SUPPLEMENT TO JOINT PROXY STATEMENT/PROSPECTUS

FelCor and RLJ have agreed to make the following amended and supplemental disclosures to the Definitive Proxy Statement.This supplemental information should be read in conjunction with the Definitive Proxy Statement, which should be read in its entirety. Pagereferences in the below disclosures are to the Definitive Proxy Statement, and defined terms used but not defined herein have the meanings set forth in the Definitive Proxy Statement. Without admitting in any way that the disclosures below are material or otherwise required by law, FelCor and RLJ make the following amended and supplemental disclosures:

The section of the Definitive Proxy Statement entitled “The REIT Merger—Background of the Mergers” is amended and supplemented as follows:

The third full paragraph on page74 of the Definitive Proxy Statement is replaced, in its entirety, with the following:

On April21, 2017, the FelCor Board was furnished with an updated memorandum, dated April19, 2017, disclosing certain relationships between BofA Merrill Lynch and its affiliates, on the one hand, and FelCor, RLJ and AHT and certain of their affiliates, on the other hand, during the prior two calendar years as well as the first quarter of 2017. Such memorandum disclosed, among other things, that BofA Merrill Lynch had received from AHT and certain of its affiliates corporate banking and global markets revenues of less than $1 million in each of calendar years 2015 and 2016, and less than $100,000 in the first quarter of 2017.

The section of the Definitive Proxy Statement entitled “The REIT Merger—Opinion of RLJ’s Financial Advisor” is amended and supplemented as follows:

The second and third full paragraphs on page86 of the Definitive Proxy Statement under the subheading “—Discounted Cash Flow Analysis” are replaced, in their entirety, with the following:

To calculate the estimated enterprise value of RLJ using the discounted cash flow method, Barclays added RLJ’s (i)projected unlevered free cash flows for fiscal years 2017 through 2021 based on the RLJ Projections to (ii)the “terminal value” as of 2022 for RLJ, and discounted such amounts to their respective present value using a range of selected discount rates. The unlevered free cash flows were calculated by taking earnings before interest, tax expense, depreciation and amortization (“EBITDA”) and subtracting capital expenditures, taxes and working capital requirements. The residual value of RLJ at the end of the forecast period, or “terminal value,” was estimated by selecting a range of multiples of 11.5x to 12.5x, which was based on Barclays’ professional judgment and experience, and which was applied to the estimated 2022 EBITDA. The cash flows and terminal values were then discounted to present value as of December31, 2016 using discount rates ranging from 8.5% to 9.5%. The range of discount rates was selected based on an analysis of the weighted average cost of capital of RLJ utilizing the capital asset pricing model (“CAPM”). Barclays then calculated a range of implied prices per share of RLJ by subtracting estimated net debt as of December31, 2016 from the estimated enterprise value using the discounted cash flow method and dividing such amount by the fully diluted number of RLJ Common Shares.

To calculate the estimated enterprise value of FelCor using the discounted cash flow method, Barclays added FelCor’s (i)projected unlevered free cash flows for fiscal years 2017 through 2021 based on the Adjusted FelCor Projections, (ii)the “terminal value” as of 2022 for FelCor, and discounted such amounts to their respective present value using a range of selected discount rates, (iii)projected unlevered free cash flows for one asset subject to a ground lease expected to be terminated in the future, discounted to its present value using a range of selected discount rates and (iv)the estimated market value provided by management of RLJ for select assets not included in the unlevered free cash flows or terminal value of FelCor. The unlevered free cash flows were calculated by taking EBITDA and subtracting capital expenditures, taxes or other working capital requirements. The residual value of FelCor at the end of the forecast period, or “terminal value,” was estimated by selecting a range of multiples of 12.0x to 13.0x, which was based on Barclays’ professional judgment and experience, and which was applied to the estimated 2022 EBITDA. The cash flows and terminal values were then discounted to present value as of December31, 2016 using discount rates ranging from 9.0% to 10.0%. The range of discount rates was

selected based on an analysis of the weighted average cost of capital of FelCor utilizing the CAPM. Barclays then calculated a range of implied prices per share of FelCor by subtracting estimated net debt (as adjusted for expected net cash proceeds for one asset under contract for sale at the time of signing the Merger Agreement) and the liquidation value of convertible preferred equity as of December31, 2016 from the estimated enterprise value using the discounted cash flow method and dividing such amount by the fully diluted number of shares of FelCor Common Stock. The following summarizes the result of these calculations for each of RLJ and FelCor:

