exv99w2

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

TABLE OF CONTENTS


		PAGE
CORPORATE DATA
About the Company		3
Board of Directors and Executive Officers		4
Equity Research Coverage		5
FINANCIAL HIGHLIGHTS
Supplemental Financial Data		6
Consolidated Statements of Operations		7
Discontinued Operations		8
Non-GAAP Financial Measures		8
Debt Summary		17
PORTFOLIO DATA
Portfolio Distribution		19
Detailed Operating Statistics by Brand		20
Detailed Operating Statistics for FelCor’s Top Markets		21
Other Performance Statistics		22
Hotel Portfolio Information		23
Hotel Portfolio Listing		25

This supplement contains registered trademarks owned or licensed by companies other than us, which may include, but are not limited to, Crowne Plaza^®, Disneyland^®, Doubletree^®, Doubletree Guest Suites^®, Embassy Suites Hotels^®, Hampton Inn^®, Harvey Suites^®, Hilton^®, Hilton Suites^®, Holiday Inn^®, Holiday Inn & Suites^®, Holiday Inn Express^®, Holiday Inn Express & Suites^®, Holiday Inn Select^®, Homewood Suites^® by Hilton, InterContinental^®, Sheraton^®, Sheraton Suites^®, Staybridge Suites^®, Walt Disney World^®, Worlds of Fun^® and Westin^®.

With the exception of historical information, the matters discussed in this supplement 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 anticipated continuation of the current economic recovery, the impact of U.S. military involvement in the Middle East and elsewhere, future acts of terrorism, the impact on the travel industry of increased fuel prices and increased security precautions, the impact that the bankruptcy of additional major air carriers may have on our revenues and receivables, the availability of capital, the ability to effect sales of non-strategic hotels at anticipated prices, and numerous other factors may affect our future results, performance and achievements. Certain of 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.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

CORPORATE DATA

About the Company

In 1994, FelCor Lodging Trust Incorporated, a real estate investment trust (REIT), went public with six hotels, and a market capitalization of $120 million. We are now one of the nation’s largest public lodging REITs and the nation’s largest owner of upper upscale, all-suite hotels. At June 30, 2006, our portfolio was comprised of 110 consolidated hotels in continuing operations located in 27 states and Canada. For these hotels, the operating revenues and expenses are reflected in our consolidated statements of operations because of our majority ownership interests of the operating lessees of these hotels. We also owned 50 percent joint venture interests in five hotels whose operations were accounted for using the equity method. We owned 65 upper upscale, all-suite hotels, and were the largest owner of Embassy SuitesHotels and Doubletree Guest Suiteshotels. We had a market capitalization of approximately $3.3 billion.

Strategy

We have strategic relationships with brand owners, including Hilton Hotels Corporation, InterContinental Hotels Group and Starwood Hotels & Resorts. The brand owners manage our diversified portfolio of nationally branded, upper upscale hotels. We have identified three long-term strategic objectives: above average earnings growth; improvement in our return on invested capital; and a reduction in our overall financial leverage. To achieve these strategic objectives our business strategy is: to dispose of non-strategic hotels; acquire hotels that meet our refined investment strategy; to improve the competitive positioning of our core hotels through aggressive asset management and the judicious application of capital; and to pay down debt through a combination of operational cash flow and the sale of non-strategic hotels.

Stock and Debt Ratings


	Senior Unsecured Debt	Preferred Stock

Moody’s	Ba3	B2
Standard & Poors	B	CCC+

Stock Exchange Listing
Common Stock (NYSE: FCH)
$1.95 Series A Cumulative Convertible Preferred Stock (NYSE: FCHPRA)
8% Series C Cumulative Redeemable Preferred Stock (NYSE: FCHPRC)

Fiscal Year End
December 31

Number of employees
79

Corporate Headquarters
545 E. John Carpenter Frwy., Suite 1300
Irving, TX 75062
(972) 444-4900


Investor Relations Contact		Media Contact
Stephen A. Schafer Vice President of Investor Relations (972) 444-4912 sschafer@felcor.com		Monica L. Hildebrand Vice President of Communications (972) 444-4917 mhildebrand@felcor.com

Information Request
information@felcor.com

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Board of Directors

Thomas J. Corcoran, Jr., Chairman of the Board.
FelCor Lodging Trust Incorporated

Melinda J. Bush, C.H.A.
Chairman and Chief Executive Officer, HRW Holdings, LLC

Robert F. Cotter
President and Chief Operating Officer, Starwood Hotels and Resorts (Retired)

Richard S. Ellwood
Retired

David C. Kloeppel
Executive Vice President and Chief Financial Officer, Gaylord Entertainment Company

Charles A. Ledsinger, Jr.
President and Chief Executive Officer, Choice Hotels International

Robert H. Lutz, Jr.
President, RL Investments, Inc.

Robert A. Mathewson
President, RGC, Inc.

Donald J. McNamara
Principal, The Hampstead Group

Richard A. Smith
President and Chief Executive Officer, FelCor Lodging Trust Incorporated

Executive Officers

Thomas J. Corcoran, Jr., Chairman of the Board

Richard A. Smith, President and Chief Executive Officer

Michael A. DeNicola, Executive Vice President and Chief Investment Officer

Troy A. Pentecost, Executive Vice President, Director of Asset Management

Andrew J. Welch, Executive Vice President and Chief Financial Officer

Jonathan H. Yellen, Executive Vice President, General Counsel and Secretary

Lester C. Johnson, Senior Vice President, Controller and Principal Accounting Officer

Jack Marraccini, Senior Vice President of Engineering

June C. McCutchen, Senior Vice President, Director of Design and Construction

Larry J. Mundy, Senior Vice President, Director of Business Initiatives and Assistant General Counsel

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Equity Research Coverage


Firm	Analyst	Telephone
Citigroup Smith Barney	Joshua Attie	(212) 816-1533
Deutsche Bank North America	Marc J. Falcone	(212) 469-7417
Friedman, Billings, Ramsey & Co.	Gustavo Sarago	(703) 469-1042
Green Street Advisors	John V. Arabia	(949) 640-8780
JPMorgan	Harry C. Curtis	(212) 622-6610
Lehman Brothers	Felicia Kantor Hendrix	(212) 526-5562
Merrill Lynch	David W. Anders	(212) 449-2739
Stifel, Nicolaus & Company	Rod F. Petrik	(410) 454-4131
UBS (US)	William B. Truelove	(212) 713-8825
Wachovia Securities	Jeffrey J. Donnelly	(617) 603-4262

