$	(42,813	)	$	24,927

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Three Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net loss	$	(18,823	)	$	17,480		$	(269	)	$	(21,183	)	$	(22,795	)
Foreign currency translation adjustment	(567		)	(111		)	(456		)	567			(567		)
Comprehensive loss	(19,390		)	17,369			(725		)	(20,616		)	(23,362		)
Comprehensive loss attributable to noncontrolling interests	—			(16		)	3,988			—			3,972
Comprehensive loss attributable to FelCor LP	$	(19,390	)	$	17,353		$	3,263		$	(20,616	)	$	(19,390	)

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net income	$	9,413		$	19,520		$	28,567		$	(47,381	)	$	10,119
Foreign currency translation adjustment	(45		)	(18		)	(27		)	45			(45		)
Comprehensive income	9,368			19,502			28,540			(47,336		)	10,074
Comprehensive income attributable to noncontrolling interests	—			21			(205		)	—			(184		)
Preferred distributions - consolidated joint venture	—			—			(522		)	—			(522		)
Comprehensive income attributable to FelCor LP	$	9,368		$	19,523		$	27,813		$	(47,336	)	$	9,368

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

For the Six Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Net loss	$	(45,188	)	$	9,394		$	2,952		$	(16,558	)	$	(49,400	)
Foreign currency translation adjustment	(924		)	(207		)	(717		)	924			(924		)
Comprehensive loss	(46,112		)	9,187			2,235			(15,634		)	(50,324		)
Comprehensive loss attributable to noncontrolling interests	—			240			3,972			—			4,212
Comprehensive loss attributable to FelCor LP	$	(46,112	)	$	9,427		$	6,207		$	(15,634	)	$	(46,112	)

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2014

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(38,098	)	$	62,307		$	29,912		$	—		$	54,121
Investing activities:
Improvements and additions to hotels	(685		)	(36,397		)	(10,950		)	—			(48,032		)
Hotel development	—			—			(48,178		)	—			(48,178		)
Net proceeds from asset dispositions	(419		)	(73		)	94,100			—			93,608
Insurance proceeds	—			255			—			—			255
Change in restricted cash - investing	—			(1,533		)	12,714			—			11,181
Distributions from unconsolidated entities	3,406			500			—			—			3,906
Intercompany financing	67,733			—			—			(67,733		)	—
Cash flows from investing activities	70,035			(37,248		)	47,686			(67,733		)	12,740
Financing activities:
Proceeds from borrowings	—			—			140,500			—			140,500
Repayment of borrowings	—			—			(205,904		)	—			(205,904		)
Distributions paid to noncontrolling interests	—			(626		)	(6,428		)	—			(7,054		)
Contributions from noncontrolling interests	—			605			4,464			—			5,069
Distributions paid to preferred unitholders	(19,356		)	—			—			—			(19,356		)
Distributions paid to common unitholders	(4,968		)	—			—			—			(4,968		)
Net proceeds from issuance of preferred capital - consolidated joint venture	—			—			40,994			—			40,994
Intercompany financing	—			(13,285		)	(54,448		)	67,733			—
Other	(24		)	—			(416		)	—			(440		)
Cash flows from financing activities	(24,348		)	(13,306		)	(81,238		)	67,733			(51,159		)
Effect of exchange rate changes on cash	—			(3		)	—			—			(3		)
Change in cash and cash equivalents	7,589			11,750			(3,640		)	—			15,699
Cash and cash equivalents at beginning of period	5,227			33,283			7,135			—			45,645
Cash and cash equivalents at end of period	$	12,816		$	45,033		$	3,495		$	—		$	61,344

13.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2013

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(30,682	)	$	40,893		$	19,060		$	—		$	29,271
Investing activities:
Improvements and additions to hotels	2,689			(30,529		)	(19,183		)	—			(47,023		)
Hotel development	—			—			(22,220		)	—			(22,220		)
Net proceeds from asset dispositions	(5		)	(1,252		)	21,736			—			20,479
Distributions from unconsolidated entities	3,066			375			—			—			3,441
Contributions to unconsolidated entities	—			(1,500		)	—			—			(1,500		)
Intercompany financing	52,477			—			—			(52,477		)	—
Other	—			1,824			(1,778		)	—			46
Cash flows from investing activities	58,227			(31,082		)	(21,445		)	(52,477		)	(46,777		)
Financing activities:
Proceeds from borrowings	—			—			127,245			—			127,245
Repayment of borrowings	—			—			(68,535		)	—			(68,535		)
Distributions paid to preferred unitholders	(19,356		)	—			—			—			(19,356		)
Intercompany financing	—			1,799			(54,276		)	52,477			—
Other	(2,329		)	372			653			—			(1,304		)
Cash flows from financing activities	(21,685		)	2,171			5,087			52,477			38,050
Effect of exchange rate changes on cash	—			(54		)	—			—			(54		)
Change in cash and cash equivalents	5,860			11,928			2,702			—			20,490
Cash and cash equivalents at beginning of period	8,312			30,425			7,008			—			45,745
Cash and cash equivalents at end of period	$	14,172		$	42,353		$	9,710		$	—		$	66,235

XML

Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Real Estate Properties [Line Items]
Total revenues	$ 22,327	$ 20,543	$ 36,945	$ 34,151
Net income (loss)	6,462	4,740	8,678	5,848
Net income (loss) attributable to FelCor	3,231	2,370	4,339	2,924
Depreciation of cost in excess of book value	(465)	(465)	(930)	(930)
Equity in income from unconsolidated entities	$ 2,766	$ 1,905	$ 3,409	$ 1,994

XML

Organization (Tables)

6 Months Ended

Jun. 30, 2014

Organization [Abstract]

Schedule of Distribution of Consolidated Hotels

The following table illustrates the distribution of our 54 Consolidated Hotels at June 30, 2014:

Brand	Hotels	Rooms
Embassy Suites Hotels®	30	7,916
Wyndham®and Wyndham Grand®	8	2,528
Sheraton® and Westin®	4	1,604
Marriott® and Renaissance®	3	1,321
Holiday Inn®	3	1,256
DoubleTreeby Hilton® and Hilton®	3	802
Fairmont®	1	383
Morgans and Royalton	2	285
Total	54	16,095