The first full paragraph on page88 of the Definitive Proxy Statement under the subheading “—Selected Comparable Public Company Analysis” is replaced, in its entirety, with the following:

Barclays calculated and compared various financial multiples and ratios of RLJ, FelCor and the selected primary comparable companies. As part of its selected comparable company analysis, Barclays calculated and analyzed each company’s ratio of its enterprise value to its calendar year 2017 estimated EBITDA (which we refer to as “2017E EBITDA”) based on Wall Street research consensus estimates. The results of this selected comparable company analysis for RLJ and FelCor are summarized below:

The second full paragraph on page89 of the Definitive Proxy Statement under the subheading “—Selected Precedent Transaction Analysis” is replaced, in its entirety, with the following:

Using publicly available information, Barclays analyzed the ratio of the enterprise value paid for the target company in each transaction to the EBITDA for the target company for the preceding twelve month reporting period from when the applicable transaction was announced (“LTM EBITDA”). The following summarizes the result of these calculations:

The following table is added to the Definitive Proxy Statement immediately following the second full paragraph on page89 of the Definitive Proxy Statement under the subheading “—Selected Precedent Transaction Analysis”:

Precedent Transaction Multiples (calculated using trailing twelve month EBITDA)

The first full paragraph on page90 of the Definitive Proxy Statement under the subheading “—General” is replaced, in its entirety, with the following:

Barclays is acting as financial advisor to RLJ in connection with the Mergers and will receive a fee for its services of approximately $11million if the Mergers consummate, $1million of which was payable upon rendering its opinion and the remainder of which is contingent upon the consummation of the Mergers. RLJ has agreed to reimburse Barclays for its reasonable expenses and indemnify Barclays for certain liabilities that may arise out of its engagement. Barclays has performed various investment banking services for RLJ in the past, and expects to perform such services in the future, and has received, and expects to receive, customary fees for such services. Specifically, in the past three years, Barclays has performed the following investment banking and financial services: (i)in May2014, as lead underwriter for RLJ’s public offering of RLJ Common Shares and (ii)currently as a lender in RLJ’s revolving credit facility. Other than acting as solicitation agent on the consent solicitation relating to a proposed amendment to the indenture governing FelCor Lodging Limited Partnership’s 6.00% Senior Notes due 2025, Barclays has not provided investment banking or financial services to FelCor in the past two years. Barclays will receive customary fees related to the consent solicitation.

The section of the Definitive Proxy Statement entitled “The REIT Merger—Opinion of FelCor’s Financial Advisor” is amended and supplemented as follows:

The second full paragraph on page94 of the Definitive Proxy Statement under the subheading “—Selected Publicly Traded Companies Analyses” is replaced, in its entirety, with the following:

FelCor.In performing a selected public companies analysis of FelCor, BofA Merrill Lynch reviewed publicly available financial and stock market information for FelCor and twelve selected companies that BofA Merrill Lynch viewed as generally relevant as U.S. publicly traded lodging REITs (which we refer to as the “FelCor selected REITs”). BofA Merrill Lynch reviewed, among other things, enterprise values of the FelCor selected REITs, calculated as equity values based on closing stock prices on April21, 2017, plus debt, preferred stock and minority interest, and less cash and cash equivalents, as a multiple of calendar year 2017 estimated earnings before interest, taxes, depreciations and amortization, commonly referred to as EBITDA. Financial data of the FelCor selected REITs (other than RLJ) were based on public filings and publicly available consensus estimates. Financial data of FelCor were based on the FelCor forecasts. Financial data of RLJ were based on the RLJ forecasts. The FelCor selected REITs and their respective multiples are as follows:

The bulleted list immediately following the second full paragraph on page94 of the Definitive Proxy Statement under the subheading “—Selected Publicly Traded Companies Analyses” is replaced, in its entirety, with the following:

The first paragraph immediately following the bulleted list on page94 of the Definitive Proxy Statement under the subheading “—Selected Publicly Traded Companies Analyses” beginning with “BofA Merrill Lynch reviewed, among other things, enterprise values of the FelCor selected REITS…” is deleted in its entirety.

