FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP

Schedule III – Real Estate and Accumulated Depreciation

as of December 31, 2014

(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)	$	23,550	$	2,843	$	29,286	$	—		$	4,581	$	2,843	$	33,867	$	36,710	$	15,501	1987	1/3/1996	15 - 40 Yrs
Phoenix - Biltmore, AZ ^(a)	19,866		4,694		38,998		—			4,468		4,694		43,466		48,160		19,993		1985	1/3/1996	15 - 40 Yrs
Indian Wells – Esmeralda Resort & Spa, CA ^(d)	(l)		30,948		73,507		—			6,573		30,948		80,080		111,028		13,883		1989	12/16/2007	15 - 40 Yrs
Los Angeles – International Airport – South, CA ^(a)	(l)		2,660		17,997		—			5,878		2,660		23,875		26,535		10,233		1985	3/27/1996	15 - 40 Yrs
Milpitas – Silicon Valley, CA^(a)	(m)		4,021		23,677		—			4,237		4,021		27,914		31,935		12,895		1987	1/3/1996	15 - 40 Yrs
Napa Valley, CA ^(a)	27,563		2,218		14,205		—			7,036		2,218		21,241		23,459		8,437		1985	5/8/1996	15 - 40 Yrs
Oxnard - Mandalay Beach – Hotel & Resort, CA^(a)	16,480		2,930		22,125		—			11,340		2,930		33,465		36,395		14,222		1986	5/8/1996	15 - 40 Yrs
San Diego Bayside, CA^(j)	—		(k)		68,229		—			13,383		—		81,612		81,612		42,241		1965	7/28/1998	15 - 40 Yrs
San Francisco – Airport/Waterfront, CA ^(a)	—		(k)		39,929		—			7,205		—		47,134		47,134		20,366		1986	11/6/1995	15 - 40 Yrs
San Francisco – Airport/South San Francisco, CA^(a)	(m)		3,418		31,737		—			5,322		3,418		37,059		40,477		16,821		1988	1/3/1996	15 - 40 Yrs
San Francisco - Fisherman’s Wharf, CA ^(e)	—		(k)		61,883		—			18,086		—		79,969		79,969		39,279		1970	7/28/1998	15 - 40 Yrs
San Francisco –Union Square, CA ^(f)	82,810		8,466		73,684		(434		)	53,800		8,032		127,484		135,516		45,954		1970	7/28/1998	15 - 40 Yrs
Santa Monica Beach – at the Pier, CA ^(j)	16,134		10,200		16,580		—			1,655		10,200		18,235		28,435		4,686		1967	3/11/2004	15 - 40 Yrs
Deerfield Beach – Resort & Spa, FL ^(a)	31,228		4,523		29,443		68			6,957		4,591		36,400		40,991		16,537		1987	1/3/1996	15 - 40 Yrs
Ft. Lauderdale – 17th Street, FL ^(a)	35,301		5,329		47,850		(163		)	7,322		5,166		55,172		60,338		25,347		1986	1/3/1996	15 - 40 Yrs
Miami – International Airport, FL ^(a)	13,714		4,135		24,950		—			7,044		4,135		31,994		36,129		14,425		1983	1/3/1996	15 - 40 Yrs
Orlando – International Airport, FL ^(e)	—		2,549		22,188		6			3,819		2,555		26,007		28,562		9,768		1984	7/28/1998	15 - 40 Yrs
Orlando – International Drive South/Convention, FL ^(a)	(m)		1,632		13,870		—			4,190		1,632		18,060		19,692		8,871		1985	7/28/1994	15 - 40 Yrs
Orlando – Walt Disney World Resort, FL ^(c)	—		(k)		28,092		—			3,559		—		31,651		31,651		18,778		1987	7/28/1997	15 - 40 Yrs
St. Petersburg – Vinoy Resort & Golf Club, FL ^(d)	(l)		(k)		100,823		—			8,023		—		108,846		108,846		20,826		1925	12/16/2007	15 - 40 Yrs

FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP

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

as of December 31, 2014

(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
Atlanta – Buckhead, GA ^(a)	(m)		7,303		38,996		(300		)	3,720		7,003		42,716		49,719		19,002		1988	10/17/1996	15 - 40 Yrs
Chicago Lombard/ Oak Brook, IL ^(a)	18,176		4,400		22,018		—			159		4,400		22,177		26,577		230		1989	7/25/2014	15 - 40 Yrs
New Orleans – French Quarter, LA ^(j)	37,324		(k)		50,732		—			10,842		—		61,574		61,574		23,692		1969	7/28/1998	15 - 40 Yrs
Boston – at Beacon Hill, MA ^(j)	—		(k)		45,192		—			9,563		—		54,755		54,755		31,961		1968	7/28/1998	15 - 40 Yrs
Boston – Copley Plaza, MA ^(h)	(l)		27,600		62,500		—			14,666		27,600		77,166		104,766		8,413		1912	8/18/2010	15 - 40 Yrs
Boston – Marlborough, MA ^(a)	(m)		948		8,143		761			15,649		1,709		23,792		25,501		10,346		1988	6/30/1995	15 - 40 Yrs
Minneapolis – Airport, MN ^(a)	37,864		5,417		36,508		24			3,060		5,441		39,568		45,009		18,415		1986	11/6/1995	15 - 40 Yrs
New York - Morgans (i)	(l)		16,200		29,872		—			1,450		16,200		31,322		47,522		2,790		1984	5/23/2011	15 - 40 Yrs
New York - Royalton (i)	(l)		32,500		48,423		—			2,570		32,500		50,993		83,493		4,584		1988	5/23/2011	15 - 40 Yrs
Philadelphia – Historic District, PA ^(j)	12,700		3,164		27,535		7			10,987		3,171		38,522		41,693		17,295		1972	7/28/1998	15 - 40 Yrs
Philadelphia – Society Hill, PA ^(b)	(m)		4,542		45,121		—			9,677		4,542		54,798		59,340		23,076		1986	10/1/1997	15 - 40 Yrs
Pittsburgh – at University Center (Oakland), PA ^(j)	11,105		(k)		25,031		—			3,865		—		28,896		28,896		12,284		1988	11/1/1998	15 - 40 Yrs
Charleston – Mills House, SC^(j)	14,919		3,251		28,295		7			8,155		3,258		36,450		39,708		13,620		1982	7/28/1998	15 - 40 Yrs
Myrtle Beach – Oceanfront Resort, SC ^(a)	17,149		2,940		24,988		—			12,268		2,940		37,256		40,196		14,382		1987	12/5/1996	15 - 40 Yrs
Myrtle Beach Resort ^(g)	(m)		9,000		19,844		6			31,893		9,006		51,737		60,743		16,565		1974	7/23/2002	15 - 40 Yrs
Nashville – Opryland – Airport (Briley Parkway), TN ^(e)	—		(k)		27,734		—			4,648		—		32,382		32,382		18,557		1981	7/28/1998	15 - 40 Yrs
Austin, TX ^(c)	—		2,508		21,908		—			4,890		2,508		26,798		29,306		11,519		1987	3/20/1997	15 - 40 Yrs
Austin Central, TX ^(a)	22,848		7,400		33,285		—			7		7,400		33,292		40,692		347		1984	7/25/2014	15 - 40 Yrs
Dallas – Love Field, TX ^(a)	(m)		1,934		16,674		—			5,128		1,934		21,802		23,736		9,959		1986	3/29/1995	15 - 40 Yrs
Houston - Medical Center, TX ^(j)	9,299		(k)		22,027		—			7,247		—		29,274		29,274		11,348		1984	7/28/1998	15 - 40 Yrs
San Antonio- International Airport, TX ^(a)	—		4,900		20,568		—			37		4,900		20,605		25,505		214		1985	7/25/2014	15 - 40 Yrs
San Antonio- NW I-10, TX ^(a)	9,984		3,900		12,430		—			—		3,900		12,430		16,330		129		1981	7/25/2014	15 - 40 Yrs
Burlington Hotel & Conference Center, VT ^(b)	(m)		3,136		27,283		(2		)	7,078		3,134		34,361		37,495		13,226		1967	12/4/1997	15 - 40 Yrs
Total hotels	$	458,014	$	231,609	$	1,474,160	$	(20	)	$	352,037	$	231,589	$	1,826,197	$	2,057,786	$	661,017
Other properties (less than 5% of total)	$	—	$	550	$	3,686	$	—		$	267	$	550	$	3,953	$	4,503	$	741
Total	$	458,014	$	232,159	$	1,477,846	$	(20	)	$	352,304	$	232,139	$	1,830,150	$	2,062,289	$	661,758

FELCOR LODGING TRUST INCORPORATED AND

FELCOR LODGING LIMITED PARTNERSHIP

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

as of December 31, 2014

(in thousands)

(a) Embassy Suites Hotel

(b) Sheraton

(d) Renaissance

(e) Holiday Inn

(f) Marriott

(g) Hilton

(h) Fairmont

(i) Morgans Hotel Group

(j) Wyndham


(k)	This hotel is subject to a ground lease.

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

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



	Year Ended December 31,
	2014			2013			2012
Reconciliation of Land and Buildings and Improvements:
Balance at beginning of period	$	2,175,100		$	2,305,896		$	2,528,930
Additions during period:
Acquisitions from joint venture transaction	108,901			—			—
Improvements	21,167			21,236			44,887
Deductions during period:
Disposition of properties	(242,879		)	(152,032		)	(267,921		)
Balance at end of period before impairment charges	2,062,289			2,175,100			2,305,896
Cumulative impairment charges on real estate assets owned at end of period	(65,277		)	(107,492		)	(95,121		)
Balance at end of period	$	1,997,012		$	2,067,608		$	2,210,775
Reconciliation of Accumulated Depreciation
Balance at beginning of period	$	698,146		$	693,114		$	723,982
Additions during period:
Depreciation for the period	56,564			58,643			64,953
Deductions during period:
Disposition of properties	(92,952		)	(53,611		)	(95,821		)
Balance at end of period	$	661,758		$	698,146		$	693,114

The aggregate cost of real estate for federal income tax purposes is approximately $2.1 billion at December 31, 2014.