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

FINANCIAL HIGHLIGHTS

Supplemental Financial Data
(in thousands, except per share information, ratios and percentages)


	June 30,			December 31,
Total Enterprise Value	2006			2005
Common shares outstanding		61,955			60,209
Units outstanding		1,355			2,763

Combined shares and units outstanding		63,310			62,972
Common stock price at end of period	$	21.74		$	17.21

Common equity capitalization	$	1,376,359		$	1,083,748
Series A preferred stock		309,362			309,362
Series C preferred stock		169,412			169,412
Consolidated debt		1,442,073			1,675,280
Minority interest of consolidated debt		(8,709	)		(8,137	)
Pro rata share of unconsolidated debt		102,591			101,940
Cash and cash equivalents		(67,490	)		(94,564	)

Total enterprise value (TEV)	$	3,323,598		$	3,237,041


Dividends Per Share
Dividends declared (quarter ended):
Common stock	$	0.20		$	0.15
Series A preferred stock		0.4875			0.4875
Series C preferred stock (depositary shares)		0.50			0.50

Selected Balance Sheet Data
Investment in hotels, net	$	2,327,789		$	2,587,379
Total cash and cash equivalents		67,490			94,564
Total assets		2,686,756			2,919,093
Total debt		1,442,073			1,675,280
Total stockholders’ equity		1,028,566			1,031,793
Total stockholders equity less preferred equity		549,792			553,019
Book value per common share outstanding		8.87			9.18

(a) Based on pro rata rooms owned

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Consolidated Statements of Operations
(in thousands, except per share data)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Revenues:
Hotel operating revenue:
Room	$	251,114		$	231,936		$	495,839		$	439,995
Food and beverage		42,200			39,605			79,284			74,189
Other operating departments		15,179			14,234			29,657			27,081
Retail space rental and other revenue		157			120			291			276

Total revenues		308,650			285,895			605,071			541,541


Expenses:
Hotel departmental expenses:
Room		62,490			58,301			122,063			111,235
Food and beverage		31,740			30,076			61,217			57,450
Other operating departments		7,100			7,008			14,090			13,148
Other property related costs		81,257			78,349			164,794			153,253
Management and franchise fees		16,854			14,802			32,649			27,461
Taxes, insurance and lease expense		32,044			30,336			61,733			58,698
Corporate expenses		5,562			4,728			11,366			9,269
Impairment loss		9,268			—			9,268			—
Depreciation		27,604			26,579			53,802			52,256

Total operating expenses		273,919			250,179			530,982			482,770

Operating income		34,731			35,716			74,089			58,771
Interest expense, net		(28,561	)		(32,901	)		(59,325	)		(64,779	)
Charge-off of deferred financing costs		(295	)		—			(962	)		—
Early extinguishment of debt		(438	)		—			(438	)		—

Income (loss) before equity in income from unconsolidated entities, minority interests and gain on sale of assets		5,437			2,815			13,364			(6,008	)
Equity in income from unconsolidated entities		3,812			3,837			5,760			4,968
Minority interests		1,572			306			1,816			1,283
Gain on sale of assets		—			389			—			389

Income from continuing operations		10,821			7,347			20,940			632
Discontinued operations		(676	)		3,004			(943	)		1,705

Net income		10,145			10,351			19,997			2,337
Preferred dividends		(9,678	)		(9,809	)		(19,356	)		(19,900	)
Issuance costs of redeemed preferred stock		—			(5,198	)		—			(5,198	)

Net income (loss) applicable to common stockholders	$	467		$	(4,656	)	$	641		$	(22,761	)

Basic and diluted per common share data:
Net income (loss) from continuing operations	$	0.02		$	(0.13	)	$	0.03		$	(0.41	)

Net income (loss)	$	0.01		$	(0.08	)	$	0.01		$	(0.38	)

Basic weighted average common shares outstanding		60,355			59,404			60,066			59,363

Diluted weighted average common shares outstanding		60,626			59,404			60,326			59,363

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Discontinued Operations
(in thousands)

Included in discontinued operations are the results of operations of three hotels held for sale at June 30, 2006, four hotels disposed of in the second quarter of 2006, eight hotels disposed of in the first quarter of 2006 and 19 hotels disposed of in 2005. Condensed financial information for the hotels included in discontinued operations is as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Operating revenue	$	8,704		$	45,944		$	27,691		$	93,457
Operating expenses		7,460			41,893			25,513			89,358

Operating income		1,244			4,051			2,178			4,099
Direct interest costs, net		(64	)		(610	)		(134	)		(1,972	)
Loss on sale of depreciable assets		(1,785	)		(234	)		(2,862	)		(214	)
Minority interests		(71	)		(203	)		(125	)		(208	)

Income (loss) from discontinued operations		(676	)		3,004			(943	)		1,705
Depreciation		469			4,173			1,596			8,961
Minority interest in FelCor LP		(23	)		139			(63	)		79
Interest expense		65			607			129			1,963

EBITDA from discontinued operations		(165	)		7,923			719			12,708
Loss on sale of assets		1,785			234			2,862			214
Impairment loss		—			732			—			1,291
Asset disposition costs		—			—			—			1,300

Adjusted EBITDA from discontinued operations	$	1,620		$	8,889		$	3,581		$	15,513

Non-GAAP Financial Measures

We refer in this supplement to certain “non-GAAP financial measures.” These measures, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin, are measures of our financial performance that are not calculated and presented in accordance with generally accepted accounting principles (“GAAP”). The following tables reconcile each of 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.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

Reconciliation of Net Income to FFO and Adjusted FFO
(in thousands, except per share and unit data)


	Three Months Ended June 30,
	2006								2005
						Per Share								Per Share
	Dollars			Shares		Amount			Dollars			Shares		Amount
Net income	$	10,145							$	10,351
Preferred dividends		(9,678	)							(9,809	)
Issuance costs of redeemed preferred stock		—								(5,198	)

