Prospectus excerpt:  Each of the 5,400,000 depositary shares being offered to you represents a 1/100 fractional interest in a share of 8% Series C Cumulative Redeemable Preferred Stock of FelCor Lodging Trust Incorporated deposited with SunTrust Bank, as depositary, and entitles the holder to all proportional rights and preferences of the Series C preferred stock, including dividend, voting, redemption and liquidation rights, preferences, privileges and obligations of an owner. The liquidation preference of each share of Series C preferred stock is $2,500 (equivalent to $25 per depositary share). See ÙDescription of Series C Preferred Stock and Depositary Shares.ˆ

Dividends on the Series C preferred stock represented by the depositary shares will be cumulative from the date of original issue and will be payable quarterly on the last calendar day of January, April, July and October of each year, commencing on July 31, 2005, at the rate of 8% of the liquidation preference per year (equivalent to $2.00 per year per depositary share). See ÙDescription of Series C Preferred Stock and Depositary Shares ? Dividends.ˆ