8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 15, 2017

RLJ LODGING TRUST
(Exact name of registrant as specified in its charter)

Maryland	001-35169	27-4706509
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

3 Bethesda Metro Center Suite 1000 Bethesda, MD	20814
(Address of principal executive offices)	(Zip Code)

(301) 280-7777
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 8.01. Other Events.

As previously disclosed, RLJ Lodging Trust (“RLJ”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with FelCor Lodging Trust Incorporated (“FelCor”) and certain of their respective affiliates, dated April 23, 2017.  RLJ has updated the presentation that it may use from time to time in discussing the proposed transaction with various parties. The updated presentation is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Forward Looking Statements

The information presented herein may contain forward looking statements. These forward looking statements, which are based on current expectations, estimates and projections about the industry and markets in which RLJ and FelCor operate and beliefs of and assumptions made by RLJ management and FelCor management, involve significant risks and uncertainties, which are difficult to predict and are not guarantees of future performances, that could significantly affect the financial results of RLJ or FelCor or the combined company. Words such as “projects,” “will,” “could,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecast,” “guidance,” “outlook,” “may,” and “might” and variations of such words and similar expressions are intended to identify such forward looking statements, which generally are not historical in nature. Such forward-looking statements may include, but are not limited to, statements about the anticipated benefits of the proposed merger between FelCor and RLJ, including future financial and operating results, the attractiveness of the value to be received by FelCor stockholders, the attractiveness of the value to be received by RLJ, the combined company’s plans, objectives, expectations and intentions, the timing of future events, anticipated administrative and operating synergies, the anticipated impact of the merger on net debt ratios, cost of capital, future dividend payment rates, forecasts of FFO accretion, projected capital improvements, expected sources of financing, and descriptions relating to these expectations. All statements that address operating performance, events or developments that RLJ expects or anticipates will occur in the future — including statements relating to expected synergies, improved liquidity and balance sheet strength — are forward looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. RLJ’s ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although RLJ believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, RLJ can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward looking statements. Some of the factors that may materially and adversely affect RLJ’s or the combined company’s business, financial condition, liquidity, results of operations and prospects, as well as the ability to make distributions to shareholders, include, but are not limited to: (i) national, regional and local economic climates, (ii) changes in the real estate industry, financial markets and interest rates, or to the business or financial condition of either company or business, (iii) increased or unanticipated competition for the companies’ properties, (iv) risks associated with acquisitions, including the integration of the combined companies’ businesses, (v) the potential liability for the failure to meet regulatory requirements, including the maintenance of REIT status, (vi) availability of financing and capital, (vii) risks associated with achieving expected revenue synergies or cost savings, (viii) risks associated with the companies’ ability to consummate the merger and the timing of the closing of the merger, (ix) the outcome of claims and litigation involving or affecting either company, (x) applicable regulatory changes, and (xi) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission (“SEC”) by RLJ and FelCor from time to time, including those discussed under the heading “Risk Factors” in their respective most recently filed reports on Forms 10-K and 10-Q. Neither RLJ nor FelCor, except as required by law, undertakes any duty to update any forward looking statements appearing in this document, whether as a result of new information, future events or otherwise.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Additional Information about the Proposed Transaction and Where to Find It

This communication relates to the proposed merger transaction pursuant to the terms of the Merger Agreement.

In connection with the proposed merger, RLJ expects to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of RLJ and FelCor that also constitutes a prospectus of RLJ, which joint proxy statement/prospectus will be mailed or otherwise disseminated to RLJ shareholders and FelCor stockholders when it becomes available. RLJ and FelCor also plan to file other relevant documents with the SEC regarding the

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proposed transaction. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the joint proxy statement/prospectus and other relevant documents (if and when they become available) filed by RLJ and FelCor with the SEC at the SEC’s website at www.sec.gov. Copies of the documents filed by RLJ with the SEC will be available free of charge on RLJ’s website at www.rljlodgingtrust.com or by emailing RLJ Investor Relations at ir@rljlodgingtrust.com or at 301-280-7774. Copies of the documents filed by FelCor with the SEC will be available free of charge on FelCor’s website at www.felcor.com or by contacting FelCor Investor Relations at asalami@felcor.com or at 972-444-4967.

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Participants in the Solicitation

RLJ and FelCor and their respective trustees, directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. You can find information about RLJ’s executive officers and trustees in RLJ’s definitive proxy statement filed with the SEC on March 28, 2017 in connection with its 2017 annual meeting of shareholders and in Form 4s of RLJ’s trustees and executive officers filed with the SEC. You can find information about FelCor’s executive officers and directors in Amendment No. 1 to FelCor’s Annual Report on Form 10-K for the year ended December 31, 2016 on Form 10-K/A filed with the SEC on April 28, 2017. Additional information regarding the interests of such potential participants will be included in the joint proxy statement/prospectus and other relevant documents filed with the SEC if and when they become available. You may obtain free copies of these documents from RLJ or FelCor using the sources indicated above.

Exhibit Number	Description
99.1	Investor Presentation Material

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RLJ LODGING TRUST
Date: May 15, 2017	By:	/s/ Frederick D. McKalip
		Frederick D. McKalip Senior Vice President and General Counsel

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EXHIBIT LIST

Exhibit Number	Description
99.1	Investor Presentation Material

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EX-99.1

Exhibit 99.1

Updated Investor Presentation May 2017 RLJ and FelCor Combination Creates Preeminent Focused-Service and Compact Full-Service Lodging REIT

Transaction Overview Transaction Details 100% stock-for-stock combination of RLJ Lodging Trust (“RLJ”) with FelCor Lodging Trust (“FelCor” or “FCH”) 0.362x fixed exchange ratio (0.362 RLJ shares issued for each FCH share) Pro forma ownership of 71% RLJ / 29% FCH RLJ will be the surviving public company RLJ will assume FelCor’s debt and preferred stock at closing without any expected breakage costs Management and Board All senior management positions continue to be led by RLJ Ross Bierkan, President and CEO Leslie Hale, EVP, COO and CFO At closing, RLJ Board of Trustees will be expanded by one additional Trustee This additional Trustee to be a FelCor designee acceptable to RLJ Cost Savings and Benefits Expect ~$22 million of annualized general and administrative cost savings primarily related to the elimination of duplicative corporate overhead and operating costs Expect ~$11.5 million of cash G&A expense savings, ~$4.5 million of potential capitalized G&A savings and ~$6.0 million of potential stock-based compensation savings Earnings and Dividend Expected to be Adjusted FFO per share accretive in first full year and beyond RLJ intends to maintain its current quarterly dividend of $0.33 per share ($1.32 on an annualized basis) Expected Close Expected closing by the end of 2017; subject to customary closing conditions, including RLJ and FelCor shareholder approvals 2

Compelling Merger and Investment Opportunity High quality institutional-grade portfolio of high margin focused-service & compact full-service hotels Premium branded hotels with broad geographic diversification; urban market concentration with high barriers-to-entry and multiple demand generators Creates third largest pure-play lodging REIT, with a more efficient cost structure Greater access to capital and differentiated portfolio strategy, providing competitive advantages over smaller, less efficient peers Imbedded value creation from recapitalization of FelCor’s capital structure, accretive near-term and long-term dispositions of non-strategic assets, and selective repositioning opportunities Perpetual value creation in G&A, operating and capital procurement efficiencies Transformational combination to result in a dominant platform in the most profitable hotel segments with imbedded growth and value creation opportunities Expected to be immediately Adjusted FFO per share accretive RevPAR and EBITDA per hotel accretive The combination creates a strong and flexible financial platform, generating significant free cash flow with superior liquidity and investment capacity. This allows for the pursuit of value creation opportunities, and the return of capital to shareholders through all parts of the cycle Strategic Combination Financial Strength Competitive Advantage Accretive Transaction Value Creation Opportunities 3

Accretive Transaction with Long-Term Upside Expected to be Accretive to Shareholders in First Full Year and Beyond All-stock transaction which allows all shareholders to participate in the upside Earnings Accretive Expected to be accretive to Adjusted FFO per share Expect ~$22 million of annualized G&A expense and capitalized cost savings Expect to accretively delever with near-term dispositions RevPAR Accretive Expected to increase RevPAR to $136 (1) from $130 Asset Management Accretive Expected to increase Hotel EBITDA per Hotel to $4 million (1) from $3 million Operating Improvements Purchasing power Capital expenditure efficiencies Cost-of-capital efficiencies Future Balance Sheet / Earnings Enhancements Continue to delever via accretive asset dispositions Future interest expense savings from refinancing FelCor debt Capital Recycling Potential to accretively monetize non-core hotels in both portfolios over time to further improve combined portfolio RevPAR and EBITDA margin performance Near Term Opportunities Opportunities Over Time ___________________________ Source: Company filings and Company information. Note figures exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture. Pro forma includes 2016A FelCor same-store figures as further adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements. The Knickerbocker, which opened in February 2015, is not included in RevPAR, EBITDA or any subsequent calculations as not disclosed in FelCor’s 2016A same-store figures. 4

Strategic Combination / Natural Fit 5

RLJ’s Focused-Service / Compact Full-Service Strategy RLJ’s strategy focuses on premium branded, upscale focused-service and compact full-service hotels that generate RevPAR similar to traditional full-service but with higher margins Hotel Type: Target efficient upscale focused-service and upper upscale compact full-service hotels Less square footage, fewer food and beverage outlets, limited meeting space and majority of revenue from hotel rooms Quality: Acquire high-quality hotels with RevPAR comparable to traditional full-service hotels but with superior operating margins Location: Diversified footprint in urban and densely developed commercial markets with high barriers-to-entry and multiple demand generators Brand: Premium brand hotels with strong brand loyalty, superior market share and pricing 6

RLJ’s Unique Strategy Focuses on the Most Profitable Part of Spectrum Category Budget & Economy Focused-Service (Upscale Limited-Service / Urban Locations) Full-Service Compact Full-Service Traditional Full-Service Convention / Resorts Boutique Luxury Level of Service Amenities / Services Basic accommodations Limited ancillary amenities (e.g. limited - restaurants, room service, event space, concierge) Focus on in-room accommodations with limited amenities (e.g. generally one F& B outlets and limited amount of meeting space) Offer a wide variety of higher-cost services and amenities (e.g. valet parking, room service, a variety of dining options and boutiques) Larger scale, traditional full-service offering for convention and nearby meeting centers Design oriented, personalized experience with unique style and accommodations (often F&B driven) VIP guest-experience with exclusive amenities, high-end décor, premium dining, and extra services / accommodations Brand Examples Red Roof Motel 6 Studio 6 Sleep Inn Courtyard Residence Inn Hilton Garden Inn Hyatt House Hampton Inn Hyatt Place Smaller Box: Larger Box: Embassy Suites Marriott Hilton Hyatt Wyndham Sheraton DoubleTree Disney Resorts Gaylord Hilton Hyatt Marriott Andaz Autograph Collection Kimpton W Hotel Fairmont Four Seasons Ritz-Carlton Waldorf Astoria Rooms Rev.% ~100% 90%+ 80% – 90% 70% – 85% 40%+ 60% – 70% 50% – 60% Average Keys 50 – 125 100 – 300 200 – 300 300 – 700 400 – 1,000+ 100 – 300+ 100 – 300+ Meeting Space 0 sq./ft. < 2,000 sq./ft. < 10,000 sq./ft. 10,000 – 50,000 sq./ft. 10,000 – 100,000+ sq./ft. 2,500 – 15,000+ sq./ft. < 15,000 sq./ft. RLJ Investment Focus Level of Services / Amenities Offered 7

FelCor’s Compact Hotels are a Natural Fit with RLJ’s Strategy FelCor Hotel Portfolio (# Hotels) FelCor’s Traditional Full-Service Hotels: The Fairmont Copley Plaza, Boston Embassy Suites Myrtle Beach Hilton Myrtle Beach Resort Sheraton Burlington Sheraton Philadelphia Society Hill Vinoy Renaissance St. Petersburg ___________________________ Source: Company filings. Note all figures represent 2016A and exclude Morgans New York and Royalton New York, which are under binding sale agreements and also exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture. Please refer to the appendix for FelCor’s compact full-service portfolio detail. Based on FelCor’s as reported 2016A same-store figures. Note, The Knickerbocker, which opened in February 2015, is not included in FelCor’s disclosed same-store figures and excluded from hotel EBITDA margin and RevPAR calculations. Embassy Suites Wyndham Marriott, Doubletree & Other 2016A Hotel EBITDA Margin 2016A RevPAR FelCor Compact Full-Service Hotels Attractive Assets High-Demand Markets Significant Asset Value FelCor Traditional Full-Service Hotels (2) (2) (1) (1) (1) 8 30 6 34% 36% FelCor Compact Full-Service Hotels RLJ $148 $130 FelCor Compact Full-Service Hotels RLJ

RLJ Today Pro Forma RLJ Focused-Service Compact Full-Service Focused-Service Compact Full-Service % of 2016A Hotel EBITDA (1) 73% 23% 46% 44% Average Room Revenues % 2016A Total Revenues (1) 91% 78% 91% 83% Keys per Hotel 144 254 144 282 Average Meeting Space 1,500 sq/ft 7,100 sq/ft 1,500 sq/ft 6,900 sq/ft 2016A Hotel EBITDA per Hotel (1) $2.9mm $4.9mm $2.9mm $5.9mm FelCor Enhances RLJ’s Focused-Service and Compact Full-Service Strategy ___________________________ Sources: Company provided information and public filings. Note all figures represent 2016A and exclude Morgans New York and Royalton New York, which are under binding sale agreements and also exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture. Based on FelCor’s as reported 2016A same-store figures. The Knickerbocker, which opened in February 2015, is not included in FelCor’s disclosed same-store figures and excluded from hotel EBITDA and revenues. Pro forma RLJ balances EBITDA from its focused-service and compact full-service hotel portfolio 96% 90% 9

RLJ’s Unique Strategy Generates Significantly Higher Margins Than Peers Category Budget & Economy Focused-Service (Upscale Limited-Service / Urban Locations) Full-Service Compact Full-Service Traditional Full-Service Convention / Resorts Luxury Boutique Level of Service Select Lodging REIT Peers RLJ Investment Focus Ryman DiamondRock Sunstone RLJ + FelCor ___________________________ Source: Company filings. Note: The Knickerbocker, which opened in February 2015, is not included in hotel EBITDA margin calculations as not disclosed in FelCor’s 2016A same-store figures. Figures also exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture and are further adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements. Represents RLJ and FelCor’s compact full-service portfolio. Please refer to the appendix for FelCor’s compact full-service portfolio detail. Represents RLJ and FelCor 2016A Hotel EBITDA margin as reported and as further adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements. Level of Services / Amenities Offered 2016A Hotel EBITDA Margins Park Hotels Host Hotels LaSalle 10 36% (1) 34% (2) 34% 32% 32% 31% 28% 28% RLJ + FCH Compact Full-Service RLJ + FCH Pro Forma LaSalle Ryman DiamondRock Sunstone Host Park

High RevPAR and high margin assets well positioned in attractive markets (Los Angeles, San Francisco, Boston, etc.) Well maintained portfolio; FelCor significantly reinvested in its portfolio over the last 10 years Strong in-house design and construction expertise, including specialized property engineers, has enabled an active property management strategy Capital improvements have facilitated highly competitive asset performance in respective markets FelCor Owns a Portfolio of High-Quality Hotels ___________________________ Sources: Company provided information and public filings. Embassy Suites Mandalay Beach Hotel & Resort $183 RevPAR / 39.6% Margin The Mills House Wyndham Grand Hotel Charleston $186 RevPAR / 43.3% Margin Embassy Suites Los Angeles Int’l Airport South $146 RevPAR / 39.7% Margin Wyndham Boston Beacon Hill $181 RevPAR / 41.8% Margin FelCor’s portfolio consists of high-quality assets in major urban and densely developed markets 11