Net income (loss) applicable to common stockholders		467			60,626	$	0.01			(4,656	)		59,404	$	(0.08	)
Depreciation, continuing operations		27,604			—		0.46			26,579			—		0.45
Depreciation, unconsolidated entities and discontinued operations		3,102			—		0.05			6,510			—		0.11
Loss (gain) on sale of depreciable assets		1,785			—		0.03			(155	)		—		—
Minority interest in FelCor LP		16			2,102		(0.02	)		(216	)		2,788		(0.03	)
Conversion of options and unvested restricted stock		—			—		—			—			339		—

FFO		32,974			62,728		0.53			28,062			62,531		0.45
Issuance costs of redeemed preferred stock		—			—		—			5,198			—		0.08
Charge-off of deferred financing costs		295			—		—			—			—		—
Charge-off of deferred financing costs, unconsolidated entities		20			—		—			—			—		—
Early extinguishment of debt		438			—		0.01			—					—
Early extinguishment of debt, unconsolidated entities		165			—		—			—			—		—
Minority interest share of charge-off of financing costs and early extinguishment of debt		(115	)		—		—			—			—		—
Impairment loss, continuing operations		9,268			—		0.15			—					—
Impairment loss, discontinued operations		—			—		—			732			—		0.01
Minority interest share of impairment loss		(927	)		—		(0.02	)		—			—		—

Adjusted FFO^(a)	$	42,118			62,728	$	0.67		$	33,992			62,531	$	0.54

(a)

It is more dilutive to assume the conversion of our Series A Preferred Stock into common stock when our quarterly adjusted FFO per share calculation exceeds 63 cents per share. For the three months ended June 30, 2006, the more dilutive calculation remains at 67 cents as shown below:


					Per Share
	Dollars		Shares		Amount
Adjusted FFO	$	42,118		62,728	$	0.67

Preferred dividends		6,279		9,985

Adjusted FFO assuming conversion of Series A Preferred Stock	$	48,397		72,713	$	0.67

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

Reconciliation of Net Income to FFO and Adjusted FFO
(in thousands, except per share and unit data)


	Six Months Ended June 30,
	2006								2005
						Per Share								Per Share
	Dollars			Shares		Amount			Dollars			Shares		Amount
Net income	$	19,997							$	2,337
Preferred dividends		(19,356	)							(19,900	)
Issuance costs of redeemed preferred stock		—								(5,198	)

Net income (loss) applicable to common stockholders		641			60,326	$	0.01			(22,761	)		59,363	$	(0.38	)
Depreciation, continuing operations		53,802			—		0.89			52,256			—		0.88
Depreciation, unconsolidated entities and discontinued operations		6,978			—		0.12			13,595			—		0.23
Loss (gain) on sale of depreciable assets		2,862			—		0.05			(175	)		—		—
Minority interest in FelCor LP		24			2,381		(0.04	)		(1,059	)		2,788		(0.06	)
Conversion of options and unvested restricted stock		—			—		—			—			319		—

FFO		64,307			62,707		1.03			41,856			62,470		0.67
Issuance costs of redeemed preferred stock		—			—		—			5,198			—		0.08
Charge-off of deferred financing costs		962			—		0.02			—			—		—
Charge-off of deferred financing costs, unconsolidated entities		20			—		—			—			—		—
Early extinguishment of debt		438			—		0.01			—					—
Early extinguishment of debt, unconsolidated entities		165			—		—			—			—		—
Minority interest share of charge-off of financing costs and early extinguishment of debt		(115	)		—		—			—			—		—
Impairment loss, continuing operations		9,268			—		0.15			—			—		—
Impairment loss, discontinued operations		—			—		—			1,291			—		0.02
Minority interest share of impairment loss		(927	)		—		(0.03	)		—			—		—
Asset disposition costs		—			—		—			1,300			—		0.02

Adjusted FFO	$	74,118			62,707	$	1.18		$	49,645			62,470	$	0.79

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Net income	$	10,145		$	10,351		$	19,997		$	2,337
Depreciation, continuing operations		27,604			26,579			53,802			52,256
Depreciation, unconsolidated entities and discontinued operations		3,102			6,510			6,978			13,595
Minority interest in FelCor Lodging LP		16			(216	)		24			(1,059	)
Interest expense		29,416			33,702			60,973			66,219
Interest expense, unconsolidated entities and discontinued operations		1,667			2,258			3,335			5,400
Amortization expense		908			755			1,897			1,354

EBITDA		72,858			79,939			147,006			140,102
Charge-off of deferred financing costs		295			—			962			—
Charge-off of deferred financing costs, unconsolidated entities		20			—			20			—
Early extinguishment of debt		438			—			438			—
Early extinguishment of debt, unconsolidated entities		165			—			165			—
Minority interest share of charge-off of financing costs and early extinguishment of debt		(115	)		—			(115	)		—
Impairment loss, continuing operations		9,268			—			9,268			—
Impairment loss, discontinued operations		—			732			—			1,291
Minority interest share of impairment loss		(927	)		—			(927	)		—
Asset disposition costs		—			—			—			1,300
Loss (gain) on sale of depreciable assets		1,785			(155	)		2,862			(175	)

Adjusted EBITDA		83,787			80,516			159,679			142,518
Adjusted EBITDA from discontinued operations		(1,620	)		(8,889	)		(3,581	)		(15,513	)

Same-Store EBITDA	$	82,167		$	71,627		$	156,098		$	127,005

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

Reconciliation of Adjusted EBITDA to Hotel EBITDA
(in thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Adjusted EBITDA	$	83,787		$	80,516		$	159,679		$	142,518
Retail space rental and other revenue		(157	)		(120	)		(291	)		(276	)
Adjusted EBITDA from discontinued operations		(1,620	)		(8,889	)		(3,581	)		(15,513	)
Equity in income from unconsolidated subsidiaries (excluding interest and depreciation expense)		(8,782	)		(8,477	)		(15,481	)		(14,269	)
Minority interest in other partnerships (excluding interest and depreciation expense)		(20	)		701			87			1,086
Consolidated hotel lease expense		17,056			15,387			31,388			28,051
Unconsolidated taxes, insurance and lease expense		(1,472	)		(1,598	)		(3,025	)		(3,053	)
Interest income		(854	)		(801	)		(1,648	)		(1,441	)
Corporate expenses (excluding amortization expense)		4,654			3,973			9,469			7,915

