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 41 hotels as of December 31, 2015. At December 31, 2015, we had an aggregate of 142,419,283 shares and units outstanding, consisting of 141,807,821 shares of FelCor common stock and 611,462 units of FelCor LP units not owned by FelCor.

Of our 41 hotels as of December 31, 2015, we owned 100% interests in 38 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning two hotels. The Knickerbocker opened in February 2015, and we transferred $329.8 million of development into investment in hotels through December 31, 2015. We had no remaining costs in hotel development as of December 31, 2015. We consolidate our real estate interests in the 39 hotels in which we hold majority interests, and we record the real estate interests of the two hotels in which we hold indirect 50% interests using the equity method. We lease 40 of the 41 hotels to our taxable REIT subsidiaries, of which we own a controlling interest. We operate one 50% owned hotel without a lease. Because we own controlling interests in our operating lessees, we consolidate our interests in all 40 leased hotels (which we refer to as our Consolidated Hotels) and reflect their operating revenues and expenses in our statements of operations. We own 50% of the real estate interest in one Consolidated Hotel (we account for our real estate interest of this hotel by the equity method) and majority real estate interests in our remaining 39 Consolidated Hotels (we consolidate our real estate interest in these hotels).

The following table illustrates the distribution of our 40 Consolidated Hotels at December 31, 2015:



Brand	Hotels	Rooms
Embassy Suites Hotels^®	18	4,982
Wyndham^® and Wyndham Grand^®	8	2,528
Marriott^® and Renaissance^®	3	1,321
Holiday Inn^®	2	968
DoubleTree Suites by Hilton^® and Hilton^®	3	802
Sheraton^®	2	673
Fairmont^®	1	383
The Knickerbocker^®	1	330
Morgans^® and Royalton^®	2	285
Total	40	12,272

At December 31, 2015, our Consolidated Hotels were located in 15 states, with concentrations in California (11 hotels), Florida (six hotels) and Massachusetts (three hotels). Approximately 60% of our revenue was generated from hotels in these three states in 2015.

At December 31, 2015, of our Consolidated Hotels (i) subsidiaries of Hilton Worldwide, or Hilton, managed 20 hotels; (ii) subsidiaries of Wyndham Worldwide, or Wyndham, managed eight hotels; (iii) subsidiaries of Marriott International Inc., or Marriott, managed three hotels; (iv) subsidiaries of InterContinental Hotels Group, or IHG, managed two hotels; (v) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed two hotels; (vi) a subsidiary of Fairmont Raffles Hotels International, or Fairmont, managed one hotel; (vii) a subsidiary of Highgate Hotels, or Highgate, managed one hotel; (viii) a subsidiary of Morgans Hotel Group Corporation, or Morgans, managed two hotels; and (ix) Aimbridge Hospitality managed one hotel.