FelCor’s Portfolio Advances RLJ’s Premium Brand Strategy Combination advances premium brand strategy and creates well-balanced diversification across Marriott, Hilton, Hyatt and Wyndham brands FelCor (2) RLJ RLJ + FelCor Combined (2) Brand Mix (1) ___________________________ Source: Company filings. Note figures exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture. Figures based on room counts. Adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements. RLJ + FelCor Combined Flags (2) InterContinental 5% Hilton Garden Inn 5% Springhill Suites 3% 12 Hilton 52% Marriott 13% Wyndham 23% Other 7% Marriott 58% Hilton 28% Hyatt 12% Other 2% Marriott 42% Hilton 37% Wyndham 8% Hyatt 8% Other 5% Embassy Suites 21% Courtyard 13% Residence Inn 11% Wyndham 8% Marriott 6% Hyatt House 6% DoubleTree 5% Renaissance 4% Other 18%

FelCor’s Portfolio Complements RLJ’s Target Markets FCH’s portfolio significantly expands RLJ’s existing strong presence in California (31% of FCH rooms), Florida (16% of FCH rooms), and the Northeast Corridor ___________________________ Figures based on room counts. Adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements, and exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture. = > 5.0% = 2.5% to 5.0% = 1.5% to 2.5% = 1.0% to 1.5% = 0.75% to 1.0% = < 0.75% % of Rooms RLJ 16% of Total Rooms FCH 13% of Total Rooms 19% of Total Rooms FelCor (1)(2) RLJ (1) RLJ + FelCor Combined (1)(2) 13 l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l 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l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l TX 18% CA 12% FL 12% CO 9% IL 8% NY 6% KY 6% IN 5% Other 24% CA 19% TX 14% FL 13% CO 6% IL 5% PA 5% Other 38% CA 31% FL 16% PA 9% MA 8% SC 8% TX 7% LA 3% Other 18% l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l

FelCor’s Portfolio Enhances RLJ’s Presence in Gateway Markets % of 2016A EBITDA (1) # Market RLJ Combined RLJ + FelCor Ranking Change 1 Northern California 11% 15% 2 Southern California 5% 8% 3 South Florida 9% 8% 4 Austin 9% 7% 5 Denver 8% 5% 6 Boston 2% 5% 7 New York 5% 5% 8 Washington, DC 7% 4% 9 Chicago 7% 4% 10 Houston 5% 4% ___________________________ Based on RLJ’s 2016A Pro Forma Consolidated Hotel EBITDA and FelCor’s reported same-store Hotel EBITDA adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements and as adjusted to include The Knickerbocker for 2016. FelCor’s portfolio significantly enhances RLJ’s presence in the target markets such as California and Boston, while also reducing overall market specific earnings volatility and risk 14

FelCor’s Compact Hotels are a Natural Fit with RLJ’s Strategy ___________________________ Source: Company filings. Note all figures represent 2016A and exclude Morgans New York and Royalton New York which are under binding sale agreements and Chateau LeMoyne, which is owned by an unconsolidated joint venture. Please refer to the appendix for FelCor’s compact full-service portfolio detail. Compact Hotels Less square footage, limited meeting space and food and beverage outlets High Hotel EBITDA Margins 34% compact full-service margin (1) 32% margin overall High Percentage of Revenues from Room Product ~80% High Quality Assets $148 2016A RevPAR RevPAR Index of 110.3% Leading Brands Embassy Suites, Marriott, Sheraton, Hilton, Wyndham, DoubleTree Attractive/Gateway Markets 50% California and Northeast Attractive markets: Napa Valley, Silicon Valley, San Diego, Los Angeles, Boston, etc. Investment Criteria 15

Combination Creates Third Largest Public Lodging REIT ($ in billions) Enhanced size and efficiency allow for significant cost savings Meaningful overhead (G&A) efficiencies Increased negotiating leverage with brands, managers, and vendors Ongoing cost-of-capital efficiencies (refinancing FelCor debt, greater shareholder liquidity) ________________________ Sources: Company filings, FactSet, NAREIT REITWatch, and SNL Financial. Market data as of 4/21/2017 (prior to transaction announcement). Excludes HPT given lease structure. Pro Forma RLJ / FelCor reflects 2016 reported corporate EBITDA. Peer deciles reflect average year-end 12/31/2016 adjusted EBITDA for companies in each decile. Based on RLJ share price as of 4/21/2017. Assumes a fixed exchange ratio of 0.362 RLJ shares issued per FelCor common share. Creates Third Largest Public Lodging REIT (Enterprise Value) (1) Creates A Top U.S. REIT by EBITDA (2) ($ in millions) (3) 16 $1.1 $1.5 $2.2 $2.3 $2.4 $2.7 $2.8 $3.0 $3.4 $4.0 $4.1 $4.5 $4.9 $5.6 $7.0 $8.7 $17.8 AHP CLDT HT CHSP INN FCH XHR DRH PEB SHO RLJ LHO AHT APLE PF RLJ + FCH PK HST $65 $108 $149 $187 $232 $272 $313 $368 $417 $549 $ 600+ $727 $1,185 $2,109 Top 121 - 130 Top 111 - 120 Top 101 - 110 Top 91 - 100 Top 81 - 90 Top 71 - 80 Top 61 - 70 Top 51 - 60 Top 41 - 50 Top 31 - 40 PF RLJ + FCH Top 21 - 30 Top 11 - 20 Top 10 REITs

RLJ FelCor RLJ + FelCor Combined Equity Value $3.0bn $1.2bn (1) $4.2bn (1) Enterprise Value $4.1bn $2.9bn (1) $7.0bn (1) Number of Hotels 122 36 (2) 158 (2) Number of Rooms 20,138 11,044 (2) 31,182 (2) 2016A RevPAR $130 $148 (2)(3) $136 (2)(3) 2016A Hotel EBITDA $400mm $239mm (2)(3) $639mm (2)(3) 2016A Hotel EBITDA Margin 36% 32% (2)(3) 34% (2)(3) 2016A Hotel EBITDA / Hotel $3.3mm $6.8mm (2)(3) $4.1mm (2)(3) Creates Leading Lodging Platform ___________________________ Sources: Company provided information. Note: RLJ figures are shown consolidated and FelCor figures exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture. Based on RLJ share price as of 4/21/2017 (prior to transaction announcement). Assumes a fixed exchange ratio of 0.362 RLJ shares issued per FelCor share. All FelCor figures adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements. The Knickerbocker, which opened in February 2015, is not included in RevPAR, EBITDA or any subsequent calculations as not disclosed in FelCor’s 2016A same-store figures. 17

