Exhibit 99.2




FelCor Prices Sale of Four Million Shares of Convertible Preferred Stock


IRVING,  Texas,  March  31   /PRNewswire-FirstCall/   --  FelCor  Lodging  Trust
Incorporated  (NYSE:  FCH),  the  nation's  second  largest  hotel  real  estate
investment   trust  (REIT),   today  announced  that  it  has  entered  into  an
underwriting  agreement  to  issue  4,000,000  shares  of  its  $1.95  Series  A
Cumulative  Convertible  Preferred Stock. The shares are initially being offered
at a price of  $23.79,  which  includes  accrued  dividends  of $0.51  per share
through  April  5,  2004,  the  expected  closing  date  of  the  offering.  The
underwriters  have also been granted a 30-day  option to purchase an  additional
600,000 shares of the Series A preferred stock, to cover  over-allotments,  at a
price of $23.28,  plus accrued  dividends to the date of issuance.  The proceeds
will be used for general corporate  purposes,  which may include  investments in
existing or additional  hotel assets,  the retirement of debt and/or  additional
liquidity.


The  shares  are an  add-on  to  FelCor's  existing  $1.95  Series A  Cumulative
Convertible  Preferred  Stock,  which is listed on the New York  Stock  Exchange
under the symbol "FCHPRA." The Series A preferred stock may be converted, at the
option of the holder, into shares of FelCor's common stock at a conversion price
of $32.25 per share of common stock  (equivalent to a conversion  rate of 0.7752
shares of common stock for each share of Series A preferred  stock),  subject to
adjustment in certain circumstances. If FelCor's common stock trades at or above
the conversion price of $32.25 for a specified period of time, FelCor may redeem
the Series A preferred stock, in whole or in part, for shares of common stock at
the  conversion  rate of 0.7752  shares of common stock or for cash in an amount
equal to the aggregate market value of such number of shares of common stock.


Citigroup  Global Markets Inc. and Bear,  Stearns & Co. Inc. acted as Joint Lead
Managers and Joint  Bookrunners,  with  Deutsche Bank  Securities  Inc. and Legg
Mason Wood Walker, Incorporated acting as Co-Managers.


"We are pleased with this offering of preferred stock with an effective yield of
8.375%.  This issuance  strengthens our balance sheet," said Richard J. O'Brien,
FelCor's Executive Vice President and Chief Financial Officer.


This press release shall not constitute an offer to sell or the  solicitation of
an offer to buy nor shall there be any sale of these  securities in any state in
which such offer,  solicitation  or sale would be unlawful prior to registration
or  qualification  under  the  securities  laws  of  any  state.  Offers  of the
securities  will be  made  only  by  means  of a  prospectus  supplement  and an
accompanying  prospectus,  copies of which may be  obtained  from the offices of
Citigroup Global Markets Inc., 388 Greenwich Street, New York, NY 10013.


FelCor is the nation's  second  largest hotel REIT and the largest owner of full
service,  all-suite hotels.  FelCor's consolidated portfolio is comprised of 158
hotels,  located in 33 states and Canada.  FelCor  owns 71  upscale,  all- suite
hotels,  and is the owner of the largest number of Embassy Suites  Hotels(R) and
Doubletree Guest Suites(R) hotels in the U.S.  FelCor's  portfolio also includes
75 hotels in the upscale and full service segments.  FelCor has a current market
capitalization  of  approximately  $3.0 billion.  Additional  information can be
found on the Company's Web site at www.felcor.com .


With the exception of historical information, the matters discussed in this news
release include "forward looking  statements"  within the meaning of the federal
securities  laws.  Forward  looking  statements  are not  guarantees  of  future
performance.  Numerous  risks and  uncertainties,  and the  occurrence of future
events,  may cause  actual  results to differ  materially  from those  currently
anticipated.  General economic conditions, including the timing and magnitude of
any  recovery  from  the  current  recession,  future  acts  of  terrorism,  the
availability  of capital,  and numerous other factors may affect future results,
performance and  achievements.  These risks and  uncertainties  are described in
greater  detail in our filings  with the  Securities  and  Exchange  Commission.






Although  we  believe  our  current  expectations  to be based  upon  reasonable
assumptions,  we can give no assurance that our expectations will be attained or
that actual results will not differ materially.


SOURCE FelCor Lodging Trust Incorporated


/CONTACT: Richard J. O'Brien, Executive Vice President and CFO, +1-972-444-4932,
or   robrien@felcor.com   ,  or  Monica  L.   Hildebrand,   Vice   President  of
Communications,  +1-972-444-4917,  or  mhildebrand@felcor.com  , or  Stephen  A.
Schafer,   Vice   President   of   Investor   Relations,   +1-972-444-4912,   or
sschafer@felcor.com , all of FelCor Lodging Trust Incorporated/