XML

Consolidated Statements of Changes in Equity (Parentheticals) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Common Stock, Dividends, Per Share, Declared	$ 0.04	$ 0.00
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Per-Dollar-Amount	$ 0.975	$ 0.975
Series C Preferred Stock [Member]
Preferred Stock, Dividend Rate, Per-Dollar-Amount	$ 1.00	$ 1.00

XML

Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Accumulated depreciation	$ 882,585	$ 929,801
Allowance for doubtful accounts	231	262
Accumulated amortization of deferred expenses	22,095	20,362
Debt discount	1,615	4,714
Units of noncontrolling interests in FelCor LP issued (in shares)	613,000	618,000
Units of noncontrolling interests in FelCor LP outstanding (in shares)	613,000	618,000
Preferred Stock, par value	$ 0.01	$ 0.01
Preferred Stock, shares authorized	20,000,000	20,000,000
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued and outstanding	124,290,000	124,051,000
Joint Venture Liquidation Value	41,590	0
Series A Preferred Stock [Member]
Preferred Stock, shares issued	12,880,000	12,880,000
Preferred Stock, shares outstanding	12,880,000	12,880,000
Preferred Stock, liquidation value	322,004	322,011
Series C Preferred Stock [Member]
Preferred Stock, shares issued	68,000	68,000
Preferred Stock, shares outstanding	68,000	68,000
Preferred Stock, liquidation value	169,950	169,950
FelCor Lodging LP [Member]
Accumulated depreciation	882,585	929,801
Allowance for doubtful accounts	231	262
Accumulated amortization of deferred expenses	22,095	20,362
Debt discount	$ 1,615	$ 4,714
Units of noncontrolling interests in FelCor LP outstanding (in shares)	612,707
Units of redeemable units issued	613,000	618,000
Units of redeemable units outstanding	613,000	618,000
Common units issued and outstanding	124,290,000	124,051,000
FelCor Lodging LP [Member] | Series A Preferred Units [Member]
Series A Cumulative Convertible Preferred Units issued	12,880,000	12,880,000
Series A Cumulative Convertible Preferred Units outstanding	12,880,000	12,880,000
FelCor Lodging LP [Member] | Series C Preferred Units [Member]
Series C Cumulative Redeemable Preferred Units issued	68,000	68,000
Series C Cumulative Redeemable Preferred Units outstanding	68,000	68,000

XML

Income (Loss) Per Share/Unit

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Income (loss) Per Share/Unit

Income (Loss) Per Share/Unit

The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data):

FelCor Income (Loss) Per Share

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Numerator:
Net income (loss) attributable to FelCor	$	24,281		$	(18,683	)	$	9,463		$	(44,868	)
Discontinued operations attributable to FelCor	(5		)	(6,021		)	(139		)	(6,852		)
Income (loss) from continuing operations attributable to FelCor	24,276			(24,704		)	9,324			(51,720		)
Less: Preferred dividends	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Less: Dividends declared on unvested restricted stock	(2		)	—			(3		)	—
Less: Undistributed earnings allocated to unvested restricted stock	(6		)	—			—			—
Numerator for continuing operations attributable to FelCor common stockholders	14,590			(34,382		)	(10,035		)	(71,076		)
Discontinued operations attributable to FelCor	5			6,021			139			6,852
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders	$	14,595		$	(28,361	)	$	(9,896	)	$	(64,224	)
Denominator:
Denominator for basic income (loss) per share	124,169			123,814			124,158			123,814
Denominator for diluted income (loss) per share	125,386			123,814			124,158			123,814
Basic and diluted income (loss) per share data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Discontinued operations	$	—		$	0.05		$	—		$	0.06
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)

8. Income (Loss) Per Share/Unit — (continued)

FelCor LP Income (Loss) Per Unit

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Numerator:
Net income (loss) attributable to FelCor LP	$	24,352		$	(18,823	)	$	9,413		$	(45,188	)
Discontinued operations attributable to FelCor LP	(5		)	(6,051		)	(140		)	(6,886		)
Income (loss) from continuing operations attributable to FelCor LP	24,347			(24,874		)	9,273			(52,074		)
Less: Preferred distributions	(9,678		)	(9,678		)	(19,356		)	(19,356		)
Less: Distributions declared on FelCor unvested restricted stock	(2		)	—			(3		)	—
Less: Undistributed earnings allocated to FelCor unvested restricted stock	(6		)	—			—			—
Numerator for continuing operations attributable to FelCor LP common unitholders	14,661			(34,552		)	(10,086		)	(71,430		)
Discontinued operations attributable to FelCor LP	5			6,051			140			6,886
Numerator for basic and diluted income (loss) attributable to FelCor common unitholders	$	14,666		$	(28,501	)	$	(9,946	)	$	(64,544	)
Denominator:
Denominator for basic income (loss) per unit	124,783			124,435			124,774			124,435
Denominator for diluted income (loss) per unit	126,000			124,435			124,774			124,435
Basic and diluted income (loss) per unit data:
Income (loss) from continuing operations	$	0.12		$	(0.28	)	$	(0.08	)	$	(0.57	)
Discontinued operations	$	—		$	0.05		$	—		$	0.06
Net income (loss)	$	0.12		$	(0.23	)	$	(0.08	)	$	(0.52	)

The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the gain on the sale of property attributable to FelCor/FelCor LP.

Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands):

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Series A convertible preferred shares/units	9,985	9,985	9,985	9,985
FelCor restricted stock units	—	576	1,020	373

8. Income (Loss) Per Share/Unit — (continued)

Series A preferred dividends (distributions) that would be excluded from net income (loss) attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $6.3 million for the three months ended June 30, 2014 and 2013, and $12.6 million for the six months ended June 30, 2014 and 2013.