Imbedded Value Creation Opportunities 18

Opportunity for Continued Portfolio Improvements RLJ ($400mm Hotel EBITDA) FelCor ($239mm Hotel EBITDA) 30 Compact Full-Service Hotels $148 RevPAR (1) Hotel EBITDA Margin: 34% (1) Top 75 Hotels: $146 RevPAR Hotel EBITDA Margin: 36% 47 Other Hotels: $92 RevPAR Hotel EBITDA Margin: 35% RLJ intends to follow its proven investment thesis in reshaping the combined portfolio Continue to improve efficiency by recycling into hotels with higher EBITDA per key Opportunity to continue to drive our combined portfolio of upscale, urban focused-service and compact full-service hotels to higher RevPAR in-line with full-service REITs but with superior EBITDA margins RLJ and FelCor Portfolio 2016A EBITDA Six Traditional Full-Service (1) Hotel EBITDA Margin: 25% (1) ___________________________ Source: Company filings. Note: Note figures exclude Chateau LeMoyne, which is owned by an unconsolidated joint venture. 30 compact full-service hotels includes 29 same-store hotels reported in FelCor’s 2016A same-store including The Knickerbocker. Please refer to the appendix for FelCor’s compact full-service portfolio. Based on FelCor’s as reported 2016A same-store figures adjusted to exclude Morgans New York and Royalton New York which are under binding sale agreements. The Knickerbocker, which opened in February 2015, is not included in FelCor’s disclosed same-store figures and excluded from hotel EBITDA and RevPAR. Compact Full-Service Hotels FelCor’s Traditional Full-Service Hotels: The Fairmont Copley Plaza, Boston Embassy Suites Myrtle Beach Hilton Myrtle Beach Resort Sheraton Burlington Sheraton Philadelphia Society Hill Vinoy Renaissance St. Petersburg 19 79% 21% 80% 20%

Opportunity to Harvest Imbedded Portfolio Value Brand Conversions RLJ has completed nine award-winning conversions FelCor Conversion Candidates: Embassy Suites Mandalay Beach to Curio Embassy Suites Deerfield Beach to Hilton or Curio Sheraton Philadelphia Society Hill to Marriott Multi-Branded Hotels RLJ owns multi-branded hotels with shared footprints and cluster efficiencies FelCor portfolio offers excellent redevelopment opportunity at San Diego Bayside, potential for two or three flags on one parcel Targeted Renovations in the Path of Recovery RLJ has ability to use balance sheet liquidity to stage renovations to minimize disruption and maximize results FelCor portfolio offers opportunities for timely renovations in markets that are poised for recovery Marriott San Francisco Union Square Embassy Suites San Francisco Airport Waterfront Embassy Suites San Francisco Airport South Embassy Suites Miami International Airport Embassy Suites Ft. Lauderdale Real Estate Pure-Play RLJ has an experienced Real Estate Team capable of harvesting a “real estate pure-play” FelCor portfolio provides opportunities over time to capitalize on underlying real estate value Wyndham Santa Monica Embassy Suites Napa 20

Strong Balance Sheet and Liquidity 21

Strong Balance Sheet and Proactive Deleveraging Plan Flexibility to accretively delever through select hotel sales over next 12 to 18 months Net Debt / EBITDA ___________________________ Source: Company filings. Based on RLJ’s reported weighted average cost of debt of 3.33% as of 12/31/2016. Represents at IPO leverage per RLJ’s S-11 filing in May 2011. Pro Forma net debt based on 12/31/2016 capitalization of RLJ and FelCor, on a combined basis. RLJ plans to opportunistically monetize $300 - $500+ million in hotels to accretively delever the balance sheet Initially targeting repayment of FelCor’s $525 million 5.625% senior secured notes callable in March 2018, with initial disposition proceeds Additional opportunities to refinance or pay down higher cost debt over time FelCor’s $475 million 6.0% senior unsecured notes are callable June 2020 ~260bps higher cost of debt than RLJ’s current weighted average (~$13 million of potential interest savings) (1) Transaction represents modest increase in leverage of less than 4.5x;(3) plan to delever over 12-18 months RLJ has proven its ability to reduce leverage including opportunistically deleveraging from ~5.0x since IPO in 2011(2) 9/30/16 Pre- NYC Asset Sales Asset Sales 22 3.0x 3.8x 3.6x Year-end 2015 Year-end 2016 Less than 4.5x Pro Forma Target (Pro Forma) 4.0x or Less

Strong Ongoing Liquidity Weighted average maturity of 4.9 years No significant maturities before 2019 129 unencumbered hotel assets Interest coverage of over 4.0x pro forma Untapped $400 million Revolving Credit Facility Dividend well covered $4.2 Equity $2.5 Net Debt ________________________ Sources: Company filings, FactSet, and SNL. Balances as of 12/31/2016 as reported. Market data as of 4/21/2017 (prior to transaction announcement). Excludes RLJ’s undrawn $400mm revolver which matures in 2021. Assumes FelCor’s existing revolver balances repaid. Based on RLJ share price as of 4/21/2017. Assumes a fixed exchange ratio of 0.362 RLJ shares issued per FelCor share. ($ in billions) 60% 35% ($ in millions) RLJ’s liquidity remains strong with over 129 unencumbered hotel assets as well as an untapped $400 million revolver and interest coverage of over 4.0x; supported by $4 billion of equity value Pro Forma Debt Maturity Schedule (1) Enterprise Value Pro Forma Liquidity (2) 5% $7.0 $0.4 Preferreds 23 PF RLJ + FCH $400 $150 $1,000 $150 $330 $85 $11 $81 $625 $550 $480 $1,096 2017 2018 2019 2020 2021 2022 2023+ Term Loans Senior Notes Mortgages JV Debt (at share)

Wyndham Guaranty Provides Credit Enhancement Eight recently renovated Wyndham hotels located in key gateway markets with strong demand generators Backed by a $100 million NOI guaranty through 2022 ($85 million remaining)(1) capped at $21.5 million per year Guaranty ensures that ~10% of combined RLJ portfolio EBITDA will grow at least ~3% each year, regardless of lodging cycle fluctuations Boston – Beacon Hill Charleston – Mills House San Diego – Bayside New Orleans – French Quarter Houston – Medical Center Philadelphia – Historic District Pittsburgh – University Center Wyndham EBITDA Guaranty (in mm’s) (2) Description ___________________________ Sources: Company provided information and public filings. As of December 31, 2016. Does not include extensions. Reflects management’s estimates for EBITDA for the Wyndham portfolio based on the NOI guaranteed by Wyndham for those years. Santa Monica – At the Pier 24 $60.1 $62.3 $63.6 $65.5 $67.4 $69.6 2017 2018 2019 2020 2021 2022

Proven Track Record 25

RLJ Has a Proven Record of Successful Portfolio Management Leading shareholder returns 70% total shareholder return since May 2011 IPO (fifth best among public lodging REITs) Returned ~$1 billion to shareholders in dividends and share repurchases since May 2011 IPO Disciplined, active hotel portfolio management 30 hotels acquired since May 2011 IPO ($2.3 billion of acquisitions since January 1, 2010) 46 hotels sold since IPO (~$694 million since 2011) (1) 9 hotels converted since IPO (award winners with Marriott, Hilton and IHG) Best-in-class corporate governance with independent and experienced Board Proven senior management team and long tenure of success together Name Title RLJ Tenure Robert L. Johnson Executive Chairman 16 years Ross Bierkan President and Chief Executive Officer 16 years Leslie Hale EVP Chief Operating Officer and Chief Financial Officer 12 Years Frederick McKalip SVP General Counsel 15 Years Kate Henriksen SVP Investment & Portfolio Analysis 15 Years Carl Mayfield SVP Design & Construction 13 Years Jeff Dauray SVP Acquisitions 8 Years RLJ’s Management Team ___________________________ As of year-end December 31, 2016. 26

Proven Track Record of Delivering Leading Shareholder Returns RLJ’s disciplined, active portfolio management has generated leading shareholder returns since its May 2011 IPO ___________________________ Source: SNL Financial. Note: Market data as of 4/21/17 (prior to transaction announcement). Total Returns Since RLJ’s IPO (May 2011) 27 3% 18% 24% 24% 31% 32% 60% 70% 71% 80% 86% 96% 0% 20% 40% 60% 80% 100% Hersha Ashford FelCor DiamondRock Host LaSalle Chatham RLJ Pebblebrook Sunstone Chesapeake Summit

Compelling Investment Opportunity 28

___________________________ Source: Company provided information. Note: Market data as of 4/21/2017 (prior to transaction announcement). As reported 2016A same-store figures adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements. Based on RLJ share price as of 4/21/2017. Assumes a fixed exchange ratio of 0.362 RLJ shares issued per FelCor share. Reflects 2016A same-store Hotel EBITDA margin as reported as further adjusted to exclude Morgans New York and Royalton New York, which are under binding sale agreements. The Knickerbocker, which opened in February 2015, is not included in EBITDA as not disclosed in FelCor’s 2016A same-store figures. Pro Forma Portfolio Positioned To Outperform Creation of Third Largest Pure-Play Public Lodging REIT (2) Creates Third Largest Pure-Play Public Lodging REIT Pro Forma Geographical Overview = > 5.0% = 2.5% to 5.0% = 1.5% to 2.5% = 1.0% to 1.5% = 0.75% to 1.0% = < 0.75% % of Rooms RLJ FCH RevPAR Accretive (1) Leading Hotel EBITDA Margin (3) Asset Management Accretive (1) (Hotel EBITDA / Hotel) Improved RevPAR and Efficiency Opportunity for future RevPAR and Hotel EBITDA / Hotel gains from portfolio reshaping $17.7 29 l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l $2.7 $4.1 $7.0 $8.7 FelCor RLJ PF RLJ + FCH PK HST $130 $136 RLJ PF RLJ + FCH 34% 33% 33% 32% 31% 28% 28% PF RLJ + FCH Chesapeake Xenia DiamondRock Sunstone Host Park $3.3mm $4.1mm RLJ PF RLJ + FCH l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l

Compelling Merger and Investment Opportunity High quality institutional-grade portfolio of high margin focused-service & compact full-service hotels Premium branded hotels with broad geographic diversification; urban market concentration with high barriers-to-entry and multiple demand generators Creates third largest pure-play lodging REIT, with a more efficient cost structure Greater access to capital and differentiated portfolio strategy, providing competitive advantages over smaller, less efficient peers Imbedded value creation from recapitalization of FelCor’s capital structure, accretive near-term and long-term dispositions of non-strategic assets, and selective repositioning opportunities Perpetual value creation in G&A, operating and capital procurement efficiencies Transformational combination to result in a dominant platform in the most profitable hotel segments with imbedded growth and value creation opportunities Expected to be immediately Adjusted FFO per share accretive RevPAR and EBITDA per hotel accretive The combination creates a strong and flexible financial platform, generating significant free cash flow with superior liquidity and investment capacity. This allows for the pursuit of value creation opportunities, and the return of capital to shareholders through all parts of the cycle Strategic Combination Financial Strength Competitive Advantage Accretive Transaction Value Creation Opportunities 30

FelCor Portfolio Detail 31

FelCor’s Compact Full-Service Hotel Summary 32

Rooms: 340 2016A RevPAR: $187 2016A Margin: 34.9% Meeting Space: 13,410 sq. feet Bayfront location is popular with social groups. Opportunity to further penetrate the wedding market Diverse demand generators including: Silicon Valley Oracle Genentech Rooms: 266 2016A RevPAR: $165 2016A Margin: 38.9% Meeting Space: 6,952 sq. feet Renovation will add guestrooms and increase meeting space flexibility Diverse demand generators including: Silicon Valley Bart extension in 2018 Levi’s Stadium (49ers) Embassy Suites San Francisco Airport Waterfront Embassy Suites Milpitas Silicon Valley FelCor’s Compact Full-Service Hotel Summary Embassy Suites Napa Valley Rooms: 205 2016A RevPAR: $196 2016A Margin: 41.2% Meeting Space: 7,630 sq. feet Opportunity to add 54 keys Diverse demand generators including: Wineries Napa River Walk and Outlets Napa attractions Rooms: 250 2016A RevPAR: $183 2016A Margin: 39.6% Meeting Space: 13,150 sq. feet The management agreement provides for an option to convert the Hotel to an alternative Hilton brand Diverse demand generators including: High traffic arterial between LA and Santa Barbara Beachfront Rooms: 312 2016A RevPAR: $180 2016A Margin: 36.2% Meeting Space: 8,952 sq. feet Renovation will add four guestrooms and increase meeting space flexibility Diverse demand generators including: Biopharma corporate developments Landing at Oyster Point Merck and AstraZeneca Rooms: 244 2016A RevPAR: $153 2016A Margin: 35.0% Meeting Space: 7,696 sq. feet Only beachfront, all-suite hotel in market Option to convert the Hotel to another Hilton brand, and add 47 guestrooms Embassy Suites Mandalay Beach Hotel & Resort Embassy Suites San Francisco Airport Embassy Suites Deerfield Beach Resort & Spa ___________________________ Source: Smith Travel Research and Hotel websites. Note: RevPAR and Margins reflect 2016A figures. Morgans New York which is under a binding sale agreement not shown in Compact Full-Service category. 33

Embassy Suites LA International Airport South Embassy Suites Phoenix Biltmore FelCor’s Compact Full-Service Hotel Summary (cont’d) Embassy Suites Fort Lauderdale 17th Street Embassy Suites Miami International Airport Embassy Suites Orlando International Drive South Convention Center Embassy Suites Atlanta Buckhead Rooms: 349 2016A RevPAR: $146 2016A Margin: 39.7% Meeting Space: 7,095 sq. feet New LA Rams / Chargers stadium to open nearby in 2019. Will host Super Bowl LV in 2021 Diverse demand generators including: Silicon Beach (Hulu, ZipRecruiter, Google, Yahoo, YouTube, Snapchat) Boeing, Deloitte, AT&T Southern CA leisure attractions Rooms: 361 2016A RevPAR: $146 2016A Margin: 33.3% Meeting Space: 11,353 sq. feet Excellent location, close proximity to downtown Ft. Lauderdale and Port Everglades Diverse demand generators including: FLL Airport expansion Broward County Convention Center (400,000+ sq. feet expansion has been approved) Rooms: 232 2016A RevPAR: $123 2016A Margin: 35.7% F&B fully leased out Meeting Space: 6,233 sq. feet Excellent location adjacent to the Biltmore Fashion Park Diverse demand generators including: Banking & Financial Services Sector Proximity to strong Class A office market Rooms: 318 2016A RevPAR: $125 2016A Margin: 25.1% Meeting Space: 12,204 sq. feet Hotel accommodates leisure transient, group and corporate guests due to proximity to Miami Int’l Airport Property will benefit from new Royal Caribbean port of Miami terminal (October 2018) with largest new ships in the world Rooms: 244 2016A RevPAR: $104 2016A Margin: 27.9% Meeting Space: 6,329 sq. feet Full PIP renovations completed in 2016 are anticipated to provide increased revenue opportunities Diverse demand generators including: Expansion of Orange County Convention Center Disney World (Pandora – The World of Avatar opens in May 2017) Rooms: 316 2016A RevPAR: $121 2016A Margin: 41.0% Meeting Space: 4,985 sq. feet Buckhead is home to 17mm sq. feet of office space, Lenox Square, Phipps Plaza and the Shops Buckhead Atlanta Diverse demand generators including: Atlanta to host the College Football National Championship Game in 2018, the Super Bowl in 2019 and the Final Four in 2020 ___________________________ Source: Smith Travel Research and Hotel websites. Note: RevPAR and Margins reflect 2016A figures. Morgans New York which is under a binding sale agreement not shown in Compact Full-Service category. 34