Hotel EBITDA	$	92,592		$	80,692		$	176,597		$	145,018

Reconciliation of Net Income to Hotel EBITDA
(in thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Net income	$	10,145		$	10,351		$	19,997		$	2,337
Discontinued operations		676			(3,004	)		943			(1,705	)
Equity in income from unconsolidated entities		(3,812	)		(3,837	)		(5,760	)		(4,968	)
Minority interests		(1,572	)		(306	)		(1,816	)		(1,283	)
Consolidated hotel lease expense		17,056			15,387			31,388			28,051
Unconsolidated taxes, insurance and lease expense		(1,472	)		(1,598	)		(3,025	)		(3,053	)
Interest expense, net		28,561			32,901			59,325			64,779
Charge-off of deferred financing costs		295			—			962			—
Impairment loss		9,268			—			9,268			—
Early extinguishment of debt		438			—			438			—
Corporate expenses		5,562			4,728			11,366			9,269
Depreciation		27,604			26,579			53,802			52,256
Gain on sale of assets		—			(389	)		—			(389	)
Retail space rental and other revenue		(157	)		(120	)		(291	)		(276	)

Hotel EBITDA	$	92,592		$	80,692		$	176,597		$	145,018

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

Hotel EBITDA and Hotel EBITDA Margin
(dollars in thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Total revenue	$	308,650		$	285,895		$	605,071		$	541,541
Retail space rental and other revenue		(157	)		(120	)		(291	)		(276	)

Hotel operating revenue		308,493			285,775			604,780			541,265
Hotel operating expenses		(215,901	)		(205,083	)		(428,183	)		(396,247	)

Hotel EBITDA	$	92,592		$	80,692		$	176,597		$	145,018

Hotel EBITDA margin		30.0	%		28.2	%		29.2	%		26.8	%

Reconciliation of Ratio of Operating Income to Total Revenue to Hotel EBITDA Margin


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Ratio of operating income to total revenue		11.3	%		12.4	%		12.2	%		10.9	%
Retail space rental and other revenue		—			—			—			—
Unconsolidated taxes, insurance and lease expense		(0.5	)		(0.6	)		(0.5	)		(0.6	)
Consolidated hotel lease expense		5.5			5.4			5.2			5.2
Corporate expenses		1.8			1.7			1.9			1.7
Impairment loss		3.0			—			1.5			—
Depreciation		8.9			9.3			8.9			9.6

Hotel EBITDA margin		30.0	%		28.2	%		29.2	%		26.8	%

Hotel Operating Expense Composition
(dollars in thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Reconciliation of total operating expense to hotel operating expense:
Total operating expenses	$	273,919		$	250,179		$	530,982		$	482,770
Unconsolidated taxes, insurance and lease expense		1,472			1,598			3,025			3,053
Consolidated hotel lease expense		(17,056	)		(15,387	)		(31,388	)		(28,051	)
Corporate expenses		(5,562	)		(4,728	)		(11,366	)		(9,269	)
Impairment loss		(9,268	)		—			(9,268	)		—
Depreciation		(27,604	)		(26,579	)		(53,802	)		(52,256	)

Hotel operating expenses	$	215,901		$	205,083		$	428,183		$	396,247

Supplemental information:
Compensation and benefits expense (included in hotel operating expenses)	$	90,370		$	86,074		$	177,246		$	167,353

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

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 diminish 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, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin, 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 as a measure of our operating performance.

FFO and EBITDA

The White Paper on Funds From Operations approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), defines FFO as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO 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 (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 recurring and non-recurring items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted FFO, Adjusted EBITDA and Same-Store EBITDA, when combined with GAAP net income, EBITDA and FFO, is beneficial to an investor’s better understanding of our operating performance.

•

Gains and losses related to early extinguishment of debt and interest rate swaps — We exclude gains and losses related to early 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.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

•

Impairment losses — We exclude the effect of impairment losses and gains or losses on disposition of assets in computing Adjusted FFO and Adjusted EBITDA because we believe that including these is not consistent with reflecting the ongoing performance of our remaining assets. Additionally, we believe that impairment charges and gains or losses on disposition of assets represent accelerated depreciation or excess depreciation, and depreciation is excluded from FFO by the NAREIT definition and 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.

In addition, to derive Adjusted EBITDA, we adjust EBITDA for gains or losses on the sale of assets because we believe that including them in EBITDA is not consistent with reflecting ongoing performance of our remaining assets. Additionally, the gain or loss on sale of depreciable assets represents either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA.

To derive Same-Store EBITDA, we make the same adjustments to EBITDA as for Adjusted EBITDA and, additionally, exclude EBITDA from discontinued operations and gains and losses from the disposition of non-hotel related assets.

Hotel EBITDA and Hotel EBITDA Margin

Hotel EBITDA and Hotel EBITDA margin are commonly used measures of performance in the industry and give investors a more complete understanding of the operating results over which our individual hotels and operating 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 used by us in our financial and operational decision-making. Additionally, these measures facilitate comparisons with other hotel REITs and hotel owners. We present Hotel EBITDA and Hotel EBITDA margin by eliminating corporate-level expenses, depreciation and expenses related to our capital structure. We eliminate corporate-level costs and expenses because we believe property-level results provide investors with supplemental information with respect to the ongoing operating performance of our hotels and the effectiveness of management on a property-level basis. We eliminate depreciation and amortization, even though they are property-level expenses, because we do not believe that these non-cash expenses, which are based on historical cost accounting for real estate assets and implicitly assume that the value of real estate assets diminish predictably over time, accurately reflect an adjustment in the value of our assets. We also eliminate consolidated percentage rent paid to unconsolidated entities, which is effectively eliminated by minority interest expense 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 hotels.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Non-GAAP Financial Measures (continued)

Limitations of Non-GAAP Measures

The use of these non-GAAP financial measures has certain limitations. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin, as presented by us, may not be comparable to FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin as calculated by other real estate companies. These measures do not reflect certain expenses that we incurred and will incur, such as depreciation and interest or 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 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. Neither should FFO, FFO per share, Adjusted FFO, Adjusted FFO per share, EBITDA, Adjusted EBITDA or Same-Store EBITDA be considered as measures of our liquidity or indicative of funds available for our cash needs, including our ability to make cash distributions. FFO per share does not measure, and should not be used as a measure of, amounts that accrue directly to the benefit of stockholders. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin 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.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Debt Summary
(dollars in thousands)

Debt Outstanding

Encumbered

Interest Rate at

Maturity

Consolidated

Hotels

June 30, 2006

Date

Debt

Promissory note

none

LIBOR (L) + 2.00

June 2016

650

Line of credit^(a)

none

L + 2.00

January 2009

—

Senior unsecured term notes

none

7.63

October 2007

123,823

Senior unsecured term notes

none

8.50

June 2011

298,786

Senior unsecured term notes

none

L + 4.25

June 2011

190,000

Senior unsecured term notes^(b)

none

7.80

June 2011

100,000

Total unsecured debt

713,259

Mortgage debt

9 hotels

6.53

July 2009 — 2014

103,144

Mortgage debt^(c)

8 hotels

L + 1.25

May 2007

88,984

Mortgage debt

7 hotels

7.32

March 2009

125,888

Mortgage debt

4 hotels

7.55

June 2009

40,955

Mortgage debt

8 hotels

8.70

May 2010

171,035

Mortgage debt

7 hotels

8.73

May 2010

131,801

Mortgage debt

1 hotel

L + 2.85

August 2008

15,500

Mortgage debt

1 hotel

5.81

July 2016

13,000

Other

1 hotel

9.17

August 2011

4,832

Construction loan^(d)

—

L + 2.25

August 2007

33,675

Total secured debt

46 hotels

728,814

1,442,073

	(a)		We have a borrowing capacity of $125 million on our line of credit. The interest on this line can range from 175 to 225 basis points over LIBOR based on our leverage ratio as defined in our line of credit agreement.

	(b)		We have swapped this $100 million of floating rate debt of L + 4.25 percent for a fixed rate of 7.80 percent. This interest rate swap expires in December 2007.

	(c)		This debt has a one-year extension option, subject to certain contingencies.

	(d)		We have a $69.8 million recourse construction loan facility for the development of a 184-unit condominium project in Myrtle Beach, South Carolina. The interest on this facility is being capitalized as part of the cost of the project. Effective July 1, 2006, the interest rate on this loan facility was reduced to L + 200 basis points.


Weighted average interest at June 30, 2006		8.16	%
Fixed interest rate debt to total debt		77.2	%
Weighted average maturity of debt	5 years
Secured debt to total assets		27.1	%

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Debt Summary (continued)

At June 30, 2006, future scheduled principal payments on outstanding debt are as follows (in thousands):


	Secured			Unsecured
Year	Debt			Debt			Total
2006	$	8,426		$	—		$	8,426
2007		136,109	^(a)		125,000			261,109
2008		31,842			—			31,842
2009		183,531			—			183,531
2010		282,245			—			282,245
2011 and thereafter		86,661			590,650			677,311
Discount		—			(2,391	)		(2,391	)

Total debt	$	728,814		$	713,259		$	1,442,073

(a)

Included in this number is an $88,984 loan that has a one-year extension option, subject to certain contingencies.

At June 30, 2006, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 19 hotels. These ventures had approximately $205 million of non-recourse mortgage debt, all of which is secured by hotel assets. Our pro rata share of this non-recourse debt was $103 million.

Financing transactions in 2006:

In January, we retired our $225 million unsecured term loan facility and established a new $125 million unsecured line of credit. In April 2006, we retired an additional $27 million of secured indebtedness and repaid the outstanding balance on our line of credit.

In April, Moody’s Investors Service upgraded our corporate rating from B1 to Ba3. As a result, the interest rate on our $300 million of Senior Notes due 2011 was reduced by 50 basis points to 8.5%, resulting in an annual interest rate savings of $1.5 million.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

PORTFOLIO DATA

Portfolio Distribution at June 30, 2006
(110 consolidated hotels included in continuing operations, same store basis)


			% of	% of 2005
Brand	Hotels	Rooms	Total Rooms	Hotel EBITDA^(a)
Embassy Suites Hotels	54	13,653	44	54
Holiday Inn-branded	29	9,846	31	22
Sheraton-branded	10	3,274	10	12
Doubletree-branded	7	1,471	5	6
Other	10	3,234	10	6

Top Markets
Atlanta	8	2,385	8	7
South Florida area	5	1,434	5	6
Los Angeles area	5	1,100	3	5
Orlando	5	1,690	5	5
Dallas	9	2,876	9	4
Minneapolis	4	955	3	4
New Orleans	2	746	2	4
Phoenix	3	798	3	4
Chicago	4	1,238	4	4
San Francisco Bay area	7	2,385	8	4
Washington, D.C.	1	443	1	3
San Diego	1	600	2	3
San Antonio	4	1,187	4	3
Northern New Jersey	3	757	2	3
Philadelphia	2	729	2	3

Location
Suburban	46	11,412	36	37
Urban	28	9,053	29	27
Airport	24	7,498	24	22
Resort	12	3,515	11	14

Segment
Upper-upscale all-suite	65	16,036	51	63
Full service	30	10,009	32	22
Upscale	14	5,124	16	14
Limited service	1	309	1	1

Core Hotels	83	24,084	77	89
Non-Strategic Hotels	27	7,394	23	11

^(a) Hotel EBITDA is more fully described on page 15 of this supplement.

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Detailed Operating Statistics by Brand
(110 consolidated hotels included in continuing operations, same store basis)


	Occupancy (%)
	Three Months Ended June 30,			Six Months Ended June 30,
	2006	2005	%Variance	2006	2005	% Variance
Embassy Suites Hotels	76.4	76.8	(0.4)	76.0	74.1	2.6
Holiday Inn-branded hotels	73.0	72.5	0.7	71.1	68.3	4.0
Sheraton-branded hotels	63.5	67.3	(5.7)	62.5	64.5	(3.1)
Doubletree-branded hotels	78.7	76.7	2.6	76.6	72.5	5.6
Other hotels	68.9	64.8	6.4	65.2	61.2	6.6

Total hotels	73.3	73.2	0.2	72.0	69.9	3.0


	ADR ($)
	Three Months Ended June 30,			Six Months Ended June 30,
	2006	2005	% Variance	2006	2005	% Variance
Embassy Suites Hotels	131.71	121.38	8.5	133.58	123.82	7.9
Holiday Inn-branded hotels	98.96	93.59	5.7	97.52	91.36	6.7
Sheraton-branded hotels	125.82	111.02	13.3	124.90	109.48	14.1
Doubletree-branded hotels	130.87	117.39	11.5	132.23	120.49	9.7
Other hotels	118.65	110.48	7.4	112.50	103.28	8.9
Total hotels	119.68	110.60	8.2	119.62	110.51	8.2


	RevPAR ($)
	Three Months Ended June 30,			Six Months Ended June 30,
	2006	2005	% Variance	2006	2005	% Variance
Embassy Suites Hotels	100.65	93.16	8.0	101.48	91.72	10.6
Holiday Inn-branded hotels	72.23	67.86	6.4	69.29	62.40	11.1
Sheraton-branded hotels	79.86	74.70	6.9	78.10	70.62	10.6
Doubletree-branded hotels	102.93	90.04	14.3	101.23	87.36	15.9
Other hotels	81.79	71.58	14.3	73.36	63.20	16.1
Total hotels	87.77	80.97	8.4	86.08	77.22	11.5

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Detailed Operating Statistics for FelCor’s Top Markets
(110 consolidated hotels included in continuing operations, same store basis)


	Occupancy (%)
	Three Months Ended June 30,							Six Months Ended June 30,
	2006		2005		% Variance			2006		2005		% Variance
Atlanta		69.4		71.0		(2.3	)		71.8		70.5		1.9
South Florida area		78.5		81.3		(3.4	)		83.5		86.0		(2.9	)
Los Angeles area		73.9		77.5		(4.7	)		76.0		74.8		1.7
Orlando		84.5		79.9		5.7			82.1		81.7		0.5
Dallas		58.2		50.1		16.2			59.1		51.0		15.8
Minneapolis		71.4		75.5		(5.4	)		67.9		70.5		(3.7	)
New Orleans		61.4		73.5		(16.5	)		76.2		73.7		3.4
Phoenix		74.1		74.9		(1.1	)		78.6		78.1		0.6
Chicago		80.4		80.9		(0.6	)		71.8		71.2		0.8
San Francisco Bay area		75.8		74.3		2.0			73.4		68.8		6.6
Washington, D.C.		70.9		83.0		(14.6	)		66.4		75.1		(11.6	)
San Diego		80.4		84.0		(4.3	)		81.3		82.8		(1.8	)
San Antonio		83.6		81.7		2.3			80.1		75.6		5.9
Northern New Jersey		74.5		77.1		(3.3	)		70.2		71.1		(1.3	)
Philadelphia		82.5		84.5		(2.4	)		71.2		73.8		(3.5	)


	ADR ($)
	Three Months Ended June 30,							Six Months Ended June 30,
	2006		2005		% Variance			2006		2005		% Variance
Atlanta		105.40		92.52		13.9			105.19		92.97		13.1
South Florida area		131.30		117.54		11.7			157.77		136.19		15.8
Los Angeles area		139.61		123.88		12.7			134.39		122.24		9.9
Orlando		98.39		91.61		7.4			105.27		98.81		6.5
Dallas		101.99		95.34		7.0			103.92		96.44		7.8
Minneapolis		135.74		123.75		9.7			132.75		123.30		7.7
New Orleans		123.37		135.87		(9.2	)		140.36		141.58		(0.9	)
Phoenix		122.69		111.95		9.6			142.68		129.83		9.9
Chicago		137.53		120.46		14.2			127.31		110.18		15.5
San Francisco Bay area		127.49		115.72		10.2			123.48		113.32		9.0
Washington, D.C.		166.46		147.80		12.6			165.76		147.86		12.1
San Diego		138.75		138.43		0.2			137.30		130.74		5.0
San Antonio		99.67		91.24		9.2			96.77		88.85		8.9
Northern New Jersey		148.57		139.54		6.5			147.48		136.97		7.7
Philadelphia		135.14		124.60		8.5			126.83		115.21		10.1


	RevPAR ($)
	Three Months Ended June 30,							Six Months Ended June 30,
	2006		2005		% Variance			2006		2005		% Variance
Atlanta		73.10		65.71		11.2			75.50		65.50		15.3
South Florida area		103.08		95.55		7.9			131.76		117.17		12.5
Los Angeles area		103.19		96.03		7.5			102.16		91.38		11.8
Orlando		83.10		73.20		13.5			86.41		80.71		7.1
Dallas		59.39		47.77		24.3			61.39		49.18		24.8
Minneapolis		96.95		93.43		3.8			90.14		86.93		3.7
New Orleans		75.69		99.82		(24.2	)		107.02		104.36		2.6
Phoenix		90.87		83.87		8.3			112.20		101.46		10.6
Chicago		110.57		97.45		13.5			91.43		78.48		16.5
San Francisco Bay area		96.63		85.98		12.4			90.63		78.00		16.2
Washington, D.C.		118.07		122.75		(3.8	)		110.05		111.10		(0.9	)
San Diego		111.55		116.35		(4.1	)		111.56		108.23		3.1
San Antonio		83.32		74.58		11.7			77.54		67.20		15.4
Northern New Jersey		110.70		107.52		3.0			103.53		97.42		6.3
Philadelphia		111.47		105.26		5.9			90.30		85.02		6.2

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Other Performance Statistics
(Consolidated hotels included in continuing operations, for period presented)

Variance to Prior Year


	Occupancy			ADR			RevPAR
	% Variance			% Variance			% Variance
2004:
First Quarter		5.2			(0.7	)		4.4
Second Quarter		5.5			1.7			7.3
Third Quarter		1.9			2.7			4.6
Fourth Quarter		0.9			2.9			3.9
Year 2004		3.1			1.7			4.9

2005:
First Quarter		1.0			5.6			6.7
Second Quarter		3.7			5.7			9.6
Third Quarter		4.6			5.9			10.8
Fourth Quarter		8.5			7.1			16.2
Year 2005		4.4			6.2			10.8

2006:
January		9.7			7.8			18.2
February		4.5			8.1			13.0
March		4.2			9.8			14.3
First Quarter		5.9			8.6			15.0

April		(2.2	)		9.0			6.6
May		1.9			7.6			9.7
June		0.9			8.0			8.9
Second Quarter		0.2			8.2			8.4

July		(1.2	)		7.9			6.6

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Hotel Portfolio Information

Pro Rata Share of Rooms Owned


			Room Count at
	Hotels		June 30, 2006
Consolidated hotels in continuing operations		110		31,478
Unconsolidated hotel operations		5		761

Total hotels owned		115		32,239


50% joint ventures		19		(2,190	)
60% joint ventures		2		(390	)
75% joint ventures		1		(55	)
90% joint ventures		4		(94	)
97% joint venture		1		(11	)

Total joint venture owned rooms				(2,740	)

Pro rata share of rooms owned				29,499

Non-Strategic Hotels

At June 30, 2006, we included in continuing operations 27 hotels that we are marketing for sale. The composition, by brand, of the 27 sale hotels is as follows: Holiday Inn-branded (12), Crowne Plaza-branded (4), Embassy Suites Hotel (7), Sheraton (2) and other brands (2).

Operating statistics and Hotel EBITDA margins for the three and six months ended June 30, 2006, for our consolidated portfolio of 110 hotels included in continuing operations were as follows:


	Three Months Ended June 30, 2006						Six Months Ended June 30, 2006
	Core		Non-strategic				Core		Non-strategic
	Hotels		Hotels		Total		Hotels		Hotels		Total
Occupancy (%)		76.5		63.2		73.3		75.0		62.2		72.0

ADR ($)		126.09		94.41		119.68		126.56		92.40		119.62

RevPAR ($)		96.40		59.64		87.77		94.87		57.43		86.08

Hotel EBITDA margin(%)		31.3		23.1		30.0		30.7		20.8		29.2

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Hotel Portfolio Information (continued)

Capital Expenditures (dollars in thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Improvements and additions to hotels included in continuing operations		39,526			23,369			81,582			48,321
% of total revenue		12.8	%		8.2	%		13.5	%		8.9	%

Improvements and additions to consolidated hotels for the six months ended June 30, 2006 were $69.7 million. Capital expenditures including our pro rata share of joint ventures totaled $75.5 million.

At June 30, 2006, we had incurred $40.0 million of capital expenditures associated with our condominium development project in Myrtle Beach, South Carolina.

Portfolio Changes in 2006

Total Gross Sales

Date

Price Per Quarter

Property

Sold

Rooms

(in millions)

Hotels sold during the quarter ended March 31, 2006:

Atlanta, GA — Crowne Plaza (Airport)

Jan 2006

378

Atlanta, GA — Crowne Plaza (Powers Ferry)

Jan 2006

296

Dallas, TX — Crowne Plaza Suites

Jan 2006

295

Dallas, TX — Staybridge Suites

Jan 2006

114

Houston, TX — Holiday Inn Select

Jan 2006

349

Irvine, CA — Crowne Plaza

Jan 2006

335

San Jose, CA — Crowne Plaza

Jan 2006

305

Omaha, NE — Hampton Inn

Jan 2006

129

2,201

162.6

Hotels sold during the quarter ended June 30, 2006:

Miami, FL — Crowne Plaza

Apr 2006

304

Philadelphia, PA — Crowne Plaza

Apr 2006

445

Orlando, FL — Holiday Inn

May 2006

530

Omaha, NE — Holiday Inn

May 2006

383

1,662

78.2

Total 2006 year to date sales

3,863

240.8

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Hotel Portfolio Listing
(as of June 30, 2006)


	State	Rooms	% Owned^(a)	Brand
Consolidated Operations
Core Hotels
Birmingham^(b)	AL	242		Embassy Suites Hotel
Phoenix — Biltmore^(b)	AZ	232		Embassy Suites Hotel
Phoenix Crescent Hotel^(b)	AZ	342		Sheraton
Phoenix Tempe^(b)	AZ	224		Embassy Suites Hotel
Dana Point — Doheny Beach	CA	195		Doubletree Guest Suites
Los Angeles — Anaheim (Located near Disneyland Park)^(b)	CA	222		Embassy Suites Hotel
Los Angeles — El Segundo — International Airport — South	CA	349	97%	Embassy Suites Hotel
Milpitas — Silicon Valley^(b)	CA	266		Embassy Suites Hotel
Napa Valley^(b)	CA	205		Embassy Suites Hotel
Oxnard — Mandalay Beach Resort & Conference Center	CA	248		Embassy Suites Hotel
San Diego — On the Bay	CA	600		Holiday Inn
San Francisco — Burlingame Airport	CA	340		Embassy Suites Hotel
San Francisco — South San Francisco Airport^(b)	CA	312		Embassy Suites Hotel
San Francisco — Fisherman’s Wharf	CA	585		Holiday Inn
San Francisco — Union Square	CA	403		Crowne Plaza
San Rafael — Marin County/Conference Center^(b)	CA	235	50%	Embassy Suites Hotel
Santa Barbara — Goleta	CA	160		Holiday Inn
Santa Monica — Beach at the Pier	CA	132		Holiday Inn
Wilmington^(b)	DE	244	90%	Doubletree
Boca Raton^(b)	FL	263		Embassy Suites Hotel
Cocoa Beach — Oceanfront	FL	500		Holiday Inn
Deerfield Beach — Boca Raton/Deerfield Beach
Resort^(b)	FL	244		Embassy Suites Hotel
Ft. Lauderdale — 17th Street^(b)	FL	358		Embassy Suites Hotel
Ft. Lauderdale — Cypress Creek^(b)	FL	253		Sheraton Suites
Jacksonville — Baymeadows^(b)	FL	277		Embassy Suites Hotel
Miami — International Airport^(b)	FL	316		Embassy Suites Hotel
Orlando — International Airport^(b)	FL	288		Holiday Inn Select
Orlando — International Drive — Resort	FL	652		Holiday Inn
Orlando — International Drive South/Convention Center^(b)	FL	244		Embassy Suites Hotel
Orlando— (North)	FL	277		Embassy Suites Hotel
Orlando — Walt Disney World Resort	FL	229		Doubletree Guest Suites
Tampa— On Tampa Bay^(b)	FL	203		Doubletree Guest Suites
Atlanta — Airport^(b)	GA	232		Embassy Suites Hotel
Atlanta — Buckhead^(b)	GA	316		Embassy Suites Hotel
Atlanta — Galleria^(b)	GA	278		Sheraton Suites
Atlanta — Gateway — Atlanta Airport	GA	395		Sheraton
Atlanta — Perimeter Center^(b)	GA	241	50%	Embassy Suites Hotel
Chicago — Lombard/Oak Brook^(b)	IL	262	50%	Embassy Suites Hotel
Chicago — Northshore/Deerfield (Northbrook)^(b)	IL	237		Embassy Suites Hotel
Chicago O’Hare Airport^(b)	IL	296		Sheraton Suites

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Hotel Portfolio Listing
(as of June 30, 2006)


	State	Rooms	% Owned^(a)	Brand
Indianapolis — North^(b)	IN	221	75%	Embassy Suites Hotel
Kansas City — Overland Park^(b)	KS	199	50%	Embassy Suites Hotel
Lexington — Lexington Green^(b)	KY	174		Hilton Suites
Baton Rouge^(b)	LA	223		Embassy Suites Hotel
New Orleans^(b)	LA	372		Embassy Suites Hotel
New Orleans — French Quarter	LA	374		Holiday Inn
Boston — Government Center	MA	303		Holiday Inn Select
Boston — Marlborough^(b)	MA	229		Embassy Suites Hotel
Baltimore — BWI Airport^(b)	MD	251	90%	Embassy Suites Hotel
Bloomington^(b)	MN	219		Embassy Suites Hotel
Minneapolis — Airport^(b)	MN	310		Embassy Suites Hotel
St. Paul — Downtown^(b)	MN	210		Embassy Suites Hotel
Kansas City — Plaza^(b)	MO	266	50%	Embassy Suites Hotel
Charlotte^(b)	NC	274	50%	Embassy Suites Hotel
Charlotte SouthPark	NC	208		Doubletree Guest Suites
Raleigh^(b)	NC	203		Doubletree Guest Suites
Raleigh — Crabtree^(b)	NC	225	50%	Embassy Suites Hotel
Parsippany^(b)	NJ	274	50%	Embassy Suites Hotel
Piscataway — Somerset^(b)	NJ	222		Embassy Suites Hotel
Secaucus — Meadowlands^(b)	NJ	261	50%	Embassy Suites Hotel
Philadelphia — Historic District	PA	364		Holiday Inn
Philadelphia — Society Hill^(b)	PA	365		Sheraton
Pittsburgh — At University Center (Oakland)^(b)	PA	251		Holiday Inn Select
Charleston — Mills House (Historic Downtown)^(b)	SC	214		Holiday Inn
Myrtle Beach — At Kingston Plantation	SC	255		Embassy Suites Hotel
Myrtle Beach Resort	SC	385		Hilton
Nashville — Airport/Opryland Area	TN	296		Embassy Suites Hotel
Nashville — Opryland/Airport (Briley Parkway)	TN	382		Holiday Inn Select
Austin^(b)	TX	189	90%	Doubletree Guest Suites
Austin — North^(b)	TX	260	50%	Embassy Suites Hotel
Corpus Christi^(b)	TX	150		Embassy Suites Hotel
Dallas — DFW International Airport-South^(b)	TX	305		Embassy Suites Hotel
Dallas — Love Field^(b)	TX	248		Embassy Suites Hotel
Dallas — Market Center	TX	244		Embassy Suites Hotel
Dallas — Park Central	TX	536	60%	Westin
Houston — Medical Center	TX	284		Holiday Inn & Suites
San Antonio — International Airport^(b)	TX	261	50%	Embassy Suites Hotel
San Antonio — International Airport^(b)	TX	397		Holiday Inn Select
San Antonio — N.W. I-10^(b)	TX	216	50%	Embassy Suites Hotel
Burlington Hotel & Conference Center^(b)	VT	309		Sheraton
Vienna — At Tysons Corner^(b)	VA	443	50%	Sheraton

Canada
Toronto — Airport	Ontario	445		Holiday Inn Select
Toronto — Yorkdale	Ontario	370		Holiday Inn

FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2006

Hotel Portfolio Listing
(as of June 30, 2006)


	State	Rooms	% Owned^(a)	Brand
Non-Strategic Hotels
Montgomery — East I-85	AL	210		Holiday Inn
Los Angeles — Covina/I-10^(b)	CA	202	50%	Embassy Suites Hotel
Palm Desert — Palm Desert Resort	CA	198		Embassy Suites Hotel
Pleasanton (San Ramon Area)	CA	244		Crowne Plaza
Denver — Aurora^{(b) (c)}	CO	248	90%	Doubletree
Stamford	CT	380		Holiday Inn Select
Atlanta — Airport-North	GA	493		Holiday Inn
Atlanta — Perimeter — Dunwoody	GA	250		Holiday Inn Select
Atlanta — South (I-75 & US 41)	GA	180		Holiday Inn
Brunswick	GA	130		Embassy Suites Hotel
Columbus — North (I-185 at Peachtree Mall)	GA	224		Holiday Inn
Chicago — The Allerton	IL	443		Crowne Plaza
Lexington^(b)	KY	155		Sheraton Suites
Troy — North (Auburn Hills)^(b)	MI	251	90%	Embassy Suites Hotel
Minneapolis — Downtown	MN	216		Embassy Suites Hotel
Kansas City — NE I-435 North (At Worlds of Fun)	MO	165		Holiday Inn
Omaha — Old Mill	NE	223		Crowne Plaza
Tulsa — I-44	OK	244		Embassy Suites Hotel
Knoxville — Central At Papermill Road	TN	240		Holiday Inn
Amarillo — I-40^(c)	TX	248		Holiday Inn
Austin — Town Lake (Downtown Area)	TX	320		Holiday Inn
Dallas — At Campbell Centre^(c)	TX	300	90%	Doubletree
Dallas — DFW International Airport-North	TX	163		Harvey Suites
Dallas — Market Center	TX	354		Crowne Plaza
Dallas — Park Central	TX	438	60%	Sheraton
Dallas — Park Central Area	TX	279		Embassy Suites Hotel
Dallas — West End/Convention Center	TX	309		Hampton Inn
Houston — Greenway Plaza Area	TX	355		Holiday Inn Select
Houston — Intercontinental Airport	TX	415		Holiday Inn
San Antonio — Downtown (Market Square)	TX	313		Holiday Inn

Unconsolidated Operations
Hays^(b)	KS	114	50%	Hampton Inn
Hays^(b)	KS	191	50%	Holiday Inn
Salina^(b)	KS	192	50%	Holiday Inn
Salina — I-70^(b)	KS	93	50%	Holiday Inn Express & Suites
New Orleans — Chateau LeMoyne (In French Quarter/Historic Area)^(b)	LA	171	50%	Holiday Inn


(a)		We own 100% of the real estate interests unless otherwise noted.

(b)		This hotel is encumbered by mortgage debt or capital lease obligation.

(c)		This hotel was included in discontinued operations in the accompanying consolidated statement of operations.