We grant our executive officers restricted stock units each year, which provides them with the potential to earn shares of our common stock in three increments over four years. The actual number of shares that vest is determined based on total stockholder return relative to a group of 10 lodging REIT peers. We amortize the fixed cost of these grants over the vesting period. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 28, 2014
Document and Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	FCH
Entity Registrant Name	FelCor Lodging Trust Incorporated
Entity Central Index Key	0000923603
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		124,289,525
FelCor Lodging LP [Member]
Document and Entity Information [Line Items]
Entity Registrant Name	FelCor Lodging LP
Entity Central Index Key	0001048789
Entity Filer Category	Non-accelerated Filer

XML

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Disclosures about fair value of our financial instruments are based on pertinent information available to management as of June 30, 2014 and December 31, 2013. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. Different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.

Our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our publicly-traded debt is based on observable market data (a Level 2 input) and has an estimated fair value of $1.3 billion at June 30, 2014 and December 31, 2013; and (iii) our debt that is not publicly-traded is based on a discounted cash flow model using effective borrowing rates for debt with similar terms, loan to estimated fair value of collateral and remaining maturities (a Level 3 input) and has an estimated fair value of $322.2 million and $390.1 million at June 30, 2014 and December 31, 2013, respectively. The estimated fair value of all our debt was $1.7 billion at June 30, 2014 and December 31, 2013. The carrying value of our debt was $1.6 billion and $1.7 billion at June 30, 2014 and December 31, 2013, respectively.

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Consolidated Statements of Operations (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:
Hotel operating revenue	$ 258,279,000	$ 238,806,000	$ 479,301,000	$ 447,344,000
Other revenue	1,236,000	1,050,000	1,563,000	1,449,000
Total revenues	259,515,000	239,856,000	480,864,000	448,793,000
Expenses:
Hotel departmental expenses	89,628,000	84,971,000	173,151,000	165,376,000
Other property-related costs	62,912,000	60,030,000	124,490,000	119,458,000
Management and franchise fees	10,160,000	8,914,000	19,173,000	18,077,000
Taxes, insurance and lease expense	26,992,000	24,853,000	50,625,000	47,017,000
Corporate expenses	7,647,000	6,694,000	15,472,000	14,526,000
Depreciation and amortization	29,082,000	29,898,000	58,683,000	59,653,000
Impairment loss	0	24,441,000	0	24,441,000
Conversion expenses	0	587,000	0	1,215,000
Other expenses	2,114,000	3,915,000	4,128,000	4,736,000
Total operating expenses	228,535,000	244,303,000	445,722,000	454,499,000
Operating income (loss)	30,980,000	(4,447,000)	35,142,000	(5,706,000)
Interest expense, net	(24,495,000)	(26,376,000)	(49,722,000)	(52,661,000)
Debt extinguishment	(27,000)	0	(33,000)	0
Gain on sale of other assets, net	100,000	0	100,000	0
Income (loss) before equity in income from unconsolidated entities	6,558,000	(30,823,000)	(14,513,000)	(58,367,000)
Equity in income from unconsolidated entities	2,766,000	1,905,000	3,409,000	1,994,000
Income (loss) from continuing operations	9,324,000	(28,918,000)	(11,104,000)	(56,373,000)
Income from discontinued operations	5,000	6,123,000	140,000	6,973,000
Income (loss) before gain on sale of property	9,329,000	(22,795,000)	(10,964,000)	(49,400,000)
Gain on sale of property, net	15,626,000	0	21,083,000	0
Net income (loss)	24,955,000	(22,795,000)	10,119,000	(49,400,000)
Net loss (income) attributable to noncontrolling interests in other partnerships	(262,000)	3,972,000	(184,000)	4,212,000
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP	(71,000)	140,000	50,000	320,000
Preferred distributions - consolidated joint venture	(341,000)	0	(522,000)	0
Net income (loss) attributable to reporting entity	24,281,000	(18,683,000)	9,463,000	(44,868,000)
Preferred dividends	(9,678,000)	(9,678,000)	(19,356,000)	(19,356,000)
Net income (loss) attributable to FelCor common stockholders	14,603,000	(28,361,000)	(9,893,000)	(64,224,000)
Basic and diluted per common share/unit data:
Income (loss) from continuing operations (in dollars per share)	$ 0.12	$ (0.28)	$ (0.08)	$ (0.57)
Net income (loss) (in dollars per share)	$ 0.12	$ (0.23)	$ (0.08)	$ (0.52)
Denominator for basic income (loss) per share	124,169	123,814	124,158	123,814
Denominator for diluted income (loss) per share	125,386	123,814	124,158	123,814
FelCor Lodging LP [Member]
Revenues:
Hotel operating revenue	258,279,000	238,806,000	479,301,000	447,344,000
Other revenue	1,236,000	1,050,000	1,563,000	1,449,000
Total revenues	259,515,000	239,856,000	480,864,000	448,793,000
Expenses:
Hotel departmental expenses	89,628,000	84,971,000	173,151,000	165,376,000
Other property-related costs	62,912,000	60,030,000	124,490,000	119,458,000
Management and franchise fees	10,160,000	8,914,000	19,173,000	18,077,000
Taxes, insurance and lease expense	26,992,000	24,853,000	50,625,000	47,017,000
Corporate expenses	7,647,000	6,694,000	15,472,000	14,526,000
Depreciation and amortization	29,082,000	29,898,000	58,683,000	59,653,000
Impairment loss	0	24,441,000	0	24,441,000
Conversion expenses	0	587,000	0	1,215,000
Other expenses	2,114,000	3,915,000	4,128,000	4,736,000
Total operating expenses	228,535,000	244,303,000	445,722,000	454,499,000
Operating income (loss)	30,980,000	(4,447,000)	35,142,000	(5,706,000)
Interest expense, net	(24,495,000)	(26,376,000)	(49,722,000)	(52,661,000)
Debt extinguishment	(27,000)	0	(33,000)	0
Gain on sale of other assets, net	100,000	0	100,000	0
Income (loss) before equity in income from unconsolidated entities	6,558,000	(30,823,000)	(14,513,000)	(58,367,000)
Equity in income from unconsolidated entities	2,766,000	1,905,000	3,409,000	1,994,000
Income (loss) from continuing operations	9,324,000	(28,918,000)	(11,104,000)	(56,373,000)
Income from discontinued operations	5,000	6,123,000	140,000	6,973,000
Income (loss) before gain on sale of property	9,329,000	(22,795,000)	(10,964,000)	(49,400,000)
Gain on sale of property, net	15,626,000	0	21,083,000	0
Net income (loss)	24,955,000	(22,795,000)	10,119,000	(49,400,000)
Net loss (income) attributable to noncontrolling interests in other partnerships	(262,000)	3,972,000	(184,000)	4,212,000
Preferred distributions - consolidated joint venture	(341,000)	0	(522,000)	0
Net income (loss) attributable to reporting entity	24,352,000	(18,823,000)	9,413,000	(45,188,000)
Preferred dividends	(9,678,000)	(9,678,000)	(19,356,000)	(19,356,000)
Net income (loss) attributable to FelCor LP common unitholders	$ 14,674,000	$ (28,501,000)	$ (9,943,000)	$ (64,544,000)
Basic and diluted per common share/unit data:
Income (loss) from continuing operations (in dollars per share)	$ 0.12	$ (0.28)	$ (0.08)	$ (0.57)
Net income (loss) (in dollars per share)	$ 0.12	$ (0.23)	$ (0.08)	$ (0.52)
Denominator for basic income (loss) per share	124,783	124,435	124,774	124,435
Denominator for diluted income (loss) per share	126,000	124,435	124,774	124,435