Embassy Suites Boston Marlborough Embassy Suites Minneapolis Airport FelCor’s Compact Full-Service Hotel Summary (cont’d) Embassy Suites Birmingham Rooms: 229 2016A RevPAR: $118 2016A Margin: 30.2% Meeting Space: 3,548 sq. feet Renovation will add 14 guestrooms Diverse demand generators including: Quest Diagnostics, TJX Corporation, Hologic Inc, Sunovion Pharmaceuticals Inc., Dow Chemical Indoor and outdoor sports facilities Rooms: 310 2016A RevPAR: $118 2016A Margin: 36.4% Meeting Space: 12,137 sq. feet Diverse Bloomington demand generators including: Minneapolis to host the Super Bowl in 2018 and the Final Four in 2019 Mall of America - largest retail and entertainment destination in the U.S. Home to Ceridian, Donaldson, Health Partners, Thermo King, Toro Rooms: 242 2016A RevPAR: $107 2016A Margin: 36.8% Meeting Space: 5,124 sq. feet Diverse demand generators including: University of Alabama at Birmingham, Samford University, Birmingham Jefferson Convention Center, Southern Company/Alabama Power and Brookwood Baptist Medical Center Talladega Superspeedway hosts two NASCAR Cup races annually Embassy Suites Dallas Love Field Embassy Suites Secaucus Meadowlands Rooms: 248 2016A RevPAR: $105 2016A Margin: 28.7% Meeting Space: 3,327 sq. feet Full PIP renovations completed in 2016 are anticipated to provide increased revenue opportunities Diverse demand generators including: New Southwest Airlines flight training center Dallas Love Field Airport Rooms: 261 2016A RevPAR: $131 2016A Margin: 16.7% Meeting Space: 2,801 sq. feet Conveniently located within the Harmon Meadow mixed-use development Diverse demand generators including: Hartz Mountain, Quest Diagnostics, the Vitamin Shoppe, the Children’s Place Meadowlands Sports Complex, MetLife Stadium, Meadowlands Exposition Center DoubleTree Suites Austin Rooms: 188 2016A RevPAR: $180 2016A Margin: 42.2% Meeting Space: 5,642 sq. feet Diverse demand generators including: State Capitol, University of Texas at Austin, Austin Convention Center, and downtown special events New South by Southwest headquarters next door ___________________________ Source: Smith Travel Research and Hotel websites. Note: RevPAR and Margins reflect 2016A figures. Morgans New York which is under a binding sale agreement not shown in Compact Full-Service category. 35

Rooms: 132 2016A RevPAR: $240 2016A Margin: 55.0% Meeting Space: 325 sq. feet Irreplaceable Santa Monica location adjacent to the Santa Monica Pier Diverse demand generators including: Silicon Beach (Hulu, ZipRecruiter, Google, Yahoo, YouTube, Snapchat) Boeing, Deloitte, AT&T Southern CA leisure attractions Rooms: 374 2016A RevPAR: $106 2016A Margin: 45.5% Excellent French Quarter location Diverse demand generators including: New Orleans Morial Convention Center (sixth largest in U.S.) Sugar Bowl, Mardi Gras, French Quarter, Essence Fest and Jazz Fest Mercedes-Benz Superdome (New Orleans Saints) and Smoothie King Center (New Orleans Pelicans) Wyndham Santa Monica Beach at The Pier Wyndham New Orleans French Quarter FelCor’s Compact Full-Service Hotel Summary (cont’d) Wyndham Philadelphia Historic District Rooms: 364 2016A RevPAR: $114 2016A Margin: 37.5% Meeting Space: 8,513 sq. feet Diverse demand generators including: Philadelphia’s United States Mint National Constitution Center, the Liberty Bell, Independence Hall, Christ Church, Betsy Ross House and the Benjamin Franklin Museum Rooms: 251 2016A RevPAR: $101 2016A Margin: 32.9% Meeting Space: 7,333 sq. feet Diverse demand generators including: University of Pittsburgh and the University of Pittsburgh Medical Center, and Carnegie Mellon University Apple, Disney, Intel, Facebook research offices Rooms: 216 2016A RevPAR: $186 2016A Margin: 43.3% Meeting Space: 4,289 sq. feet Irreplaceable location in the heart of Charleston’s Historic District Diverse demand generators including: Medical University of South Carolina, Boeing, and the Charleston Cruise Terminal Wyndham Pittsburgh University Center Wyndham The Mills House Grand Hotel Rooms: 304 2016A RevPAR: $181 2016A Margin: 41.8% Meeting Space: 5,678 sq. feet Prime location adjacent to the Mass General Hospital Diverse demand generators including: Hospital and government demand TD Garden Arena (Boston Celtics and Boston Bruins) and Fenway Park (Boston Red Sox) Boston College, Boston University, Harvard University, MIT Wyndham Boston Beacon Hill ___________________________ Source: Smith Travel Research and Hotel websites. Note: RevPAR and Margins reflect 2016A figures. Morgans New York which is under a binding sale agreement not shown in Compact Full-Service category. 36

Rooms: 600 2016A RevPAR: $118 2016A Margin: 29.6% Meeting Space: 21,535 sq. feet Prime waterfront location in downtown San Diego Future redevelopment opportunity to create multi-brand complex Diverse demand generators including: Proximity to Convention Center San Diego cruise terminal Naval base FelCor’s Compact Full-Service Hotel Summary (cont’d) Wyndham San Diego Bayside Rooms: 287 2016A RevPAR: $111 2016A Margin: 44.4% Meeting Space: 216 sq. feet Diverse demand generators including: Rice University, Houston Livestock Show and Rodeo NRG Stadium (Houston Texans) Prime location adjacent to Texas Medical Center (largest medical complex in the world) Wyndham Houston Medical Center Hotel & Suites DoubleTree Suites Orlando Lake Buena Vista Rooms: 229 2016A RevPAR: $125 2016A Margin: 27.3% Meeting Space: 3,556 sq. feet Prime “In-Disney” Lake Buena Vista location Diverse demand generators including: Disney World (Pandora – The World of Avatar opens in May 2017) Expansion of Orange County Convention Center Marriott San Francisco Union Square Rooms: 400 2016A RevPAR: $263 2016A Margin: 30.5% Meeting Space: 9,553 sq. feet Prime San Francisco location in the heart of Union Square Diverse demand generators including: Nob Hill and other tourist sites Salesforce, Yelp, LinkedIn, Google, Instagram, Oracle, Deloitte, Charles Schwab Holiday Inn San Francisco- Fisherman’s Wharf Rooms: 585 2016A RevPAR: $182 2016A Margin: 16.4% Fisherman’s Wharf is a tourist beacons located near waterfront Diverse demand generators including: Silicon Valley San Francisco tourism AT&T Park (San Francisco Giants) Golden Gate Bridge Moscone Center (largest convention center in SF) The Knickerbocker Rooms: 330 Meeting Space: 2,200 sq. feet Diverse demand generators including: Prime Time Square location Leading business travel and tourism destination Central Park, Madison Square Garden, World Trade Center, Empire State Building ___________________________ Source: Smith Travel Research and Hotel websites. Note: RevPAR and Margins reflect 2016A figures. Morgans New York which is under a binding sale agreement not shown in Compact Full-Service category. 37

