FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP

Schedule III – Real Estate and Accumulated Depreciation

as of December 31, 2013

(in thousands)



			Initial Cost				Cost Capitalized Subsequent to Acquisition					Gross Amounts at Which Carried at Close of Period						Accumulated Depreciation Buildings & Improvements				Life Upon Which Depreciation is Computed
Location	Encumbrances		Land		Building and Improvements		Land			Building and Improvements		Land		Building and Improvements		Total		Accumulated Depreciation Buildings & Improvements		Year Opened	Date Acquired	Life Upon Which Depreciation is Computed
Birmingham, AL^(a)	$	23,918	$	2,843	$	29,286	$	—		$	4,536	$	2,843	$	33,822	$	36,665	$	14,543	1987	1/3/1996	15 - 40 Yrs
Phoenix - Biltmore, AZ ^(a)	17,254		4,694		38,998		—			4,338		4,694		43,336		48,030		18,809		1985	1/3/1996	15 - 40 Yrs
Dana Point – Doheny Beach, CA^(c)	8,096		1,787		15,545		—			6,387		1,787		21,932		23,719		8,143		1992	2/21/1997	15 - 40 Yrs
Indian Wells – Esmeralda Resort & Spa, CA ^(d)	(m)		30,948		73,507		—			6,088		30,948		79,595		110,543		11,718		1989	12/16/2007	15 - 40 Yrs
Los Angeles – International Airport – South, CA (a)	(m)		2,660		17,997		—			3,769		2,660		21,766		24,426		9,553		1985	3/27/1996	15 - 40 Yrs
Milpitas – Silicon Valley, CA^(a)	(n)		4,021		23,677		—			4,229		4,021		27,906		31,927		12,101		1987	1/3/1996	15 - 40 Yrs
Napa Valley, CA ^(a)	27,994		2,218		14,205		—			6,993		2,218		21,198		23,416		7,754		1985	5/8/1996	15 - 40 Yrs
Oxnard - Mandalay Beach – Hotel & Resort, CA^(a)	13,112		2,930		22,125		—			11,276		2,930		33,401		36,331		13,046		1986	5/8/1996	15 - 40 Yrs
San Diego Bayside, CA^(k)	(l)		—		68,229		—			12,551		—		80,780		80,780		38,729		1965	7/28/1998	15 - 40 Yrs
San Francisco – Airport/Waterfront, CA ^(a)	(l)		—		39,929		—			5,290		—		45,219		45,219		19,037		1986	11/6/1995	15 - 40 Yrs
San Francisco – Airport/South San Francisco, CA^(a)	(n)		3,418		31,737		—			4,476		3,418		36,213		39,631		15,785		1988	1/3/1996	15 - 40 Yrs
San Francisco - Fisherman’s Wharf, CA ^(e)	(l)		—		61,883		—			17,181		—		79,064		79,064		38,766		1970	7/28/1998	15 - 40 Yrs
San Francisco –Union Square, CA ^(f)	(l)		8,466		73,684		(434		)	53,380		8,032		127,064		135,096		41,436		1970	7/28/1998	15 - 40 Yrs
Santa Monica Beach – at the Pier, CA ^(k)	12,839		10,200		16,580		—			1,595		10,200		18,175		28,375		4,194		1967	3/11/2004	15 - 40 Yrs
Toronto - Airport, Canada ^(e)	(l)		—		21,041		—			15,188		—		36,229		36,229		14,195		1970	7/28/1998	15 - 40 Yrs
Deerfield Beach – Resort & Spa, FL ^(a)	31,714		4,523		29,443		68			6,722		4,591		36,165		40,756		15,446		1987	1/3/1996	15 - 40 Yrs
Ft. Lauderdale – 17th Street, FL ^(a)	35,852		5,329		47,850		(163		)	6,955		5,166		54,805		59,971		23,787		1986	1/3/1996	15 - 40 Yrs

FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP

Schedule III – Real Estate and Accumulated Depreciation – (continued)

as of December 31, 2013

(in thousands)