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Debt

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Debt

Debt

Consolidated debt consisted of the following (dollars in thousands):

	Encumbered	Interest	Maturity	June 30,		December 31,
	Hotels	Rate (%)	Date	2014		2013
Line of credit	8	LIBOR + 3.375	June 2016(a)	$	87,500	$	88,000
Hotel mortgage debt
Mortgage debt	1	5.81	July 2016	9,641		9,904
Mortgage debt(b)	4	4.95	October 2022	125,404		126,220
Mortgage debt	1	4.94	October 2022	31,471		31,714
Senior notes
Senior secured notes(c)	11	10.00	October 2014	232,289		229,190
Senior secured notes	6	6.75	June 2019	525,000		525,000
Senior secured notes	9	5.625	March 2023	525,000		525,000
Knickerbocker loan(d)
Construction tranche	—	LIBOR + 4.00	May 2016	12,994		—
Cash collateralized tranche	—	LIBOR + 1.25	May 2016	51,867		64,861
Retired debt	—	—	—	—		63,337
Total	40			$	1,601,166	$	1,663,226

(a) Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions.

(b) This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel.

(c) We originally issued $636 million (face amount) of these notes. After redemptions in 2011 and 2012, $234 million (face amount) of these notes were outstanding at June 30, 2014 and December 31, 2013.

(d) In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In January 2014, we drew $13.0 million of the cash collateral to fund construction costs, leaving $51.9 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan.

In January 2014, we repaid $10.9 million of secured loan debt, scheduled to mature in July 2014, when we sold a hotel. In March 2014, we repaid an additional $17.1 million of debt, secured by a hotel, scheduled to mature in June 2014. We incurred $251,000 of debt extinguishment costs with these repayments.

In April 2014, we repaid $15.6 million of debt, secured by two hotels, scheduled to mature in July 2014. In May 2014, we paid an additional $19.2 million of debt, secured by a hotel, scheduled to mature in August 2014.

We reported $24.5 million and $26.4 million of interest expense for the three months ended June 30, 2014 and 2013, respectively, which is net of: (i) interest income of $14,000 and $22,000 and (ii) capitalized interest of $4.3 million and $2.9 million, respectively. We reported $49.7 million and $52.7 million of interest expense for the six months ended June 30, 2014 and 2013, respectively, which is net of: (i) interest income of $29,000 and $45,000 and (ii) capitalized interest of $8.3 million and $5.7 million, respectively.

3.    Debt — (continued)

During July, we obtained a $140 million term loan secured by three hotels. Borrowings under the facility bear interest at LIBOR (no floor) plus 2.5%. The loan matures in 2017 (may be extended for up to two years, subject to satisfaction of certain conditions) and is freely pre-payable. On August 15, 2014, we expect to use borrowings from the term loan, cash on hand and borrowings under our line of credit to repay the remaining $234 million of our maturing 10% senior secured notes. We will use proceeds from pending and future asset sales to repay the term loan and our line of credit.

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Investment in Unconsolidated Entities

6 Months Ended

Jun. 30, 2014

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

At June 30, 2014 and December 31, 2013, we owned 50% interests in joint ventures that owned 13 hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We do not have any majority-owned subsidiaries that are not consolidated in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures.

The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):

	June 30,		December 31,
	2014		2013
Investment in hotels and other properties, net of accumulated depreciation	$	132,773	$	140,145
Total assets	$	152,454	$	155,848
Debt	$	146,722	$	146,358
Total liabilities	$	152,446	$	152,068
Equity	$	8	$	3,780

Our unconsolidated entities’ debt at June 30, 2014 and December 31, 2013 consisted entirely of non-recourse mortgage debt.  In March 2014, one of our unconsolidated joint ventures refinanced $128 million of debt and extended the maturity until 2017.

2. Investment in Unconsolidated Entities — (continued)

The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total revenues	$	22,327		$	20,543		$	36,945		$	34,151
Net income	$	6,462		$	4,740		$	8,678		$	5,848
Net income attributable to FelCor	$	3,231		$	2,370		$	4,339		$	2,924
Depreciation of cost in excess of book value	(465		)	(465		)	(930		)	(930		)
Equity in income from unconsolidated entities	$	2,766		$	1,905		$	3,409		$	1,994

The following table summarizes the components of our investment in unconsolidated entities (in thousands):

	June 30,			December 31,
	2014			2013
Hotel-related investments	$	(7,651	)	$	(6,349	)
Cost in excess of book value of hotel investments	44,122			45,053
Land and condominium investments	7,655			8,239
Investment in unconsolidated entities	$	44,126		$	46,943

The following table summarizes the components of our equity in income from unconsolidated entities (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014			2013
Hotel investments	$	2,722	$	1,883	$	3,993		$	2,591
Other investments	44		22		(584		)	(597		)
Equity in income from unconsolidated entities	$	2,766	$	1,905	$	3,409		$	1,994

On July 25, 2014, we unwound unconsolidated joint ventures, in which we held a 50% interest, that owned 10 hotels. As a consequence, we now own 100% of five of the hotels and affiliates of our joint venture partner now own 100% of the other five hotels. In addition, we received our partner’s 10% interest in a separate venture also resulting in our 100% ownership of an additional hotel. We paid $2.2 million to our joint venture partner to equalize the aggregate value of assets received by us compared to our joint venture partner. We have not yet determined the anticipated gain to be recorded in our consolidated statement of operations for the third quarter from this transaction.

Our joint ventures had a loan secured by eight of these properties. That loan bears interest at one-month LIBOR plus 3%, matures in March 2017 and is freely pre-payable in whole or in part. In connection with unwinding the joint ventures, that loan was bifurcated. We are only liable to repay our share of the bifurcated loan ($64 million), which share is secured by mortgages on four of the hotels we now wholly-own.

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Recently Issue Accounting Standards (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Recently Issued Accounting Standards

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.

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Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units

6 Months Ended

Jun. 30, 2014

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units

Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units

We record redeemable noncontrolling interests in FelCor LP, in the case of FelCor, and redeemable units, in the case of FelCor LP, in the mezzanine section (between liabilities and equity or partners’ capital) of our consolidated balance sheets because of the redemption feature of these units. Additionally, FelCor’s consolidated statements of operations separately present earnings attributable to redeemable noncontrolling interests. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. The historical cost is based on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. Redemption value is based on the closing price of FelCor’s common stock at period end. FelCor allocates net income (loss) to FelCor LP’s noncontrolling partners based on their weighted average ownership percentage during the period.

At June 30, 2014, we had 612,707 limited partnership units outstanding carried at $6.4 million. The value of these outstanding units is based on the closing price of FelCor’s common stock at June 30, 2014 ($10.51 per share).

10. Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued)

Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2014 and 2013 are shown below — (in thousands):

	Six Months Ended
	June 30,
	2014			2013
Balance at beginning of period	$	5,039		$	2,902
Conversion of units	(44		)	—
Redemption value allocation	1,519			1,095
Distributions paid to unitholders	(24		)	—
Comprehensive loss:
Foreign exchange translation	—			(5		)
Net loss	(50		)	(320		)
Balance at end of period	$	6,440		$	3,672

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Impairment Impairment

6 Months Ended

Jun. 30, 2014

Other Income and Expenses [Abstract]

Impairment

Impairment

Our hotels are comprised of operations and cash flows that can clearly be distinguished, operationally and for financial reporting purposes, from the remainder of our operations. Accordingly, we consider each hotel to be a component for purposes of determining impairment charges and reporting discontinued operations.

We may record impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and/or lodging industry weakens, or we shorten our contemplated holding period for additional hotels. For the quarter ended June 30, 2013, we recorded a $27.7 million impairment charge ($24.4 million related to two hotels included in continuing operations and $3.3 million related to one hotel included in discontinued operations).

The impairment charge related to the one hotel included in discontinued operations ($3.3 million) was based on third-party offers to purchase (a Level 2 input under authoritative guidance for fair value measurements) at prices below our previously estimated fair market values for this property. This hotel had been identified as a sale candidate in a prior year, reducing its estimated hold period at that time.

As part of our long-term strategic plan, we may identify hotels that no longer meet our investment criteria. We identified two additional such hotels, thereby significantly reducing their respective estimated hold periods, resulting in impairments on both hotels during the second quarter of 2013. A portion ($24.4 million) of the second quarter 2013 impairment charges relates to these hotels and was determined using Level 3 inputs, as follows:

• with respect to one hotel, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3.0%, a discounted cash flow term of five years, a terminal capitalization rate of 8.0%, and a discount rate of 10.0%; and

• with respect to the other hotel, we used information based on EBITDA multiples ranging from 10 to 12 times.

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Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs

6 Months Ended

Jun. 30, 2014

Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract]

Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs

Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs

Hotel operating revenue from continuing operations was comprised of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Room revenue	$	200,238	$	184,327	$	370,067	$	344,834
Food and beverage revenue	45,471		42,162		85,256		79,105
Other operating departments	12,570		12,317		23,978		23,405
Total hotel operating revenue	$	258,279	$	238,806	$	479,301	$	447,344

Nearly all of our revenue is comprised of hotel operating revenue. These revenues are recorded net of any sales or occupancy taxes collected from our guests. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts, which are recorded as a bad debt expense. Hotel departmental expenses from continuing operations were comprised of the following (in thousands):

	Three Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Room	$	50,585	19.6	%	$	47,322	19.8	%
Food and beverage	33,066		12.8		31,747		13.3
Other operating departments	5,977		2.3		5,902		2.5
Total hotel departmental expenses	$	89,628	34.7	%	$	84,971	35.6	%

4. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs— (continued)

	Six Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Room	$	97,318	20.3	%	$	92,192	20.6	%
Food and beverage	64,253		13.4		61,993		13.9
Other operating departments	11,580		2.4		11,191		2.5
Total hotel departmental expenses	$	173,151	36.1	%	$	165,376	37.0	%

Other property-related costs from continuing operations were comprised of the following amounts (in thousands):

	Three Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Hotel general and administrative expense	$	21,133	8.2	%	$	20,311	8.5	%
Marketing	21,150		8.2		19,555		8.2
Repair and maintenance	11,332		4.4		11,247		4.7
Utilities	9,297		3.6		8,917		3.7
Total other property-related costs	$	62,912	24.4	%	$	60,030	25.1	%

	Six Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Hotel general and administrative expense	$	40,967	8.5	%	$	40,358	9.0	%
Marketing	41,221		8.6		38,566		8.6
Repair and maintenance	23,019		4.8		22,808		5.1
Utilities	19,283		4.1		17,726		4.0
Total other property-related costs	$	124,490	26.0	%	$	119,458	26.7	%

4. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs— (continued)

In March 2013, we rebranded and transitioned management at eight core hotels located in strategic markets to Wyndham brands. Wyndham's parent guaranteed a minimum level of net operating income for each year of the initial ten-year term, subject to an aggregate $100 million limit over the term and an annual $21.5 million limit. Amounts recorded under the guaranty will be accounted for, to the extent available, as a reduction in contractual management and other fees paid and payable to Wyndham. Any amounts in excess of those fees will be recorded as revenue when earned. For the six months ended June 30, 2014 and 2013, we have recorded a $431,000 and $2.7 million, respectively, pro rata portion of the projected full-year guaranty (of which $295,000 and $2.3 million is for the three months ended June 30, 2014 and 2013, respectively) as a reduction of Wyndham's contractual management and other fees.

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Taxes, Insurance and Lease Expense

6 Months Ended

Jun. 30, 2014

Taxes, Insurance and Lease Expenses [Abstract]

Taxes, Insurance and Lease Expense

Taxes, Insurance and Lease Expense

Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Hotel lease expense(a)	$	13,296	$	12,166	$	23,687	$	21,723
Land lease expense(b)	3,160		2,772		5,622		5,166
Real estate and other taxes	8,025		7,637		16,133		15,232
Property insurance, general liability insurance and other	2,511		2,278		5,183		4,896
Total taxes, insurance and lease expense	$	26,992	$	24,853	$	50,625	$	47,017

(a) Hotel lease expense is recorded by the consolidated operating lessees of 12 hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities.  Hotel lease expense includes percentage rent of $7.8 million and $6.7 million for the three months ended June 30, 2014 and 2013, respectively, and $12.7 million and $10.8 million for the six months ended June 30, 2014 and 2013, respectively.

(b) Land lease expense includes percentage rent of $1.7 million and $1.3 million for the three months ended June 30, 2014 and 2013, respectively, and $2.7 million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively.

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Hotel Dispositions

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Hotel Dispositions

Hotel Dispositions

Effective January 1, 2014, we have adopted the provisions of Accounting Standards Update No. 2014-08 (the Update), under which the disposal of components of an entity are reported as discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. These new provisions are applied prospectively only and, as such, hotels that were considered discontinued operations for the year ended December 31, 2013 and prior continue to be reported as discontinued operations in all periods presented.

During the six months ended June 30, 2014, we sold four hotels, one of which was previously held for sale at December 31, 2013. Additionally, as of June 30, 2014, we had two hotels held for sale. We designate a hotel as held for sale when the sale is probable within the next twelve months. We consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale, and we have received a substantial non-refundable deposit. Operations for five of the hotels (three hotels sold not previously held for sale and two hotels held for sale as of June 30, 2014) are included in income (loss) from continuing operations as shown in the statements of operations for the three and six months ended June 30, 2014 and 2013, as disposition of these hotels does not represent a strategic shift in our business.

7. Hotel Dispositions— (continued)

The following table includes operations from these five hotels (in thousands):

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013
Income (loss) from continuing operations	$816	$652	$226	$(370)
Net income (loss) attributable to FelCor	$784	$621	$173	$(413)

The gain on the sale of the three hotels not previously held for sale is reported in the accompanying statement of operations on a separate line item and is not included in continuing operations.

Discontinued operations include the results of operations for five hotels sold in 2013 and one hotel sold in 2014 (which was held for sale as of December 31, 2013). The following table summarizes the condensed financial information for those hotels (in thousands):

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2014		2013			2014			2013
Hotel operating revenue	$	—	$	12,858		$	730		$	24,612
Operating expenses	5		(13,796		)	(670		)	(24,501		)
Operating income (loss) from discontinued operations	5		(938		)	60			111
Interest expense, net	—		(198		)	(66		)	(397		)
Debt extinguishment	—		—			(245		)	—
Gain on sale of property, net	—		7,259			391			7,259
Income from discontinued operations	$	5	$	6,123		$	140		$	6,973

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Investment in Unconsolidated Entities (Narrative) (Details) (USD $)	1 Months Ended	6 Months Ended					6 Months Ended				0 Months Ended				0 Months Ended		0 Months Ended
	Mar. 31, 2014 jointventure	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014 Unconsolidated Properties [Member]	Jun. 30, 2014 Thirteen Hotels [Member] Fifty Percent Owned [Member] Unconsolidated Properties [Member] Hotels	Dec. 31, 2013 Thirteen Hotels [Member] Fifty Percent Owned [Member] Unconsolidated Properties [Member] Hotels	Jun. 30, 2014 Thirty-Nine Hotels [Member] One Hundred Percent Owned [Member] Wholly Owned Properties [Member]	Jun. 30, 2014 Entities That Own Real Estate In Myrtle Beach South Carolina and Provide Condominium Management Services [Member]	Jul. 25, 2014 Subsequent Event [Member] Hotels	Jul. 25, 2014 Subsequent Event [Member] Fifty Percent Owned [Member] Unconsolidated Properties [Member] Hotels	Jul. 25, 2014 Subsequent Event [Member] One Hundred Percent Owned [Member] Wholly Owned Properties [Member]	Jul. 25, 2014 Subsequent Event [Member] Five Hotels [Member] Non-FelCor Ownership [Member] Hotels	Jul. 25, 2014 Subsequent Event [Member] Five Hotels [Member] One Hundred Percent Owned [Member] Wholly Owned Properties [Member] Hotels	Jul. 25, 2014 Subsequent Event [Member] One Hotel [Member] Non-FelCor Ownership [Member]	Jul. 25, 2014 Subsequent Event [Member] One Hotel [Member] One Hundred Percent Owned [Member] Wholly Owned Properties [Member]	Jul. 25, 2014 Subsequent Event [Member] Ten Hotels [Member] Fifty Percent Owned [Member] Unconsolidated Properties [Member] Hotels	Jul. 25, 2014 Subsequent Event [Member] Libor Plus Three Percent Due March Two Thousand Seventeen [Member]
Schedule of Equity Method Investments [Line Items]
Secured Debt									$ 64,000,000
Amount paid to equalize trade									2,200,000
Number of Unconsolidated Joint Ventures that Refinanced Debt	1
Number of hotels					13	13			4	8		5	5			10
Former Joint Venture Partner												100.00%		10.00%
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest		99.50%					100.00%				100.00%				100.00%
Long-term Debt		$ 1,601,166,000	$ 1,663,226,000	$ 128,000,000
Equity method investment, ownership percentage					50.00%	50.00%		50.00%		50.00%
Debt Instrument, Description of Variable Rate Basis																	LIBOR
Debt Instrument, Basis Spread on Variable Rate																	3.00%

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Consolidated Joint Venture Preferred Equity/Capital (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Current Annual Return	3.25%
Non-compounding Annual Return	0.25%
Redemption Term	5 years
Current Return Increase	8.00%
Preferred capital in consolidated joint venture	$ 40,994,000	$ 0
Knickerbocker [Member]
Schedule of Equity Method Investments [Line Items]
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program	45,000,000
Sale of Preferred Equity Under the EB5 Immigrant Investor Program, Percent	3.50%
Gross Proceeds received to date from sale of preferred equity under the Immigrant Investor Program	41,600,000
Proceeds received to date from sale of preferred equity under the EB5 Immigrant Investor Program	41,000,000
Proceeds not yet received from Immigrant Investor Program	$ 3,400,000
Ninety-five Percent Owned [Member] | Knickerbocker [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent	95.00%

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Recently Issue Accounting Standards Recently Issue Accounting Standards

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Recently Issued Accounting Standards

Recently Issued Accounting Standards

In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.

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Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of Debt

Consolidated debt consisted of the following (dollars in thousands):

	Encumbered	Interest	Maturity	June 30,		December 31,
	Hotels	Rate (%)	Date	2014		2013
Line of credit	8	LIBOR + 3.375	June 2016(a)	$	87,500	$	88,000
Hotel mortgage debt
Mortgage debt	1	5.81	July 2016	9,641		9,904
Mortgage debt(b)	4	4.95	October 2022	125,404		126,220
Mortgage debt	1	4.94	October 2022	31,471		31,714
Senior notes
Senior secured notes(c)	11	10.00	October 2014	232,289		229,190
Senior secured notes	6	6.75	June 2019	525,000		525,000
Senior secured notes	9	5.625	March 2023	525,000		525,000
Knickerbocker loan(d)
Construction tranche	—	LIBOR + 4.00	May 2016	12,994		—
Cash collateralized tranche	—	LIBOR + 1.25	May 2016	51,867		64,861
Retired debt	—	—	—	—		63,337
Total	40			$	1,601,166	$	1,663,226

(a) Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions.

(b) This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel.

(c) We originally issued $636 million (face amount) of these notes. After redemptions in 2011 and 2012, $234 million (face amount) of these notes were outstanding at June 30, 2014 and December 31, 2013.

(d) In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In January 2014, we drew $13.0 million of the cash collateral to fund construction costs, leaving $51.9 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan.

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Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Noncontrolling Interest [Line Items]
Units of noncontrolling interests in FelCor LP outstanding (in shares)	613,000	618,000
Redeemable units	$ 6,440	$ 5,039	$ 3,672	$ 2,902
FelCor Lodging LP [Member]
Noncontrolling Interest [Line Items]
Units of noncontrolling interests in FelCor LP outstanding (in shares)	612,707
Redeemable units	6,440	5,039
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member]
Noncontrolling Interest [Line Items]
Redeemable units	$ 6,440
Closing price of common stock	$ 10.51

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Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract]
Room	$ 50,585	$ 47,322	$ 97,318	$ 92,192
Room as a percent of total hotel operating revenue	19.60%	19.80%	20.30%	20.60%
Food and beverage	33,066	31,747	64,253	61,993
Food and beverage as a percent of total hotel operating revenue	12.80%	13.30%	13.40%	13.90%
Other operating departments	5,977	5,902	11,580	11,191
Other operating departments as a percent of total hotel operating revenue	2.30%	2.50%	2.40%	2.50%
Total hotel departmental expenses	$ 89,628	$ 84,971	$ 173,151	$ 165,376
Hotel departmental expenses as a percent of total hotel operating revenue	34.70%	35.60%	36.10%	37.00%

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Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net income (loss)	$ 24,955	$ (22,795)	$ 10,119	$ (49,400)
Foreign currency translation adjustment	575	(567)	(45)	(924)
Comprehensive income (loss)	25,530	(23,362)	10,074	(50,324)
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships	(262)	3,972	(184)	4,212
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP	(74)	143	50	325
Preferred distributions - consolidated joint venture	(341)	0	(522)	0
Comprehensive income (loss) attributable to FelCor	24,853	(19,247)	9,418	(45,787)
FelCor Lodging LP [Member]
Net income (loss)	24,955	(22,795)	10,119	(49,400)
Foreign currency translation adjustment	575	(567)	(45)	(924)
Comprehensive income (loss)	25,530	(23,362)	10,074	(50,324)
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships	(262)	3,972	(184)	4,212
Preferred distributions - consolidated joint venture	(341)	0	(522)	0
Comprehensive income (loss) attributable to FelCor	$ 24,927	$ (19,390)	$ 9,368	$ (46,112)

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Organization

6 Months Ended

Jun. 30, 2014

Organization [Abstract]

Organization

Organization

FelCor Lodging Trust Incorporated (NYSE:FCH), or FelCor, is a Maryland corporation, operating as a real estate investment trust, or REIT. FelCor is the sole general partner of, and the owner of a greater than 99.5% partnership interest in, FelCor Lodging Limited Partnership, or FelCor LP, through which we held ownership interests in 57 hotels as of June 30, 2014, two of which were held for sale. At June 30, 2014, we had an aggregate of 124,902,232 shares and units outstanding, consisting of 124,289,525 shares of FelCor common stock and 612,707 FelCor LP units not owned by FelCor.

Of the 55 hotels not held for sale as of June 30, 2014, we owned a 100% interest in 39 hotels, a 90% interest in an entity owning one hotel, an 82% interest in an entity owning one hotel, a 60% interest in an entity owning one hotel and a 50% interest in entities owning 13 hotels. We consolidate our real estate interests in the 42 hotels in which we held majority interests, and we record the real estate interests of the 13 hotels in which we held 50% interests using the equity method. We leased 54 of the 55 hotels in continuing operations to our taxable REIT subsidiaries, of which we own a controlling interest. One50% owned hotel was operated without a lease. Because we owned controlling interests in these lessees, we consolidated our interests in these 54 hotels (which we refer to as our Consolidated Hotels) and reflect those hotels’ operating revenues and expenses in our statements of operations.  Of our Consolidated Hotels, we owned 50% of the real estate interests in each of 12 hotels (we accounted for the ownership in our real estate interests of these hotels by the equity method) and majority real estate interests in each of the remaining 42 hotels (we consolidate our real estate interest in these hotels).

The following table illustrates the distribution of our 54 Consolidated Hotels at June 30, 2014:

Brand	Hotels	Rooms
Embassy Suites Hotels®	30	7,916
Wyndham®and Wyndham Grand®	8	2,528
Sheraton® and Westin®	4	1,604
Marriott® and Renaissance®	3	1,321
Holiday Inn®	3	1,256
DoubleTreeby Hilton® and Hilton®	3	802
Fairmont®	1	383
Morgans and Royalton	2	285
Total	54	16,095

At June 30, 2014, our Consolidated Hotels were located in in 20 states, with concentrations in California (12 hotels), Florida (seven hotels) and Texas (seven hotels). Approximately 53% of our revenue was generated from hotels in these three states during the first six months of 2014.

At June 30, 2014, of our 54 Consolidated Hotels: (i) subsidiaries of Hilton Hotels Corporation, or Hilton, managed 32 hotels, (ii) subsidiaries of Wyndham Hotel Group, or Wyndham, managed eight hotels, (iii) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed four hotels,(iv) subsidiaries of Marriott International Inc., or Marriott, managed three hotels, (v) subsidiaries of InterContinental Hotels Group, or IHG, managed three hotels, (vi) a subsidiary of Fairmont Hotels and Resorts, or Fairmont, managed one hotel, (vii) a subsidiary of Morgans Hotel Group Corporation managed two hotels, and (viii) an independent management company managed one hotel.

1.    Organization — (continued)

In addition to the above hotels, we own a 95% interest in a consolidated joint venture that owns the Knickerbocker Hotel, a former hotel and office building that is being redeveloped as a 4+ star hotel in midtown Manhattan and is expected to open in early fall 2014.

The information in our consolidated financial statements for the three and six months ended June 30, 2014 and 2013 is unaudited. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements for the three and six months ended June 30, 2014 and 2013, include adjustments based on management’s estimates (consisting of normal and recurring accruals), which we consider necessary for a fair presentation of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2013, included in our Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of actual operating results for the entire year.

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Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables)

6 Months Ended

Jun. 30, 2014

Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract]

Schedule of Hotel Operating Revenue

Hotel operating revenue from continuing operations was comprised of the following (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Room revenue	$	200,238	$	184,327	$	370,067	$	344,834
Food and beverage revenue	45,471		42,162		85,256		79,105
Other operating departments	12,570		12,317		23,978		23,405
Total hotel operating revenue	$	258,279	$	238,806	$	479,301	$	447,344

Schedule of Hotel Departmental Expenses

Hotel departmental expenses from continuing operations were comprised of the following (in thousands):

	Three Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Room	$	50,585	19.6	%	$	47,322	19.8	%
Food and beverage	33,066		12.8		31,747		13.3
Other operating departments	5,977		2.3		5,902		2.5
Total hotel departmental expenses	$	89,628	34.7	%	$	84,971	35.6	%

4. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs— (continued)

	Six Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Room	$	97,318	20.3	%	$	92,192	20.6	%
Food and beverage	64,253		13.4		61,993		13.9
Other operating departments	11,580		2.4		11,191		2.5
Total hotel departmental expenses	$	173,151	36.1	%	$	165,376	37.0	%

Schedule of Other Property-Related Costs

Other property-related costs from continuing operations were comprised of the following amounts (in thousands):

	Three Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Hotel general and administrative expense	$	21,133	8.2	%	$	20,311	8.5	%
Marketing	21,150		8.2		19,555		8.2
Repair and maintenance	11,332		4.4		11,247		4.7
Utilities	9,297		3.6		8,917		3.7
Total other property-related costs	$	62,912	24.4	%	$	60,030	25.1	%

	Six Months Ended June 30,
	2014				2013
	Amount		% of Total Hotel Operating Revenue		Amount		% of Total Hotel Operating Revenue
Hotel general and administrative expense	$	40,967	8.5	%	$	40,358	9.0	%
Marketing	41,221		8.6		38,566		8.6
Repair and maintenance	23,019		4.8		22,808		5.1
Utilities	19,283		4.1		17,726		4.0
Total other property-related costs	$	124,490	26.0	%	$	119,458	26.7	%

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Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated entities	$ 2,766	$ 1,905	$ 3,409	$ 1,994
Hotel investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated entities	2,722	1,883	3,993	2,591
Other investments
Schedule of Equity Method Investments [Line Items]
Equity in income from unconsolidated entities	$ 44	$ 22	$ (584)	$ (597)

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Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Consolidated Joint Venture Preferred Equity/Capital

Consolidated Joint Venture Preferred Equity/Capital

Our joint venture that is redeveloping the Knickerbocker Hotel raised $45 million through the sale of 3.5% preferred equity/capital under the EB-5 immigrant investor program. The investors in this preferred equity receive a 3.25% current annual return, with a 0.25% non-compounding annual return paid at redemption. Redemption is at the company’s option. If the preferred equity is not redeemed within five years, the current return increases to 8.00%. The venture received $41.6 million in gross proceeds ($41.0 million net of issuance costs) during the six months ended June 30, 2014, and the remaining $3.4 million will be received as investors’ visas are approved by the government. We used our 95% share of the proceeds to repay borrowings under our line of credit.