Exhibit 99.2

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Date of Issuance April 28, 2004

All dollar amounts shown in this report are in U.S. dollars unless otherwise noted.
This Supplemental Information is neither an offer to sell nor a solicitation to buy any
securities of FelCor. Any offers to sell or solicitations to buy any securities of FelCor shall
be made by means of a prospectus.

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

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
Reconciliation of Net Loss to FFO		9
Reconciliation of Net Loss to EBITDA		10
Selected Operating Data		11
Hotel Operating Expense Composition		11
Debt Summary		12
PORTFOLIO DATA
Portfolio Distribution		14
Detailed Operating Statistics by Brand		15
Detailed Operating Statistics for FelCor’s Top Markets		16
Other Performance Statistics		17
Hotel Portfolio Information		18
Hotel Portfolio Listing		20

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 continuation and magnitude of the current recovery in the economy, the realization of anticipated job growth, 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 security precautions, the availability of capital, the ability to effect sales of non-strategic hotels at anticipated prices, and numerous other factors may affect 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.

2

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

CORPORATE DATA

About the Company

In 1994, FelCor Lodging Trust Incorporated went public as a real estate investment trust (REIT) with six hotels and a market capitalization of $120 million. At March 31, 2004, FelCor was the nation’s second largest lodging REIT and the owner of the largest number of full service, all-suite hotels in the U.S. FelCor’s portfolio is comprised of 158 consolidated hotels, including 156 hotels in continuing operations and 2 hotels that are “held for sale” and included in discontinued operations. For the 156 hotels included in continuing operations, the operating revenues and expenses are reflected in FelCor’s consolidated statements of operations because of our ownership of the operating lessees of these hotels. FelCor also owns 50 percent joint venture interests in the operating lessees of four hotels whose operations are accounted for using the equity method. FelCor owns 71 full service, all-suite hotels, and is the largest owner of Embassy Suites Hotels® and independently owned Doubletree Guest Suites® hotels. FelCor’s portfolio also includes 74 hotels in the upscale and full service segments. The Company’s hotels are located in 33 states and Canada. FelCor had a market capitalization of approximately $3.0 billion at March 31, 2004.

Strategy

FelCor’s hotels are managed by strategic brand managers such as Hilton Hotels Corporation, InterContinental Hotels Group, and Starwood Hotels & Resorts. FelCor is competitively positioned to deliver superior long-term stockholder returns through its strong management team, diversified upscale and full-service hotels, and strategic brand manager alliances.

Stock and Debt Ratings

	Senior Unsecured Debt	Preferred Stock
Moody’s	B1	B3
Standard & Poors	B-	CCC

Stock Exchange Listing
Common Stock (NYSE: FCH)
$1.95 Series A Cumulative Convertible Preferred Stock (NYSE: FCHPRA)
9% Series B Cumulative Redeemable Preferred Stock (NYSE: FCHPRB)

Fiscal Year End
December 31

Number of employees
65

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

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

Information Request
information@felcor.com

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Board of Directors

Donald J. McNamara, Chairman of the Board
Principal, The Hampstead Group

Thomas J. Corcoran, Jr.
President and Chief Executive Officer, FelCor Lodging Trust Incorporated

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

Richard S. Ellwood
President, R.S. Ellwood and Co., Inc.

Richard O. Jacobson
Chairman of the Board, Jacobson Warehouse Company, Inc.

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.

Richard C. North
Chief Executive Officer, InterContinental Hotels Group

Michael D. Rose
Chairman, Gaylord Entertainment Company

Executive Officers

Thomas J. Corcoran, Jr., President and Chief Executive Officer

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

Lawrence D. Robinson, Executive Vice President, General Counsel and Secretary

Jack Eslick, Senior Vice President, Director of Asset Management

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

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

Andrew J. Welch, Senior Vice President and Treasurer

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Equity Research Coverage

Firm	Analyst	Telephone
A.G. Edwards & Sons	Art Havener	(314) 955-3588
Bear Stearns	Mark Abramson	(212) 272-4305
Credit Lyonnais	Bryan A. Maher	(212) 408-5649
Deutsche Bank	Marc Falcone	(212) 469-7417
Friedman, Billings, Ramsey	David Loeb	(703) 469-1289
Green Street Advisors	John Arabia	(949) 640-8780
JPMorgan Chase	Harry C. Curtis	(212) 622-6610
Legg Mason	Rod F. Petrik	(410) 454-4131
Merrill Lynch	David W. Anders	(212) 449-2739
Morgan Stanley	Todd Scott	(212) 761-8033
Prudential	James W. Sullivan	(212) 778-2515
Smith Barney Citigroup	Michael J. Rietbrock	(212) 816-0215
UBS	Keith A. Mills/William B. Truelove	(212) 713-3098
Wachovia Securities	Jeffrey J. Donnelly	(617) 603-4262