FelCor’s Full-Service Hotel Summary 38

FelCor’s Full-Service Hotel Summary Fairmont The Copley Plaza Renaissance Vinoy St Petersburg Resort & Golf Club Rooms: 361 2016A RevPAR: $177 2016A Margin: 22.9% Meeting Space: 31,292 sq. feet Iconic, irreplaceable asset located on prime waterfront real estate with an abundance of amenities including golf course, marina, tennis, fitness center and swimming pools Undergoing a multi-phase development / improvement project Rooms: 383 2016A RevPAR: $248 2016A Margin: 19.4% Meeting Space: 20,312 sq. feet Landmark asset in historic Back Bay and headquarters for the Boston Marathon Diverse demand generators including: TD Garden (Celtics, Bruins) & Fenway Park (Red Sox) Boston University, Harvard University, MIT Hilton Myrtle Beach Resort Rooms: 385 2016A RevPAR: $90 2016A Margin: 33.4% Meeting Space: 30,741 sq. feet Property is part of a larger complex that includes the Embassy Suites Myrtle Beach Oceanfront Resort Expansive new spa and health club to be completed in May 2017 Sheraton Hotel Philadelphia Society Hill Rooms: 364 2016A RevPAR: $129 2016A Margin: 29.4% Meeting Space: 17,933 sq. feet Conversion candidate to Marriott Diverse demand generators including: Philadelphia’s U.S. Mint National Constitution Center, the Liberty Bell, Independence Hall, Christ Church, Betsy Ross House and the Benjamin Franklin Museum Sheraton Burlington Hotel Rooms: 309 2016A RevPAR: $89 2016A Margin: 29.6% Meeting Space: 27,913 sq. feet Converting to DoubleTree Diverse demand generators including: University of Vermont, University of Vermont Medical Center, Keurig Green Mountain, IBM, and GE Healthcare Embassy Suites Myrtle Beach Oceanfront Resort Rooms: 255 2016A RevPAR: $131 2016A Margin: 28.1% Meeting Space: 51,589 sq. feet Property is part of a larger complex that includes the Hilton Myrtle Beach Resort Expansive new spa and health club to be completed in May 2017 ___________________________ Source: Smith Travel Research and Hotel websites. Note: RevPAR and Margins reflect 2016A figures. Royalton New York which is under a binding sale agreement not shown in Full-Service category. 39

Non-GAAP Financial Measures 40

Non-GAAP Financial Measures RLJ and FelCor refer in this Investor Presentation to certain non-GAAP financial measures. These measures, including variations of EBITDA and EBITDA margin, are measures of financial performance that are not calculated and presented in accordance with generally accepted accounting principles, or GAAP. RLJ and FelCor consider these measures useful to investors as key supplemental measures of performance. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of operating performance. The non-GAAP financial measures, as calculated in this Investor Presentation, may not be comparable to similar non-GAAP measures as reported by other companies that do not define such terms exactly the same way. The tables on the following pages reconcile these non-GAAP measures to the most comparable GAAP financial measures. RLJ and FelCor consider EBITDA useful to an investor in evaluating and facilitating comparisons of RLJ and FelCor’s operating performance between periods and between REITs by removing the impact of their respective capital structures (primarily interest expense) and asset bases (primarily depreciation and amortization) from RLJ’s and FelCor’s operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions. Hotel EBITDA and Hotel EBITDA margin are commonly used measures of performance in the hotel industry and give investors a more complete understanding of the operating results over which RLJ’s and FelCor’s individual hotels and operating managers have direct control. RLJ and FelCor believe that Hotel EBITDA and Hotel EBITDA margin are useful to investors by providing greater transparency with respect to two significant measures used by RLJ and FelCor in financial and operational decision-making. Additionally, using these measures facilitates comparisons with other hotel REITs and hotel owners. RLJ and FelCor also calculate FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. The presentation of FFO provides useful information to investors regarding the operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders. RLJ and Felcor’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Adjustments to FFO and EBITDA for certain items outside the normal course of operations or extraordinary are added back. RLJ and FelCor believe that Adjusted FFO and Adjusted EBITDA provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income, FFO, and EBITDA, is beneficial to an investor’s understanding of its operating performance. 41

Non-GAAP Financial Reconciliation – RLJ ___________________________ Note: Please refer to the Company’s Q4 2015 and Q4 2016 earnings releases dated February 24, 2016 and February 2, 2017, respectively for additional information. (Figures shown in thousands) 13 For the year ended December 31, 2016 2015 Net income $201,314 $219,812 Depreciation and amortization 162,500 156,226 Interest expense, net 58,793 54,758 Income tax expense (benefit) 8,190 (39,126) Noncontrolling interest in consolidated joint venture (55) (77) Adjustments related to consolidated joint venture (152) (170) EBITDA $430,590 $391,423 Transaction and pursuit costs 192 3,058 Gain on sale of hotel properties (45,929) (28,398) Impairment loss - 1,003 Amortization of share-based compensation 5,990 13,002 Loan related costs 924 - Other expense 604 - Adjusted EBITDA $392,371 $380,088 Pro forma adjustments - income from sold hotels (16,106) (4,102) Pro forma adjustments - income from prior ownership of acquired hotels - 4,785 Pro Forma Adjusted EBITDA $376,265 $380,771 42

Non-GAAP Financial Reconciliation – RLJ (cont’d) ___________________________ Note: Please refer to the Company’s Q4 2011 and Q4 2016 earnings releases dated March 8, 2012 and February 2, 2017, respectively for additional information. Pro forma adjustments exclude Courtyard Charleston Historic District. (Figures shown in thousands, except key data) 14 For the year ended For the year ended December 31, 2016 December 31, 2011 (1) Net income $201,314 Net income $11,709 Depreciation and amortization 162,500 Depreciation and amortization 130,714 Distributions to preferred unitholders - Distributions to preferred unitholders (61) Interest expense, net 58,793 Interest expense, net 96,454 Income tax expense 8,190 Income tax expense 740 Noncontrolling interest in consolidated joint venture (55) Noncontrolling interest in consolidated joint venture (47) Adjustments related to consolidated joint venture (152) Adjustments related to consolidated joint venture (1,007) EBITDA $430,590 EBITDA $238,502 Transaction and pursuit costs 192 Transaction and pursuit costs 3,996 IPO Costs - IPO Costs 10,733 Gain on sale of hotel properties (45,929) Gain on sale of hotel properties - Amortization of share-based compensation 5,990 Amortization of share-based compensation 3,284 Gain on extinguishment of indebtedness - Gain on extinguishment of indebtedness (23,515) Loan related costs 924 Loan related costs - Other expenses 604 Other expenses 1,363 Adjusted EBITDA $392,371 Adjusted EBITDA $234,363 General and administrative 25,016 General and administrative 19,606 Operating results from noncontrolling interest in JV 207 Operating results from noncontrolling interest in JV 1,054 Other corporate adjustments (1,142) Other corporate adjustments (395) Consolidated Hotel EBITDA $416,452 Consolidated Hotel EBITDA $254,628 Pro forma adjustments - Income from sold properties (16,106) Pro forma adjustments - Income from sold properties (1,411) Pro forma Consolidated Hotel EBITDA $400,346 Pro forma Consolidated Hotel EBITDA $253,217 Non-comparable hotels (16,251) Non-comparable hotels (836) Pro forma Hotel EBITDA $384,095 Pro forma Hotel EBITDA $252,381 Keys 20,138 Keys 20,470 Pro Forma Consolidated Hotel EBITDA/Key $20 Pro Forma Consolidated Hotel EBITDA/Key $12 EBITDA Margin (unaudited) EBITDA Margin (unaudited) Total revenue $1,159,995 Total revenue $758,952 Revenue from sold hotels (52,278) Revenue from sold hotels - Revenue from prior ownership - Revenue from prior ownership 3,188 Other corporate adjustments (56) Other corporate adjustments - Pro forma Consolidated Hotel Revenue $1,107,661 Pro forma Consolidated Hotel Revenue $762,140 Pro forma Consolidated Hotel EBITDA $400,346 Pro forma Consolidated Hotel EBITDA $253,217 Pro forma Consolidated Hotel EBITDA Margin 36.1% Pro forma Consolidated Hotel EBITDA Margin 33.2% 43

Non-GAAP Financial Reconciliation – FelCor ___________________________ Source: Company filings and announcements. The Knickerbocker, which opened in February 2015, is not included in FelCor’s 2016A same-store figures. Figures shown include The Fairmont Copley Plaza, Embassy Suites Myrtle Beach, Hilton Myrtle Beach, Sheraton Burlington, Sheraton Philadelphia Society Hill and The Vinoy Renaissance. 15 Year ended Dec. 31, 2016 Year ended Dec. 31, 2016 ($ in thousands) Traditional 29 Same Store 37 Same Morgans / 35 Same 37 Same Morgans / Full-Service (Compact Store Hotels (1) Royalton Store Hotels Store Hotels (1) Royalton Hotels (2) Full-Service) Net income (loss) 4,193 (25,727) 29,920 4,193 (25,727) 18,713 11,207 Depreciation and amortization 114,054 4,764 109,290 114,054 4,764 27,101 82,189 Depreciation, unconsolidated entities and other partnerships 1,844 - 1,844 1,844 - - 1,844 Interest expense 78,244 - 78,244 78,244 - 3,118 75,126 Interest expense, unconsolidated entities and other partnerships 366 - 366 366 - - 366 Income tax 873 - 873 873 - - 873 Noncontrolling interests in preferred distributions, consolidated joint venture (73) - (73) (73) - - (73) Noncontrolling interests in other partnerships 673 - 673 673 - - 673 EBITDA 200,174 $ (20,963) $ 221,137 $ 200,174 $ (20,963) $ 48,932 $ 172,205 $ Impairment / Other 26,459 21,177 5,282 26,459 21,177 1,333 3,949 Hurricane loss 740 - 740 740 - - 740 Hurricane loss, unconsolidated entities 45 - 45 45 - - 45 Loss (gain) on sale of hotels, net of noncontrolling interests in other partnerships (3,191) - (3,191) (3,191) - - (3,191) Other gains (342) - (342) (342) - - (342) Amortization of fixed stock and directors' compensation 6,638 - 6,638 6,638 - - 6,638 Severance costs 6,874 - 6,874 6,874 - - 6,874 Abandoned projects 620 - 620 620 - - 620 Variable stock compensation 450 - 450 450 - - 450 Litigation settlement 856 - 856 856 - - 856 Pre-opening costs, net of noncontrolling interests 527 - 527 527 - - 527 Adjusted EBITDA 239,850 $ 214 $ 239,636 $ 239,850 $ 214 $ 50,265 $ 189,371 $ Adjusted EBITDA from hotels disposed and recently opened (18,077) - (18,077) (18,077) - - (18,077) Same Store EBITDA 221,773 $ 214 $ 221,559 $ 221,773 $ 214 $ 50,265 $ 171,294 $ Corporate expenses 27,037 - 27,037 27,037 - - 27,037 Amortization of fixed stock and directors' compensation (6,638) - (6,638) (6,638) - - (6,638) Variable stock compensation (450) - (450) (450) - - (450) Consolidated hotel lease expense 4,896 - 4,896 4,896 - - 4,896 Unconsolidated property taxes, insurance and land lease (1,983) - (1,983) (1,983) - - (1,983) Condominium and other non-hotel revenue (4,136) - (4,136) (4,136) - - (4,136) Equity in income of unconsolidated entities (excluding interest and depreciation) (4,378) - (4,378) (4,378) - - (4,378) Condominium and other non-hotel expenses 3,062 - 3,062 3,062 - - 3,062 Non-controlling interest adjustments (420) - (420) (420) - - (420) Hotel EBITDA 238,764 $ 214 $ 238,550 $ 238,764 $ 214 $ 50,265 $ 188,285 $ Same-Store Operating Revenue 780,531 $ 30,432 $ 750,099 $ 780,531 $ 30,432 $ 201,543 $ 548,556 $ Hotel EBITDA Margin 30.6% 0.7% 31.8% 30.6% 0.7% 24.9% 34.3% Same Store Hotels 37 2 35 37 2 6 29 44

Forward-Looking Statements Certain statements in this presentation that are not in the present or past tense or that discuss the expectations of RLJ Lodging Trust (“RLJ”) and/or FelCor Lodging Trust Incorporated (“FelCor”), and the assumptions upon which those statements are based, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward looking statements, which are based on current expectations, estimates and projections about the industry and markets in which RLJ and FelCor operate and beliefs of and assumptions made by RLJ management and FelCor management, involve significant risks and uncertainties, which are difficult to predict and are not guarantees of future performances, that could significantly affect the financial results of RLJ or FelCor or the combined company. Words such as “projects,” “will,” “could,” “continue,” "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," “forecast,” “guidance,” “outlook,” “may,” and “might” and variations of such words and similar expressions are intended to identify such forward looking statements, which generally are not historical in nature. Such forward-looking statements may include, but are not limited to, statements about the anticipated benefits of the proposed merger between RLJ and FelCor, including future financial and operating results, the attractiveness of the value to be received by FelCor stockholders, the attractiveness of the value to be received by RLJ, the combined company's plans, objectives, expectations and intentions, the timing of future events, anticipated administrative and operating synergies, the anticipated impact of the merger on net debt ratios, cost of capital, future dividend payment rates, forecasts of FFO accretion, projected capital improvements, expected sources of financing, and descriptions relating to these expectations. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to expected synergies, improved liquidity and balance sheet strength — are forward looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward looking statements. Some of the factors that may materially and adversely affect our business, financial condition, liquidity, results of operations and prospects, as well as our ability to make distributions to our shareholders, include, but are not limited to: (i) national, regional and local economic climates, (ii) changes in the real estate industry, financial markets and interest rates, or to the business or financial condition of either company or business, (iii) increased or unanticipated competition for the companies' properties, (iv) risks associated with acquisitions, including the integration of the combined companies' businesses, (v) the potential liability for the failure to meet regulatory requirements, including the maintenance of REIT status, (vi) availability of financing and capital, (vii) risks associated with achieving expected revenue synergies or cost savings, (viii) risks associated with the companies' ability to consummate the merger and the timing of the closing of the merger, (ix) the outcome of claims and litigation involving or affecting either company, (x) applicable regulatory changes, and (xi) those additional risks and factors discussed in reports filed with the Securities and Exchange Commission ("SEC") by RLJ and FelCor from time to time, including those discussed under the heading "Risk Factors" in their respective most recently filed reports on Forms 10-K and 10-Q. Neither RLJ nor FelCor, except as required by law, undertakes any duty to update any forward looking statements appearing in this document, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 45

Additional Information Additional Information about the Proposed Transaction and Where to Find It This communication relates to the proposed merger transaction pursuant to the terms of the Agreement and Plan of Merger, dated as of April 23, 2017, by and among RLJ Lodging Trust (“RLJ”), RLJ Lodging Trust, L.P., Rangers Sub I, LLC, Rangers Sub II, LP, FelCor Lodging Trust Incorporated (“FelCor”) and FelCor Limited Partnership. In connection with the proposed merger, RLJ expects to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of RLJ and FelCor that also constitutes a prospectus of RLJ, which joint proxy statement/prospectus will be mailed or otherwise disseminated to RLJ shareholders and FelCor stockholders when it becomes available. RLJ and FelCor also plan to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the joint proxy statement/prospectus and other relevant documents (if and when they become available) filed by RLJ and FelCor with the SEC at the SEC's website at www.sec.gov. Copies of the documents filed by RLJ with the SEC will be available free of charge on RLJ's website at www.rljlodgingtrust.com or by emailing RLJ Investor Relations at ir@rljlodgingtrust.com or at 301-280-7774. Copies of the documents filed by FelCor with the SEC will be available free of charge on FelCor's website at www.felcor.com or by contacting FelCor Investor Relations at asalami@felcor.com or at 972-444-4967. RLJ and FelCor and their respective trustees, directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. You can find information about RLJ’s executive officers and Trustees in RLJ's definitive proxy statement filed with the SEC on March 28, 2017 in connection with its 2017 annual meeting of shareholders and in Form 4s of RLJ's trustees and executive officers filed with the SEC. You can find information about FelCor's executive officers and directors in Amendment No.1 to FelCor's Annual Report on Form 10-K for the year ended December 31, 2016 on Form 10-K/A filed with the SEC on April 28, 2017. Additional information regarding the interests of such potential participants will be included in the joint proxy statement/prospectus and other relevant documents filed with the SEC if and when they become available. You may obtain free copies of these documents from RLJ or FelCor using the sources indicated above. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. 46