		Initial Cost		Cost Capitalized Subsequent to Acquisition			Gross Amounts at Which Carried at Close of Period			Accumulated Depreciation Buildings & Improvements			Life Upon Which Depreciation is Computed
Location	Encumbrances	Land	Building and Improvements	Land		Building and Improvements	Land	Building and Improvements	Total	Accumulated Depreciation Buildings & Improvements	Year Opened	Date Acquired	Life Upon Which Depreciation is Computed
Miami – International Airport, FL ^(a)	10,921	4,135	24,950	—		6,663	4,135	31,613	35,748	13,429	1983	1/3/1996	15 - 40 Yrs
Orlando – International Airport, FL ^(e)	7,947	2,549	22,188	6		3,746	2,555	25,934	28,489	9,365	1984	7/28/1998	15 - 40 Yrs
Orlando – International Drive South/Convention, FL ^(a)	(n)	1,632	13,870	—		3,770	1,632	17,640	19,272	8,312	1985	7/28/1994	15 - 40 Yrs
Orlando – Walt Disney World Resort, FL ^(c)	(l)	—	28,092	—		3,460	—	31,552	31,552	16,933	1987	7/28/1997	15 - 40 Yrs
St. Petersburg – Vinoy Resort & Golf Club, FL ^(d)	(m)	—	100,823	—		6,182	—	107,005	107,005	17,671	1925	12/16/2007	15 - 40 Yrs
Atlanta – Buckhead, GA ^(a)	(n)	7,303	38,996	(300	)	3,025	7,003	42,021	49,024	17,870	1988	10/17/1996	15 - 40 Yrs
Atlanta – Gateway-Atlanta Airport, GA ^(b)	(l)	5,113	22,857	—		1,944	5,113	24,801	29,914	9,776	1986	6/30/1997	15 - 40 Yrs
Indianapolis – North, IN ^(a)	9,904	5,125	13,821	—		6,867	5,125	20,688	25,813	12,158	1986	8/1/1996	15 - 40 Yrs
New Orleans – French Quarter, LA ^(k)	(l)	—	50,732	—		9,441	—	60,173	60,173	22,528	1969	7/28/1998	15 - 40 Yrs
Boston – at Beacon Hill, MA ^(k)	(l)	—	45,192	—		9,528	—	54,720	54,720	29,461	1968	7/28/1998	15 - 40 Yrs
Boston – Copley Plaza, MA ⁽ⁱ⁾	(m)	27,600	62,500	—		14,480	27,600	76,980	104,580	6,199	1912	8/18/2010	15 - 40 Yrs
Boston – Marlborough, MA ^(a)	(n)	948	8,143	761		15,448	1,709	23,591	25,300	9,682	1988	6/30/1995	15 - 40 Yrs
Baltimore – at BWI Airport, MD ^(a)	19,388	2,568	22,433	(2	)	4,991	2,566	27,424	29,990	11,075	1987	3/20/1997	15 - 40 Yrs
Bloomington, MN ^(a)	—	2,038	17,731	—		3,278	2,038	21,009	23,047	8,721	1980	2/1/1997	15 - 40 Yrs
Minneapolis – Airport, MN ^(a)	38,455	5,417	36,508	24		2,962	5,441	39,470	44,911	17,339	1986	11/6/1995	15 - 40 Yrs
Charlotte – SouthPark, NC ^(c)	4,805	1,458	12,681	—		3,601	1,458	16,282	17,740	5,158	N/A	7/12/2002	15 - 40 Yrs

FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP

Schedule III – Real Estate and Accumulated Depreciation – (continued)

as of December 31, 2013

(in thousands)



			Initial Cost				Cost Capitalized Subsequent to Acquisition					Gross Amounts at Which Carried at Close of Period						Accumulated Depreciation Buildings & Improvements				Life Upon Which Depreciation is Computed
Location	Encumbrances		Land		Building and Improvements		Land			Building and Improvements		Land		Building and Improvements		Total		Accumulated Depreciation Buildings & Improvements		Year Opened	Date Acquired	Life Upon Which Depreciation is Computed
New York - Morgans (j)	(m)		$	16,200	$	29,872	$	—		$	1,231	$	16,200	$	31,103	$	47,303	$	1,980	1984	5/23/2011	15 - 40 Yrs
New York - Royalton (j)	(m)		32,500		48,423		—			2,161		32,500		50,584		83,084		3,256		1988	5/23/2011	15 - 40 Yrs
Philadelphia – Historic District, PA ^(k)	10,111		3,164		27,535		7			10,624		3,171		38,159		41,330		16,084		1972	7/28/1998	15 - 40 Yrs
Philadelphia – Society Hill, PA ^(b)	(n)		4,542		45,121		—			9,517		4,542		54,638		59,180		21,430		1986	10/1/1997	15 - 40 Yrs
Pittsburgh – at University Center (Oakland), PA ^(k)	8,835		—		25,031		—			3,530		—		28,561		28,561		11,463		1988	11/1/1998	15 - 40 Yrs
Charleston – Mills House, SC^(k)	11,880		3,251		28,295		7			7,382		3,258		35,677		38,935		12,518		1982	7/28/1998	15 - 40 Yrs
Myrtle Beach – Oceanfront Resort, SC ^(a)	(l)		2,940		24,988		—			11,667		2,940		36,655		39,595		13,168		1987	12/5/1996	15 - 40 Yrs
Myrtle Beach Resort ^(g)	(n)		9,000		19,844		6			31,821		9,006		51,665		60,671		14,652		1974	7/23/2002	15 - 40 Yrs
Nashville – Opryland – Airport (Briley Parkway), TN ^(e)	(l)		—		27,734		—			3,521		—		31,255		31,255		17,089		1981	7/28/1998	15 - 40 Yrs
Austin, TX ^(c)	7,799		2,508		21,908		—			4,411		2,508		26,319		28,827		10,737		1987	3/20/1997	15 - 40 Yrs
Dallas – Love Field, TX ^(a)	(n)		1,934		16,674		—			4,854		1,934		21,528		23,462		9,267		1986	3/29/1995	15 - 40 Yrs
Dallas – Park Central, TX ^(h)	—		4,513		43,125		762			8,688		5,275		51,813		57,088		20,545		1983	6/30/1997	15 - 40 Yrs
Houston - Medical Center, TX ^(k)	7,401		—		22,027		—			7,017		—		29,044		29,044		10,471		1984	7/28/1998	15 - 40 Yrs
Burlington Hotel & Conference Center, VT ^(b)	(n)		3,136		27,283		(2		)	4,434		3,134		31,717		34,851		12,240		1967	12/4/1997	15 - 40 Yrs
Total hotels	$	308,225	$	233,611	$	1,555,093	$	740		$	381,198	$	234,351	$	1,936,291	$	2,170,642	$	697,619
Other properties (less than 5% of total)	$	—	$	550	$	3,686	$	—		$	222	$	550	$	3,908	$	4,458	$	527
Total	$	308,225	$	234,161	$	1,558,779	$	740		$	381,420	$	234,901	$	1,940,199	$	2,175,100	$	698,146

FELCOR LODGING TRUST INCORPORATED AND

FELCOR LODGING LIMITED PARTNERSHIP

Schedule III – Real Estate and Accumulated Depreciation – (continued)

as of December 31, 2013

(in thousands)

(a) Embassy Suites Hotel

(b) Sheraton

(d) Renaissance

(e) Holiday Inn

(f) Marriott

(g) Hilton

(h) Westin

(i) Fairmont

(j) Morgans Hotel Group

(k) Wyndham


(l)	This hotel is mortgaged or otherwise encumbered to secure repayment of our 10% senior notes due in 2014.

(m) This hotel is mortgaged to secure repayment of our 6.75% senior notes due in 2019.

(n) This hotel is mortgaged to secure repayment of our 5.625% senior notes due in 2023.



	Year Ended December 31,
	2013			2012			2011
Reconciliation of Land and Buildings and Improvements
Balance at beginning of period	$	2,305,896		$	2,528,930		$	2,609,050
Additions during period:
Acquisitions	—			—			131,231
Improvements	21,236			44,887			34,981
Deductions during period:
Disposition of properties	(152,032		)	(267,921		)	(246,332		)
Balance at end of period before impairment charges	2,175,100			2,305,896			2,528,930
Cumulative impairment charges on real estate assets owned at end of period	(107,492		)	(95,121		)	(151,408		)
Balance at end of period	$	2,067,608		$	2,210,775		$	2,377,522
Reconciliation of Accumulated Depreciation
Balance at beginning of period	$	693,114		$	723,982		$	729,420
Additions during period:
Depreciation for the period	58,643			64,953			68,826
Deductions during period:
Disposition of properties	(53,611		)	(95,821		)	(74,264		)
Balance at end of period	$	698,146		$	693,114		$	723,982