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

FINANCIAL HIGHLIGHTS

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

Total Enterprise Value	March 31, 2004			December 31, 2003
Common shares outstanding		59,148			59,120
Units not held by FelCor		3,033			3,034
Combined shares and units		62,181			62,154
Common stock price at end of period	$	10.42		$	11.08
Common equity capitalization	$	647,926		$	688,666
Series A preferred stock		149,512			149,512
Series B preferred stock		169,395			169,395
Consolidated debt		2,033,362			2,037,355
Cash and cash equivalents		(231,586	)		(246,036	)
Total enterprise value(TEV)	$	2,768,609		$	2,798,892
TEV per room(a)	$	68		$	68
Pro rata rooms owned		40,786			41,460
Dividends Per Share
Dividends declared (quarter ended):
Common	$	—		$	—
Series A preferred stock		0.4875			0.4875
Series B preferred stock		0.5625			0.5625
Selected Balance Sheet Data
Investment in hotels, at cost(b)	$	4,292,965		$	4,234,732
Total cash and cash equivalents		231,586			246,036
Total assets		3,561,857			3,590,893
Total debt		2,033,362			2,037,355
Total stockholders’ equity		1,268,923			1,296,272
Total stockholders equity less preferred equity		950,016			977,365
Book value per common share outstanding		16.06			16.53

(a)	Based on pro rata ownership.
(b)	Investment in hotels, at cost, is defined as consolidated hotel book value (after impairment charges) before accumulated depreciation, plus our pro rata share of unconsolidated investment in hotels before accumulated depreciation.

        .

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

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

	Three Months
	Ended March 31,
	2004			2003
Revenues:
Hotel operating revenue:
Room	$	247,395		$	227,659
Food and beverage		47,220			43,628
Other operating departments		16,470			15,284
Retail space rental and other revenue		245			382
Total revenues		311,330			286,953
Expenses:
Hotel departmental expenses:
Room		66,594			59,030
Food and beverage		38,205			35,144
Other operating departments		8,481			7,055
Other property related costs		92,907			85,295
Management and franchise fees		15,857			15,306
Taxes, insurance and lease expense		32,118			31,107
Lease termination expense		4,900			—
Corporate expenses		3,386			3,423
Depreciation		30,714			34,064
Total operating expenses		293,162			270,424
Operating income		18,168			16,529
Interest expense, net		(41,120	)		(39,805	)
Charge-off of deferred financing costs		(230	)		—
Loss before equity in income from unconsolidated entities, minority interests and gain on sale of assets		(23,182	)		(23,276	)
Equity in income from unconsolidated entities		982			(148	)
Minority interests		1,344			1,191
Loss from continuing operations		(20,856	)		(22,233	)
Discontinued operations		157			1,142
Net loss		(20,699	)		(21,091	)
Preferred dividends		(6,726	)		(6,726	)
Net loss applicable to common stockholders	$	(27,425	)	$	(27,817	)
Basic and diluted per common share data:
Net loss from continuing operations	$	(0.47	)	$	(0.50	)
Net loss	$	(0.47	)	$	(0.48	)
Weighted average common shares outstanding		58,937			58,532

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Discontinued Operations
(in thousands)

     Included in discontinued operations are the results of operations of the four hotels sold in the first quarter of 2004, the two hotels designated as held for sale at March 31, 2004, and 16 hotels sold in 2003. Condensed financial information for the hotels included in discontinued operations is as follows:

	Three Months Ended
	March 31,
	2004			2003
Hotel operating revenue	$	4,285		$	20,393
Hotel operating expenses		4,392			19,692
Operating income		(107	)		701
Direct interest costs, net		—			(448	)
Gain on the early extinguishment of debt		—			953
Gain on disposition		272			—
Minority interest		(8	)		(64	)
Income (loss) from discontinued operations	$	157		$	1,142

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Reconciliation of Net Loss to FFO
(in thousands, except per share data)

	Three Months Ended March 31,
	2004								2003
						Per Share								Per Share
	Dollars			Shares		Amount			Dollars			Shares		Amount
Net loss	$	(20,699	)						$	(21,091	)
Preferred dividends		(6,726	)							(6,726	)
Net loss applicable to common stockholders		(27,425	)		58,937	$	(0.47	)		(27,817	)		58,532	$	(0.48	)
Depreciation from continuing operations		30,714					0.52			34,064					0.58
Depreciation from unconsolidated entities and discontinued operations		1,954					0.03			4,902					0.08
Gain on sale of assets		(272	)				(0.01	)		—					—
Lease termination costs		4,900					0.08			—					—
Minority interest in FelCor LP		(1,407	)		3,033		(0.01	)		(1,557	)		3,289		(0.03	)
Conversion of options and unvested restricted stock		—			201		—			—			309		—
FFO	$	8,464			62,171	$	0.14		$	9,592			62,130	$	0.15

Consistent with SEC guidance, FFO has not been adjusted for the following amounts included in net loss (in thousands):

	Three Months Ended
	March 31,
	2004		2003
Charge off of deferred debt costs	$	230	$	—
Gain on early extinguishment of debt		—		(953	)
	$	230	$	(953	)
Per share amounts	$	0.00	$	(0.02	)

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Reconciliation of Net Loss to EBITDA
(in thousands)

	Three Months Ended
	March 31,
	2004			2003
Net loss	$	(20,699	)	$	(21,091	)
Depreciation from continuing operations		30,714			34,064
Depreciation from unconsolidated entities and discontinued operations		1,954			4,902
Gain on sale of assets		(272	)		—
Minority interest in FelCor Lodging LP		(1,407	)		(1,557	)
Lease termination costs		4,900			—
Interest expense		41,844			40,628
Interest expense from unconsolidated entities and discontinued operations		1,320			2,339
Amortization expense		503			516
EBITDA	$	58,857		$	59,801

Consistent with SEC guidance, EBITDA has not been adjusted for the following amounts included in net loss (in thousands):

	Three Months Ended
	March 31,
	2004		2003
Charge off of deferred debt costs	$	230	$	—
Gain on early extinguishment of debt		—		(953	)
	$	230	$	(953	)

     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 measurements of performance to be helpful in evaluating a real estate company’s operations. We consider Funds From Operations, or FFO, and Earnings Before Interest, Taxes, Depreciation, and Amortization, or EBITDA, to be supplemental measures of a REIT’s performance and should be considered along with, but not as an alternative to, net income as a measure of our operating performance.

     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 generally accepted accounting principles), 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 funds from operations on the same basis. We believe that FFO and EBITDA are helpful to investors as a supplemental measure of the performance of an equity REIT. 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.

     FFO and EBITDA should not be considered as alternatives to net income, operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. Neither should FFO, FFO per share and 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.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Hotel Operating Profit
(dollars in thousands)

	Three Months
	Ended March 31,
	2004			2003
Total revenue	$	311,330		$	286,953
Retail space rental and other revenue		(245	)		(382	)
Hotel revenue		311,085			286,571
Hotel operating expenses		(222,044	)		(201,830	)
Hotel operating profit	$	89,041		$	84,741
Operating margin		28.6	%		29.6	%
Corporate expenses		3,386			3,423
Corporate expenses as a percentage of total revenues		1.1	%		1.2	%

Hotel Operating Expense Composition
(dollars in thousands)

	Three Months Ended March 31,
	2004					2003
			% of Hotel					% of Hotel
			Revenue					Revenue
Hotel departmental expenses:
Room	$	66,594		21.4	%	$	59,030		20.6	%
Food and beverage		38,205		12.3			35,144		12.2
Other operating departments		8,481		2.7			7,055		2.5
Total hotel departmental expenses.		113,280		36.4			101,229		35.3
Other property related costs:
Administrative and general		30,430		9.8			29,109		10.2
Marketing and advertising		27,607		8.9			25,122		8.8
Repairs and maintenance		18,277		5.9			16,443		5.7
Energy		16,593		5.3			14,621		5.1
Total other property related costs		92,907		29.9			85,295		29.8
Management and franchise fees		15,857		5.1			15,306		5.3
Hotel operating expenses	$	222,044		71.4	%	$	201,830		70.4	%

	Three Months
	Ended March 31,
	2004			2003
Supplemental information:
Compensation and benefits expense (included in hotel operating expenses)	$	105,336		$	96,777
Reconciliation of total operating expenses to hotel operating expenses:
Total operating expenses	$	293,162		$	270,424
Taxes, insurance and lease expense		(32,118	)		(31,107	)
Lease termination expense		(4,900	)		—
Corporate expenses		(3,386	)		(3,423	)
Depreciation		(30,714	)		(34,064	)
Hotel operating expenses	$	222,044		$	201,830

     Hotel operating profit and operating margin are commonly used measures of performance in our 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 operating profit and operating margin are useful to investors, providing greater transparency related to a significant measure used by management in its financial and operational decision-making.

11

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Debt Summary
(dollars in thousands)

Debt Outstanding

	Encumbered	Interest Rate At			Maturity	Consolidated
	Hotels	March 31, 2004			Date	Debt
Promissory note	none		3.10	%	June 2016	$	650
Senior unsecured term notes	none		4.37	(a)	Oct. 2004		174,920
Senior unsecured term notes	none		5.20	(b)	Oct. 2007		124,642
Senior unsecured term notes	none		10.00		Sept. 2008		597,032
Senior unsecured term notes	none		9.00		June 2011		298,221
Total unsecured debt			8.42				1,195,465
Secured debt facility	14 hotels		—		December 2004(d)		—
Mortgage debt	1 hotel		7.23		September 2005		11,112
Mortgage debt	10 hotels		3.59		May 2006		147,241
Mortgage debt	15 hotels		5.92	(c)	Nov. 2007		130,926
Mortgage debt	1 hotel		4.00		August 2008		15,500
Mortgage debt	7 hotels		7.54		April 2009		91,962
Mortgage debt	6 hotels		7.55		June 2009		69,207
Mortgage debt	8 hotels		8.70		May 2010		177,465
Mortgage debt	7 hotels		8.73		May 2010		137,641
Mortgage debt	8 hotels		7.48		April 2011		50,098
Other	1 hotel		9.17		August 2011		6,745
Total secured debt	78 hotels		6.96				837,897
Total			7.82	%		$	2,033,362

(a)	Represents fixed to floating interest rate swaps at six month LIBOR plus 340 basis points.
(b)	Represents fixed to floating interest rate swaps at six month LIBOR plus 420 basis points.
(c)	Represents weighted average fixed to floating interest rate swaps at six month LIBOR plus 440 basis points for $100 million and a fixed rate of 7.46% for $32 million.
(d)	This facility may be extended by borrower until June 2005.

Our fixed to floating interest rate swaps reduced interest expense for the quarter by $2.8 million.

Fixed interest rate debt to total debt		73.1	%
Weighted average maturity of debt	4.7years
Secured debt to total assets		23.5	%

At March 31, 2004, future scheduled debt principal payments are as follows (in thousands):

	Secured			Unsecured
Year	Debt			Debt			Total
2004	$	13,151		$	175,000		$	188,151
2005		28,089			—			28,089
2006		156,328	(a)		—			156,328
2007		133,793			125,000			258,793
2008		29,300			600,000			629,300
2009 and thereafter		476,114			300,650			776,764
Premium/(discount)		1,122			(5,185	)		(4,063	)
Total debt	$	837,897		$	1,195,465		$	2,033,362

(a) Included is a $150 million non-recourse mortgage loan maturing in 2006, that has two, one-year extension options.

12

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Debt Summary (continued)

     At March 31, 2004, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 20 hotels. These ventures had approximately $212 million of non-recourse mortgage debt, all of which is secured by hotel assets. Our pro rata share of this non-recourse debt is $106 million. Additionally, one joint venture had a full recourse loan for a residential condominium development. Our pro rata share of this recourse loan was $37.1 million at March 31, 2004.

Financing transactions in 2004:

     In March 2004, we elected to terminate our unsecured line of credit arrangement, which will result in a 2004 cost savings of $0.4 million.

     In April 2004, we completed the sale of 4,600,000 shares of our $1.95 Series A Cumulative Preferred Stock. The shares were sold at a price of $23.79 per share, which included dividends of $0.51 per share accrued through April 5, 2004, resulting in proceeds of approximately $107 million.

     During April 2004, we purchased in the open market an aggregate of $23.5 million in principal amount of our 10% Senior Notes due in 2008.

Financing transactions in 2003:

     In June 2003, we entered into a new secured debt delayed draw facility with JPMorgan Chase Bank for up to $200 million. Through the date of this release, there have been no borrowings under this facility and we have an estimated $174 million of borrowing capacity based on the underwritten cash flows of the 14 hotels currently securing this facility. This non-recourse facility has an initial term of 18 months that can be extended for an additional six months at FelCor’s option, and carries a floating interest rate of LIBOR plus 2.25 to 2.75 percent. The outstanding balances on the loan facility may be converted by lender into fixed rate or floating rate commercial mortgage backed security loans, and FelCor has a one-time option to convert $75 million to a floating rate loan. Upon conversion, fixed rate loans will have a term of 10 years and floating rate loans will have a maximum term of five years.

     In June 2003, we reduced our unsecured line of credit commitments to $50 million, and amended covenant levels. As a result of the reduction in commitments, we recorded a $2.8 million charge-off of debt related costs in the second quarter of 2003.

     In May 2003, we prepaid a $7 million non-recourse mortgage loan maturing in 2005. We recognized a gain of $0.3 million associated with the charge-off of unamortized premium on this loan.

     In April 2003, we closed on a $150 million non-recourse loan at a floating interest rate of LIBOR plus 250 basis points, secured by 10 of our hotels and maturing in May 2006, with two, one-year extension options. The proceeds of the debt were used to pay off the then outstanding balance on our line of credit.

     In the first quarter of 2003, we refinanced $16 million of secured debt that was to mature in the fourth quarter of 2003. The loan was refinanced by the existing lender, effective August 2003, for a five-year period at a floating interest rate of LIBOR plus 285 basis points with no required amortization. Another secured loan, maturing in 2003, in the amount of $6 million, was prepaid in the first quarter of 2003. In conjunction with this $6 million early retirement of debt, we recognized a $1 million gain related to the unamortized premium on this debt.

13

FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

PORTFOLIO DATA

Portfolio Distribution at March 31, 2004
(156 consolidated hotels included in continuing operations, same store basis)

					% of			% of 2003 Hotel
Brand	Hotels		Rooms		Total Rooms			Operating Profit(b)
Embassy Suites		56		14,279		33	%		47	%
Holiday Inn®-branded		46		14,637		34			25
Crowne Plaza®		15		5,108		12			7
Sheraton®-branded		10		3,269		7			8
Doubletree®-branded		10		2,206		5			6
Other		19		4,120		9			7

					% of			% of 2003 Hotel
Top Markets	Hotels		Rooms		Total Rooms			Operating Profit
Dallas		15		4,724		11	%		6	%
Atlanta		12		3,514		8			7
San Francisco Bay Area		9		3,255		7			6
Houston		8		1,969		5			3
Orlando		6		2,218		5			4
Los Angeles Area		6		1,492		3			4
Boca Raton/Ft. Lauderdale		4		1,118		3			4
Chicago		4		1,239		3			4
Minneapolis		4		955		2			3
Phoenix		4		1,016		2			3
Philadelphia		3		1,174		3			3
New Orleans		2		746		2			3
San Diego		1		600		1			3

					% of			% of 2003 Hotel
Top Four States	Hotels		Rooms		Total Rooms			Operating Profit
Texas		36		9,904		23	%		16	%
California		20		6,158		14			17
Florida		16		5,342		12			11
Georgia		14		3,868		9			8

					% of			% of 2003 Hotel
Location	Hotels		Rooms		Total Rooms			Operating Profit
Suburban		69		17,649		41	%		39	%
Urban		33		10,543		24			27
Airport		30		9,206		21			22
Highway		12		2,565		6			3
Resort		12		3,676		8			9

					% of			% of 2003 Hotel
Segment	Hotels		Rooms		Total Rooms			Operating Profit
Upscale all-suite		71		17,325		40	%		55	%
Full service		47		15,300		35			26
Upscale		27		9,232		21			17
Limited service		11		1,762		4			2

					% of			% of 2003 Hotel
	Hotels		Rooms		Total Rooms			Operating Profit
Non-Strategic Hotels(a)		29		7,887		18	%		8	%

(a)	Excludes two hotels, that met the “held for sale” accounting requirements, and were included in discontinued operations.
(b)	Hotel operating profit is more fully described on page 11 of this supplement.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

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

	Occupancy (%)
	Three Months Ended March 31,
	2004		2003		% Variance
Embassy Suites Hotels		69.2		66.6		3.9
Holiday Inn-branded hotels		61.2		59.4		3.0
Crowne Plaza hotels		61.0		55.1		10.7
Doubletree-branded hotels		68.6		63.9		7.3
Sheraton-branded hotels		62.2		58.1		7.2
Other hotels		62.7		57.4		9.2
Total hotels		64.4		61.2		5.2

	ADR ($)
	Three Months Ended March 31,
	2004		2003		% Variance
Embassy Suites Hotels		119.30		119.71		(0.3	)
Holiday Inn-branded hotels		78.81		78.69		0.2
Crowne Plaza hotels		87.58		91.75		(4.5	)
Doubletree-branded hotels		103.79		104.01		(0.2	)
Sheraton-branded hotels		97.16		97.72		(0.6	)
Other hotels		81.82		82.25		(0.5	)
Total hotels		97.16		97.86		(0.7	)

	RevPAR ($)
	Three Months Ended March 31,
	2004		2003		% Variance
Embassy Suites Hotels		82.57		79.77		3.5
Holiday Inn-branded hotels		48.25		46.76		3.2
Crowne Plaza hotels		53.44		50.60		5.6
Doubletree-branded hotels		71.23		66.50		7.1
Sheraton-branded hotels		60.46		56.74		6.6
Other hotels		51.27		47.22		8.6
Total hotels		62.57		59.92		4.4

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

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

	Occupancy (%)
	Three Months Ended March 31,
	2004		2003		% Variance
Dallas		55.7		50.1		11.2
Atlanta		66.8		66.4		0.7
San Francisco Bay Area		61.4		59.8		2.6
Houston		72.0		65.3		10.3
Orlando		76.0		65.7		15.6
Los Angeles Area		70.2		70.8		(0.9	)
Boca Raton/Ft. Lauderdale		87.0		82.9		4.9
Chicago		62.2		58.3		6.7
Minneapolis		62.6		59.6		5.1
Phoenix		79.6		80.0		(0.5	)
Philadelphia		56.2		52.6		6.7
New Orleans		66.1		62.2		6.4
San Diego		86.4		78.0		10.7

	ADR ($)
	Three Months Ended March 31,
	2004		2003		% Variance
Dallas		83.98		87.25		(3.7	)
Atlanta		88.54		89.38		(0.9	)
San Francisco Bay Area		105.55		108.41		(2.6	)
Houston		74.79		72.43		3.3
Orlando		83.80		83.48		0.4
Los Angeles Area		107.40		101.43		5.9
Boca Raton/Ft. Lauderdale		139.05		142.23		(2.2	)
Chicago		94.27		101.30		(6.9	)
Minneapolis		120.42		119.86		0.5
Phoenix		127.22		119.27		6.7
Philadelphia		96.14		99.47		(3.3	)
New Orleans		147.76		156.18		(5.4	)
San Diego		114.93		122.13		(5.9	)

	RevPAR ($)
	Three Months Ended March 31,
	2004		2003		% Variance
Dallas		46.76		43.68		7.1
Atlanta		59.14		59.31		(0.3	)
San Francisco Bay Area		64.80		64.85		(0.1	)
Houston		53.84		47.28		13.9
Orlando		63.67		54.87		16.0
Los Angeles Area		75.36		71.79		5.0
Boca Raton/Ft. Lauderdale		120.90		117.92		2.5
Chicago		58.63		59.07		(0.8	)
Minneapolis		75.43		71.42		5.6
Phoenix		101.22		95.36		6.1
Philadelphia		54.00		52.34		3.2
New Orleans		97.74		97.12		0.6
San Diego		99.28		95.28		4.2

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

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

Variance to Prior Year

	Occupancy			ADR			RevPAR
	% Variance			% Variance			% Variance
First Quarter 2002		(11.2	)		(7.8	)		(18.2	)
Second Quarter 2002		(5.1	)		(6.3	)		(11.1	)
Third Quarter 2002		2.4			(4.8	)		(2.4	)
Fourth Quarter 2002		4.4			(1.3	)		3.1
Year 2002		(2.8	)		(5.5	)		(8.1	)
First Quarter 2003		(1.2	)		(4.1	)		(5.3	)
Second Quarter 2003		(3.0	)		(4.8	)		(7.6	)
Third Quarter 2003		0.3			(2.7	)		(2.4	)
Fourth Quarter 2003		0.6			(2.3	)		(1.7	)
Year 2003		(0.6	)		(3.8	)		(4.4	)
January		3.4			(1.2	)		2.2
February		2.3			(1.3	)		0.9
March		8.7			0.2			9.0
First Quarter 2004		5.2			(0.7	)		4.4
April 2004 (through April 25, 2004)		7.9			(0.5	)		7.3

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Hotel Portfolio Information

Pro Rata Share of Rooms Owned

			Room Count at
	Hotels		March 31, 2004
Consolidated hotel in continuing operations		156		43,619
Unconsolidated hotel operations		5		761
Total hotels		161		44,380
50% joint ventures		28		(3,046	)
60% joint ventures		2		(390	)
90% joint ventures		6		(148	)
97% joint venture		1		(10	)
Total joint venture owned rooms				(3,594	)
Pro rata share of rooms owned				40,786

Capital Expenditures (dollars in thousands)

	Three Months Ended			Year Ended
	March 31, 2004			December 31, 2003
Consolidated hotels:
Improvements and additions to hotels	$	12,297		$	64,045
% of total revenue		3.9	%		5.3	%
Unconsolidated hotels (pro rata share):
Improvements and additions to hotels(a)	$	972		$	4,291
% of total revenue		6.8	%		5.7	%

     Our pro rata share of capital expenditures as of March 31, 2004, incurred by our joint venture for construction of a residential condominium project, were $37 million. The funds for this project are funded by recourse secured debt.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Hotel Portfolio Information

Non-Strategic Hotels

     At March 31, 2004, we included in continuing operations 29 hotels identified as non-strategic. The composition, by brand, of the 29 non-strategic hotels is as follows: Holiday Inn-branded (18), Crowne Plaza (3), other brands (7) and one independent hotel. These hotels are expected to be sold within the next 12 to 36 months depending on the individual hotel, market conditions, and other factors.

Operating statistics for our consolidated portfolio of continuing operations:

	Three Months Ended March 31,
	2004		2003		% Variance
Consolidated in Continuing Operations (156 hotels)
Occupancy (%)		64.4		61.2		5.2
ADR ($)		97.16		97.86		(0.7	)
RevPAR ($)		62.57		59.92		4.4
Non-Strategic Hotels (29 hotels)
Occupancy (%)		58.0		51.6		12.5
ADR ($)		72.98		74.28		(1.8	)
RevPAR ($)		42.34		38.30		10.5
Core Hotels (127 hotels)
Occupancy (%)		65.8		63.4		3.9
ADR ($)		101.87		102.10		(0.2	)
RevPAR ($)		67.03		64.69		3.6

     For the quarter ended March 31, 2004, the operating margins for the Core Hotels were 30.3%, while the operating margins for the Non-Strategic Hotels were 18.6%.

Portfolio Changes in 2004

Acquisitions:

• In March 2004, we purchased the 132-room Santa Monica Holiday Inn for $27 million. This hotel has a premier location across from the Santa Monica Pier and the Santa Monica beaches and will continue to be operated as a full service upscale hotel because of high room rates charged in this market.

Dispositions:

• During the three months ended March 31, 2004, we sold four hotels (Crowne Plaza hotels in Houston, TX and Jackson, MS, a Hampton hotel in Omaha, NE, and a Holiday Inn in Plano, TX) for aggregate proceeds of approximately $30 million.

• In April 2004, we sold three hotels (a Holiday Inn in St. Louis, MO, and two hotels in Odessa, TX) for aggregate proceeds of approximately $13 million.

Portfolio Changes in 2003

Dispositions:

• Through December 31, 2003, we sold or otherwise disposed of 16 non-strategic hotels. Disposition proceeds from the 16 non-strategic hotels and two parking garages sold during 2003 totaled approximately $125 million.

Conversions:

• In March, we converted an independent, all-suite hotel in Dallas to a Staybridge Suites® hotel.

• In April, we completed the conversion of the 385-room Hilton Myrtle Beach Resort®, following a $15 million renovation of the former Wyndham®-affiliated property.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Hotel Portfolio Listing

	State	Rooms		% Owned(a)			Brand
Consolidated Continuing Operations
Birmingham	AL		242				Embassy Suites
Montgomery — East I-85	AL		209				Holiday Inn
Phoenix — Biltmore	AZ		232				Embassy Suites
Phoenix Crescent Hotel	AZ		342				Sheraton
Phoenix Scottsdale/Downtown	AZ		218		51	%	Fairfield Inn®
Phoenix Tempe	AZ		224				Embassy Suites
Dana Point — Doheny Beach	CA		195				Doubletree Guest Suites
Irvine — Orange County Airport (Newport Beach)	CA		335				Crowne Plaza
Los Angeles — Anaheim (Located near Disneyland Park)	CA		222				Embassy Suites
Los Angeles — Covina/I-10	CA		259		50	%	Embassy Suites
Los Angeles — El Segundo — International Airport - South	CA		349		97	%	Embassy Suites
Milpitas — Silicon Valley	CA		266				Embassy Suites
Milpitas — San Jose-North (Milpitas — Silicon Valley)	CA		305				Crowne Plaza
Napa	CA		205				Embassy Suites
Oxnard — Mandalay Beach Resort & Conference Center	CA		248				Embassy Suites
Palm Desert — Palm Desert Resort	CA		198				Embassy Suites
Pleasanton (San Ramon Area)	CA		244				Crowne Plaza
San Diego — On the Bay	CA		600				Holiday Inn
San Francisco — Burlingame Airport	CA		340				Embassy Suites
San Francisco — South San Francisco Airport	CA		312				Embassy Suites
San Francisco — Downtown Hotel & Spa	CA		565				Holiday Inn Select
San Francisco — Fisherman’s Wharf	CA		585				Holiday Inn
San Francisco — Union Square	CA		403				Crowne Plaza
San Rafael — Marin County/Conference Center	CA		235		50	%	Embassy Suites
Santa Barbara — Goleta	CA		160				Holiday Inn
Santa Monica — Beach at the Pier	CA		132				Holiday Inn
Avon — Beaver Creek Lodge	CO		72				Independent
Denver — Aurora	CO		248		90	%	Doubletree
Hartford — Downtown(b)	CT		350				Crowne Plaza
Stamford	CT		380				Holiday Inn Select®
Wilmington	DE		244		90	%	Doubletree
Boca Raton	FL		263				Embassy Suites
Cocoa Beach — Oceanfront	FL		500				Holiday Inn
Deerfield Beach — Boca Raton/Deerfield Beach Resort	FL		244				Embassy Suites
Ft. Lauderdale — 17th Street	FL		358				Embassy Suites
Ft. Lauderdale — Cypress Creek	FL		253				Sheraton Suites
Jacksonville — Baymeadows	FL		277				Embassy Suites
Miami — International Airport	FL		316				Embassy Suites

     (a) 100% of real estate interests are owned by FelCor unless otherwise noted.

     (b) These hotels are actively being marketed for sale.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Hotel Portfolio Listing

	State	Rooms		% Owned(a)			Brand
Miami — International Airport (LeJeune Center)	FL		304				Crowne Plaza
Orlando — International Airport	FL		288				Holiday Inn Select
Orlando — International Drive — Resort	FL		650				Holiday Inn
Orlando — International Drive South/Convention Center	FL		244				Embassy Suites
Orlando- Nikki Bird (Maingate — Walt Disney World Area)(b)	FL		530				Holiday Inn
Orlando- (North)	FL		277				Embassy Suites
Orlando — Walt Disney World Resort	FL		229				Doubletree Guest Suites
Tampa — Busch Gardens(b)	FL		406				Holiday Inn
Tampa- On Tampa Bay	FL		203				Doubletree Guest Suites
Atlanta — Airport	GA		378				Crowne Plaza
Atlanta — Airport	GA		233				Embassy Suites
Atlanta — Airport-North	GA		493				Holiday Inn
Atlanta — Buckhead	GA		317				Embassy Suites
Atlanta — Downtown	GA		211		51	%	Courtyard by Marriott®
Atlanta — Downtown	GA		242		51	%	Fairfield Inn
Atlanta — Galleria	GA		278				Sheraton Suites
Atlanta — Gateway — Atlanta Airport	GA		395				Sheraton
Atlanta — Perimeter — Dunwoody	GA		250				Holiday Inn Select
Atlanta — Perimeter Center	GA		241		50	%	Embassy Suites
Atlanta — Powers Ferry	GA		296				Crowne Plaza
Atlanta — South (I-75 & US 41)	GA		180				Holiday Inn
Brunswick	GA		130				Embassy Suites
Columbus — North (I-185 at Peachtree Mall)(b)	GA		224				Holiday Inn
Davenport(b)	IA		279				Holiday Inn
Chicago — The Allerton	IL		443				Crowne Plaza
Chicago — Lombard/Oak Brook	IL		262		50	%	Embassy Suites
Chicago — Northshore/Deerfield (Northbrook)	IL		237				Embassy Suites
Chicago O’Hare Airport	IL		297				Sheraton Suites
Moline — Airport(b)	IL		216				Holiday Inn
Moline — Airport Area(b)	IL		110				Holiday Inn Express
Indianapolis — North	IN		221		50	%	Embassy Suites
Kansas City — Overland Park	KS		199		50	%	Embassy Suites
Lexington	KY		155				Sheraton Suites
Lexington — Lexington Green	KY		174				Hilton Suites®
Baton Rouge	LA		223				Embassy Suites
New Orleans	LA		372				Embassy Suites
New Orleans — French Quarter	LA		374				Holiday Inn
Boston — Government Center	MA		303				Holiday Inn Select
Boston — Marlborough	MA		229				Embassy Suites
Baltimore — BWI Airport	MD		251		90	%	Embassy Suites
Troy — North (Auburn Hills)	MI		251		90	%	Embassy Suites
Bloomington	MN		219				Embassy Suites
Minneapolis — Airport	MN		310				Embassy Suites
Minneapolis — Downtown(b)	MN		216				Embassy Suites

     (a) 100% of real estate interests are owned by FelCor unless otherwise noted.

     (b) These hotels are actively being marketed for sale.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Hotel Portfolio Listing

	State	Rooms		% Owned(a)			Brand
St. Paul — Downtown	MN		210				Embassy Suites
Kansas City — NE I-435 North (At Worlds of Fun)	MO		165				Holiday Inn
Kansas City — Plaza	MO		266		50	%	Embassy Suites
St. Louis — Downtown	MO		297				Embassy Suites
Jackson — North(b)	MS		222				Holiday Inn & Suites®
Olive Branch Whispering Woods Hotel and Conference Center	MS		181				Independent
Charlotte	NC		274		50	%	Embassy Suites
Charlotte SouthPark	NC		208				Doubletree Guest Suites
Raleigh	NC		203				Doubletree Guest Suites
Raleigh — Crabtree	NC		225		50	%	Embassy Suites
Omaha(b)	NE		108				Homewood Suites
Omaha — Central(b)	NE		187				Doubletree Guest Suites
Omaha — Central(b)	NE		131				Hampton Inn
Omaha — Central (I-80) (b)	NE		383				Holiday Inn
Omaha — Old Mill	NE		223				Crowne Plaza
Omaha — Southwest(b)	NE		78				Holiday Inn Express & Suites®
Parsippany	NJ		274		50	%	Embassy Suites
Piscataway — Somerset	NJ		224				Embassy Suites
Secaucus — Meadowlands(b)	NJ		304				Crowne Plaza
Secaucus — Meadowlands	NJ		261		50	%	Embassy Suites
Albuquerque — Mountain View (at I-40 & I-25)(b)	NM		360				Holiday Inn
Cleveland — Downtown(b)	OH		268				Embassy Suites
Tulsa — I-44	OK		244				Embassy Suites
Philadelphia — Center City	PA		445				Crowne Plaza
Philadelphia — Historic District	PA		364				Holiday Inn
Philadelphia — Society Hill	PA		365				Sheraton
Pittsburgh — At University Center (Oakland)	PA		251				Holiday Inn Select
Charleston — Mills House (Historic Downtown)	SC		214				Holiday Inn
Myrtle Beach — At Kingston Plantation	SC		255				Embassy Suites
Myrtle Beach Resort	SC		385				Hilton
Knoxville — Central At Papermill Road	TN		240				Holiday Inn
Nashville — Airport/Opryland Area	TN		296				Embassy Suites
Nashville — Opryland/Airport (Briley Parkway)	TN		382				Holiday Inn Select
Amarillo — I-40(b)	TX		248				Holiday Inn
Austin	TX		189		90	%	Doubletree Guest Suites
Austin — North	TX		260		50	%	Embassy Suites
Austin — Town Lake (Downtown Area)	TX		320				Holiday Inn
Beaumont — I-10 (Midtown)(b)	TX		190				Holiday Inn
Corpus Christi	TX		150				Embassy Suites
Dallas	TX		295				Crowne Plaza Suites®
Dallas — At Campbell Centre	TX		300		90	%	Doubletree
Dallas — Dallas Park Central	TX		114				Staybridge Suites
Dallas — DFW International Airport-North(b)	TX		506				Harvey Hotel
Dallas — DFW International Airport-North	TX		164				Harvey Suites®
Dallas — DFW International Airport-South	TX		305				Embassy Suites

     (a) 100% of real estate interests are owned by FelCor unless otherwise noted.

     (b) These hotels are actively being marketed for sale.

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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004

Hotel Portfolio Listing

	State	Rooms		% Owned(a)			Brand
Dallas — Love Field	TX		248				Embassy Suites
Dallas — Market Center	TX		354				Crowne Plaza
Dallas — Market Center	TX		244				Embassy Suites
Dallas — North Dallas Addison (Near the Galleria)(b)	TX		429				Crowne Plaza
Dallas — Park Central	TX		438		60	%	Sheraton
Dallas — Park Central	TX		536		60	%	Westin
Dallas — Park Central Area	TX		279				Embassy Suites
Dallas — Regal Row	TX		203		51	%	Fairfield Inn
Dallas — West End/Convention Center	TX		309				Hampton Inn
Houston — Greenway Plaza Area	TX		355				Holiday Inn Select
Houston — I-10 East	TX		160		51	%	Fairfield Inn
Houston — I-10 East	TX		90		51	%	Hampton Inn
Houston — I-10 West & Hwy. 6 (Park 10 Area)	TX		349				Holiday Inn Select
Houston — Intercontinental Airport	TX		415				Holiday Inn
Houston — Medical Center	TX		284				Holiday Inn & Suites
Houston — Near the Galleria	TX		209		51	%	Courtyard by Marriott
Houston — Near the Galleria	TX		107		51	%	Fairfield Inn
Midland — Country Villa(b)	TX		250				Holiday Inn
Odessa — Centre(c)	TX		245				Holiday Inn & Suites
San Antonio — Downtown (Market Square)	TX		315				Holiday Inn
San Antonio — International Airport	TX		261		50	%	Embassy Suites
San Antonio — International Airport	TX		397				Holiday Inn Select
San Antonio — N.W. I-10	TX		216		50	%	Embassy Suites
Waco — I-35(b)	TX		170				Holiday Inn
Salt Lake City — Airport(b)	UT		191				Holiday Inn
Burlington Hotel & Conference Center	VT		309				Sheraton
Vienna — At Tysons Corner	VA		437		50	%	Sheraton
Canada
Toronto — Airport	Ontario		445				Holiday Inn Select
Toronto — Yorkdale	Ontario		370				Holiday Inn
Hotels Included in Discontinued Operations
St. Louis — Westport(c)	MO		316				Holiday Inn
Odessa(c)	TX		186				Holiday Inn Express & Suites
Unconsolidated Operations
Hays	KS		114		50	%	Hampton Inn
Hays	KS		191		50	%	Holiday Inn
Salina	KS		192		50	%	Holiday Inn
Salina — I-70	KS		93		50	%	Holiday Inn Express & Suites
New Orleans — Chateau LeMoyne (In French Quarter/Historic Area)	LA		171		50	%	Holiday Inn

     (a) 100% of real estate interests are owned by FelCor unless otherwise noted.

     (b) These hotels are actively being marketed for sale.

     (c) These hotels were sold in April 2004.

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