The last paragraph on page94 (which continues onto page95) of the Definitive Proxy Statement under the subheading “—Selected Publicly Traded Companies Analyses” is replaced, in its entirety, with the following:

RLJ.In performing a selected public companies analysis of RLJ, BofA Merrill Lynch reviewed publicly available financial and stock market information for RLJ and the sixteen selected companies that BofA Merrill Lynch viewed as generally relevant as U.S. publicly traded REITs, consisting of twelve U.S. publicly traded full service lodging REITs, which we refer to as the RLJ selected full service REITs, and four U.S. publicly traded select service lodging REITs, which we refer to as the RLJ selected select service REITs and, together with the RLJ selected full service REITs, collectively refer to as the RLJ selected REITs. BofA Merrill Lynch reviewed, among other things, enterprise values of the RLJ selected REITs, calculated as equity values based on closing stock prices on April21, 2017, plus debt, preferred stock and minority interest, less cash and cash equivalents, as a multiple of calendar year 2017 estimated EBITDA. Financial data of the RLJ selected REITs (other than FelCor) were based on public filings and publicly available consensus estimates. Financial data of RLJ were based on the RLJ forecasts. Financial data of FelCor were based on the FelCor forecasts. The RLJ selected REITs and their respective multiples are as follows:

The bulleted list on page95 of the Definitive Proxy Statement under the subheading “—Selected Publicly Traded Companies Analyses” is replaced, in its entirety, with the following:

The first paragraph immediately following the bulleted list on page95 of the Definitive Proxy Statement under the subheading “—Selected Publicly Traded Companies Analyses” beginning with “BofA Merrill Lynch reviewed, among other things, enterprise values of the RLJ selected REITS…” is deleted in its entirety.

The first paragraph on page96 of the Definitive Proxy Statement under the subheading “—Selected Publicly Precedent Transactions Analyses” is replaced, in its entirety, with the following:

BofA Merrill Lynch reviewed, to the extent publicly available, financial information relating to twenty selected transactions involving companies in the lodging industry. BofA Merrill Lynch reviewed transaction values, calculated as the enterprise value implied for the target company based on the consideration payable in the selected transaction, as a multiple of the target company’s one-year forward estimated EBITDA (which we refer to in this section of this proxy statement as one-year forward EBITDA multiples). The observed median and mean one-year forward estimated EBITDA multiples for the selected transactions were 12.4x and 12.9x, respectively. BofA Merrill Lynch then deducted from FelCor’s 2017 estimated EBITDA the EBITDA attributable to certain assets that were assumed for disposition in the FelCor forecasts. BofA Merrill Lynch then applied a selected range of one-year forward estimated EBITDA multiples of 11.0x to 14.0x, derived from the selected transactions to FelCor’s calendar year 2017 estimated EBITDA, as adjusted for dispositions. Estimated financial data of the selected transactions were based on publicly available information at the time of announcement of the relevant transaction. Estimated financial data of FelCor were based on the FelCor forecasts. Net disposition proceeds, after transaction costs and debt attributable to the disposed assets, totaled $514million, per the FelCor forecasts, and were assumed as cash on the balance sheet for the purposes of BofA Merrill Lynch’s analysis. The selected transactions and their respective multiples are as follows:

The bulleted list immediately following the first paragraph on page96 of the Definitive Proxy Statement under the subheading “—Selected Publicly Precedent Transactions Analyses” is replaced, in its entirety, with the following: