SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    FORM 10-Q

                  Quarterly Report Under Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



         For the Period ended September 30, 1998 Commission File 0-14540


                           FAMOUS HOST LODGING V, L.P.

             (Exact name of registrant as specified in its charter)


          CALIFORNIA                                       94-2933595
-------------------------------                       -------------------
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)


2030 J Street
Sacramento, California                                     95814
--------------------------------------                   ----------
Address of principle executive offices                    Zip Code


Registrant's telephone number,
Including area code                                    (916) 442 - 9183

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.


Yes  XX     No __








<PAGE>
















                           FAMOUS HOST LODGING V, L.P.

                       (A California Limited Partnership)

                              FINANCIAL STATEMENTS

                           SEPTEMBER 30, 1998 AND 1997




































<PAGE>


                           FAMOUS HOST LODGING V, L.P.

                       (A California Limited Partnership)

                                      INDEX


Financial Statements:                                                   PAGE

Balance Sheet - September 30, 1998 and December 31, 1997                  2

Statement of Operations - Nine Months Ended
September 30, 1998 and 1997                                               3

Statement of Changes in Partners' Equity -
Nine Months Ended September 30, 1998 and 1997                             4

Statement of Cash Flows - Nine Months Ended
September 30, 1998 and 1997                                               5

Notes to Financial Statements                                           6 - 7

Management Discussion and Analysis                                      8 - 9

Other Information and Signatures                                       10 - 11
































<PAGE>

                          Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                                  Balance Sheet
                    September 30, 1998 and December 31, 1997

                                                       9/30/98        12/31/97
                                                      ----------    -----------
                                     ASSETS
Current Assets:
   Cash and temporary investments                    $   455,904   $    146,113
   Accounts receivable                                    23,253         32,624
   Prepaid expenses                                       46,524         37,862
                                                      ----------    -----------
    Total current assets                                 525,681        216,599
                                                      ----------    -----------

Property and Equipment:
   Buildings                                           4,077,604      4,077,604
   Furniture and equipment                             1,314,324      1,294,151
                                                      ----------    -----------
                                                       5,391,928      5,371,755
   Accumulated depreciation                           (3,377,016)    (3,190,183)
                                                      ----------    -----------

    Property and equipment, net                        2,014,912      2,181,572
                                                      ----------    -----------

Other Assets:                                             32,294         32,294
                                                      ----------    -----------

    Total Assets                                     $ 2,572,887   $  2,430,465
                                                      ==========    ===========

                        LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
   Accounts payable and accrued liabilities              224,186        176,765
                                                      ----------    -----------
    Total liabilities                                    224,186        176,765
                                                      ----------    -----------

Contingent Liabilities (See Note 1)

Partners' Equity:
   General Partners                                        5,165          3,385
   Limited Partners: 10,000 units authorized,
   9,022 issued and outstanding                        2,343,536      2,250,315
                                                      ----------    -----------
    Total partners' equity                             2,348,701      2,253,700
                                                      ----------    -----------

Total Liabilities and Partners' Equity               $ 2,572,887   $  2,430,465
                                                      ==========    ===========



    The accompanying notes are an integral part of the financial statements.

                                      - 2 -
<PAGE>
                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                             Statement of Operations
             For the Nine Months Ending September 30, 1998 and 1997

                               Three Months Nine Months Three Months Nine Months
                                  Ended        Ended        Ended        Ended
                                 9/30/98      9/30/98      9/30/97      9/30/97
                               ----------   ----------   ----------   ----------

Income:
 Hotel room                   $   742,075  $ 2,059,813  $   635,960  $ 1,927,711
 Restaurant                        93,972      333,091      177,411      497,360
 Telephone and vending              8,742       32,684       17,179       44,088
 Interest                           2,051        3,699         (428)       5,438
 Other                             16,750       46,395       10,003       32,820
                               ----------   ----------   ----------   ----------
  Total Income                    863,590    2,475,682      840,125    2,507,417
                               ----------   ----------   ----------   ----------

Expenses:
 Hotel operating expenses
  (Note 2)                        515,455    1,450,936      474,088    1,386,327
 Restaurant operations
  (Note 2)                        127,628      427,560      236,518      654,404
 General and administrative        25,389      109,519       12,374       52,571
 Depreciation and amortization     56,222      186,833       69,779      209,771
 Property management fees          42,785      122,831       41,907      124,828
                               ----------   ----------   ----------   ----------
  Total Expenses                  767,479    2,297,679      834,666    2,427,901
                               ----------   ----------   ----------   ----------

 Net Income (Loss)            $    96,111  $   178,003  $     5,459  $    79,516
                               ==========   ==========   ==========   ==========

Net Income (Loss) Allocable
 to General Partners                 $961       $1,780          $55         $795
                               ==========   ==========   ==========   ==========

Net Income (Loss) Allocable
 to Limited Partners              $95,150     $176,223       $5,404      $78,721
                               ==========   ==========   ==========   ==========

Net Income (Loss)
 per Partnership Unit              $10.55       $19.53        $0.60        $8.73
                               ==========   ==========   ==========   ==========

Distribution to Limited
 Partners per Partnership Unit      $0.00        $9.20        $9.20       $27.60
                               ==========   ==========   ==========   ==========






    The accompanying notes are an integral part of the financial statements.

                                      - 3 -
<PAGE>
                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                    Statement of Changes in Partners' Equity
             For the Nine Months Ending September 30, 1998 and 1997


                                                          1998          1997
                                                       ----------    ----------

General Partners:
 Balance at beginning of year                         $     3,385   $     3,836
 Net income (loss)                                          1,780           795
                                                       ----------    ----------
  Balance at end of period                                  5,165         4,631
                                                       ----------    ----------


Limited Partners:
 Balance at beginning of year                           2,250,315     2,626,948
 Net income (loss)                                        176,223        78,721
 Distributions to limited partners                        (83,002)     (249,007)
                                                       ----------    ----------
  Balance at end of period                              2,343,536     2,456,662
                                                       ----------    ----------

  Total Partners' Equity                              $ 2,348,701   $ 2,461,293
                                                       ==========    ==========





























    The accompanying notes are an integral part of the financial statements.

                                      - 4 -
<PAGE>
                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                             Statement of Cash Flows
             For the Nine Months Ending September 30, 1998 and 1997

                                                        1998            1997
                                                     -----------    -----------
Cash flows from operating activities:
 Received from hotel and restaurant revenues        $  2,481,354   $  2,503,228
 Expended for hotel and restaurant operation
  and general and administrative expenses             (2,072,087)    (2,180,831)
 Interest received                                         3,699          7,151
                                                     -----------    -----------
    Net cash provided (used) by operating activities     412,966        329,548
                                                     -----------    -----------

Cash flows from investing activities:
 Purchases of property and equipment                     (20,173)       (27,818)
 Proceeds from sale of equipment                             -              230
                                                     -----------    -----------
    Net cash provided (used) by investing activities     (20,173)       (27,588)
                                                     -----------    -----------

Cash flows from financing activities:
 Distributions paid to limited partners                  (83,002)      (249,007)
                                                     -----------    -----------
    Net cash provided (used) by operating activities     (83,002)      (249,007)
                                                     -----------    -----------

    Net increase (decrease) in cash
      and temporary investments                          309,791         52,953

    Cash and Temporary Investments:
       Beginning of year                                 146,113        246,283
                                                     -----------    -----------

          End of Period                             $    455,904   $    299,236
                                                     ===========    ===========

Reconciliation  of net income  (loss) to net cash  provided  (used) by operating
activities:

   Net income (loss)                                $    178,003   $     79,516
                                                     -----------    -----------
 Adjustments to reconcile net income to net cash used by operating activities:
    Depreciation and amortization                        186,833        209,771
    (Gain) loss on disposition of property
     and equipment                                           -             (230)
    (Increase) decrease in accounts receivable             9,371          2,962
    (Increase) decrease in prepaid expenses               (8,662)       (13,793)
    Increase (decrease) in accounts payable
      and accrued liabilities                             47,421         51,322
                                                     -----------    -----------
           Total adjustments                             234,963        250,032
                                                     -----------    -----------
           Net cash provided (used) by
             operating activities                   $    412,966   $    329,548
                                                     ===========    ===========
    The accompanying notes are an integral part of the financial statements.
                                      - 5 -
<PAGE>
                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                          Notes to Financial Statements
                           September 30, 1998 and 1997

Note 1:
The attached interim financial  statements include all adjustments which are, in
the opinion of management,  necessary to a fair statement of the results for the
period presented.

Users  of  these  interim  financial  statements  should  refer  to the  audited
financial  statements  for the year  ended  December  31,  1997  for a  complete
disclosure  of  significant  accounting  policies and practices and other detail
necessary for a fair presentation of the financial statements.

Long-lived  assets are reviewed  for  impairment  whenever  events or changes in
circumstatnces indicate that the carrying amount may not be recoverable.  If the
sum of the  expected  future  undiscounted  cash flows is less than the carrying
amount of the asset, a loss is recognized  for the  difference  between the fair
value and the carrying value of the asset.

In accordance  with the  partnership  agreement,  the following  information  is
presented  related to fees paid to the General  Partners or  affiliates  for the
period.

   Property Management Fees                 $122,831

In February,  1991 the Partnership  terminated its franchise and its affiliation
with Super 8 Motels, Inc. and began operating as a Holiday Inn. Accordingly,  no
franchise or  advertising  fees have been paid to the General  Partners or their
affiliates for the period.

Partnership  management  fees  and  subordinated  incentive   distributions  are
contingent  in nature  and none have been  accrued or paid  during  the  current
period.

Note 2:
The following table summarizes the major components of hotel operating  expenses
for the periods reported:

















                                      - 6 -

<PAGE>
                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                    Notes to Financial Statements (Continued)
                           September 30, 1998 and 1997

                              Three Months Nine Months  Three Months Nine Months
                                  Ended        Ended        Ended        Ended
                                 9/30/98      9/30/98      9/30/97      9/30/97
                               ----------   ----------   ----------   ----------
Hotel operating costs:
Salaries and related expenses $   124,057  $   372,985  $   117,271  $   361,159
Rent                               70,806      197,257       60,991      184,586
Franchise, advertising and
 reservation fees                  52,333      143,909       45,383      137,479
Utilities                          48,493      110,747       54,594      121,026
Allocated costs, mainly
 indirect salaries                 49,964      147,481       43,878      132,302
Maintenance, repairs and
 replacements                      51,575      140,490       49,215      118,310
Property taxes                     15,894       47,943       16,028       47,768
Property insurance                 10,269       31,333        9,168       32,184
Other operating expenses           92,064      258,791       77,560      251,513
                               ----------   ----------   ----------   ----------
Total hotel
 operating expenses           $   515,455  $ 1,450,936  $   474,088  $ 1,386,327
                               ==========   ==========   ==========   ==========

Restaurant operating costs:
Salaries and related expenses $    50,124  $   176,099  $   102,794  $   291,574
Cost of food and beverage          37,065      121,995       76,845      207,861
Rent                                9,168       32,063       16,662       47,421
Utilities                          14,739       34,752       15,949       38,581
Property taxes                      2,550        7,810        2,632        7,876
Property insurance                  2,286        6,809        2,061        6,716
Other operating expenses           11,696       48,032       19,575       54,375
                               ----------   ----------   ----------   ----------

                              $   127,628  $   427,560  $   236,518  $   654,404
                               ==========   ==========   ==========   ==========

There are certain administrative  expenses allocated between the Partnership and
other  partnerships  managed by the General  Partner and its  affiliates.  These
expenses,  which are based on usage,  are telephone,  data  processing,  rent of
administrative office and administrative salaries.  Management believes that the
methods used to allocate shared administrative expenses are accurate.

The following  additional material contingencies  are required to be restated in
interim reports under federal securities law:  None.









                                      - 7 -

<PAGE>
                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                       MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION
                               SEPTEMBER 30, 1998

LIQUIDITY AND CAPITAL RESOURCES

         As of  September  30,  1998,  the  Partnership  has  current  assets of
$525,681 and current  liabilities of $224,186  creating an operating  reserve of
$301,495. Distributions to the limited partners have been suspended to replenish
the operating reserves.

         The Partnership expended for renovations and replacements $71,679 which
is equal to 3.5% of guest room revenue (of which $20,173 was capitalized) during
the period covered by this report.  Included in these  expenditures  was $15,173
for guest room carpet replacement, $5,000 for new faces on the restaurant signs,
$6,660 for replacement  air-conditioners,  $5,200 for pool deck repairs,  $5,491
for replacement chairs and $18,915 for roof repairs.

RESULTS OF OPERATIONS

         The following is a comparison  of operating  results for the nine month
periods ended September 30, 1998 and September 30, 1997.

         Total income decreased  $31,735 or 1.3%. Hotel room revenues  increased
$132,102 or 6.9%, due to a slight increase in guest room occupancy from 72.0% in
1997 to 73.0% in 1998 and an increase  in the  average  room rate from $66.23 in
1997 to $69.88 in 1998. The $164,269 or 33.0% decrease in restaurant revenue was
due to a reduction in the restaurant  hours of operations from 16 hours daily to
7 hours daily.

         Total  expenditures  decreased  $130,222 or 5.4%.  Restaurant  expenses
decreased  $226,844 or 34.7%.  This decrease is associated  with the decrease in
restaurant hours of operation.  Hotel operating  expenses  increased  $64,609 or
4.7%.  Maintenance and repair  expenses  increased due to Holiday Inn inspection
standards   requirements.   Allocated  expenses  increased  due  to  legal  fees
associated with the proposed sale of the hotel.

FUTURE TRENDS

         The General Partners expect the hotel's  performance  during 1998 to be
substantially   unchanged  from  1997.  Changes  in  restaurant   personnel  and
procedures  are  expected to continue  bringing  improved  results.  The General
Partners  expect that these  changes  will result in a reduction in the net loss
experienced by the restaurant operation.

         As discussed in more detail in the  following  section  labeled  "Legal
Proceedings,"  the General Partners have agreed to offer the motels for sale and
to present  any offer that equal or exceeds 75% of the  appraised  value for the
approval of the Limited Partners.







                                      - 8 -
<PAGE>
                           FAMOUS HOST LODGING V, L.P.
                       (A California Limited Partnership)
                       MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION
                         SEPTEMBER 30, 1998 (Continued)

         In 1996 the computers used by the  Partnership at the Managing  General
Partner's  offices in Sacramento  were  updated.  In the process of updating its
hardware and software,  the Managing  General  Partner  eliminated any potential
Year 2000  problem  with  respect to such  computers.  Similarly,  the  Managing
General  Partner does not  anticipate  any  material  Year 2000 problem with the
computers in use at the motel. The Managing General Partner has not investigated
and does not know whether any Year 2000  problems may arise from its third party
vendors.  Because  the  motel  is  a  "budget"  motel,  the  Partnership's  most
significant  vendors are its utility  providers and banks. To the extent banking
services,  utility  services and other goods and services are  unavailable  as a
result of Year 2000  problems  with the  computer  systems  of such  vendors  or
otherwise,  the  ability of the  Partnership  to conduct  business at its motels
would be compromised. No contingency plans have been developed in this regard.

         In the opinion of management,  these financial  statements  reflect all
adjustments  which were necessary to a fair statement of results for the interim
periods presented. All adjustments are of a normal recurring nature.



































                                      - 9 -
<PAGE>


                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

         On October 27, 1997 a complaint was filed in the United States District
Court,  Eastern  District of California by the registrant,  the Managing General
Partner, and four other limited partnerships (together with the registrant,  the
"Partnerships")  as to which the  Managing  General  Partner  serves as  general
partner (i.e.,  Super 8 Motels,  Ltd.,  Super 8 Motels II, Ltd.,  Super 8 Motels
III, Ltd. and Super 8 Economy  Lodging IV, Ltd.),  as plaintiffs.  The complaint
named as defendants  Everest/Madison  Investors, LLC, Everest Lodging Investors,
LLC, Everest Properties, LLC, Everest Partners, LLC, Everest Properties II, LLC,
Everest  Properties,  Inc., W. Robert  Kohorst,  David I. Lesser,  The Blackacre
Capital Group,  L.P.,  Blackacre Capital  Management  Corp.,  Jeffrey B. Citron,
Ronald J.  Kravit,  and  Stephen P.  Enquist ( the  "Everest  Defendants").  The
factual basis underlying the plaintiffs'  causes of actions  pertained to tender
offers  directed  by  certain  of the  defendants  to  limited  partners  of the
Partnerships,  and to  indications of interest made by certain of the defendants
in purchasing  the property of the  Partnerships.  The  complaint  requested the
following  relief:  (i) a declaration  that each of the  defendants had violated
Sections  13(d),  14(d) and 14(e) of the  Securities  Exchange  Act of 1934 (the
"Exchange Act"), and the rules and regulations promulgated by the Securities and
Exchange  Commission  thereunder;   (ii)  a  declaration  that  certain  of  the
defendants  had  violated  Section  15(a) of the  Exchange Act and the rules and
regulations thereunder; (iii) an order permanently enjoining the defendants from
(a)  soliciting  tenders  of  or  accepting  for  purchase   securities  of  the
Partnerships,  (b)  exercising  any voting  rights  attendant to the  securities
already acquired, (c) soliciting proxies, and (d) violating Sections 13 or 14 of
the Exchange Act or the rules and regulations  promulgated  thereunder;  (iv) an
order enjoining  certain of the defendants  from violating  Section 15(a) of the
Exchange Act and the rules and regulations promulgated thereunder;  (v) an order
directing  certain of the defendants to offer to each person who sold securities
to such  defendants the right to rescind such sale; and (vi) a declaration  that
the  Partnerships  need not provide to the defendants a list of limited partners
in the Partnerships or any other information  respecting the Partnerships  which
is not publicly available.

         On October 28, 1997 a complaint was filed in the Superior  Court of the
State of California,  Sacramento  County by Everest Lodging  Investors,  LLC and
Everest/Madison  Investors,  LLC, as plaintiffs,  against  Philip B.  Grotewohl,
Grotewohl Management Services,  Inc., Kenneth M. Sanders,  Robert J. Dana, Borel
Associates,  and BWC  Incorporated,  as  defendants,  and the  Partnerships,  as
nominal defendants.  The factual basis underlying the causes of action pertained
to the  receipt  by the  defendants  of  franchise  fees  and  reimbursement  of
expenses,  the  indications of interest made by the plaintiffs in purchasing the
properties of the nominal defendants,  and the alleged refusal of the defendants
to provide  information  required by the terms of the Partnerships'  partnership
agreements and California law. The complaint requested the following relief: (i)
a  declaration  that the action has a proper  derivative  action;  (ii) an order
requiring the defendants to discharge their fiduciary duties to the Partnerships
and to enjoin them from breaching their fiduciary duties;  (iii) disgorgement of
certain profits; (iv) appointment of a receiver; and (v) an award for damages in
an amount to be determined.



                                     - 10 -
<PAGE>



                     PART II. OTHER INFORMATION (Continued)


         On February 20, 1998, the parties  entered into a settlement  agreement
and both of the above  complaints were  dismissed.  Pursuant to the terms of the
settlement  agreement,  among other  things,  the General  Partner has agreed to
proceed with the marketing for sale of the properties of the Partnerships, if by
June 30,  1998,  it receives an offer to purchase one or more  properties  for a
cash price equal to 75% or more of the appraised value. In addition, the General
Partner has agreed to submit the offer for  approval to the limited  partners as
required by the  partnership  agreements and applicable law. The General Partner
has also  agreed  that upon the sale of one or more  properties,  to  distribute
promptly  the proceeds of the sale after  payment of payables  and  retention of
reserves  to pay  anticipated  expenses.  The Everest  Defendants  agreed not to
generally  solicit the acquisition of any additional  units of the  Partnerships
without first filing  necessary  documents  with the SEC. Under the terms of the
settlement  agreement,  the  Partnerships  have agreed to reimburse  the Everest
Defendants for certain costs not to exceed  $60,000,  to be allocated  among the
Partnerships.  Of this amount,  the Partnership will pay  approximately  $12,000
during the year covered by this report.

Item 2.  Changes in Securities

            None

Item 3.  Defaults upon Senior Securities

            None

Item 4.  Submission of Matter to the Vote of Security Holders

            None

Item 5.  Other Information

            See Notes to Financial Statements

Item 6.  Exhibits and Reports on Form 8-K

            None















                                     - 11 -
<PAGE>





                                   SIGNATURES

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





                                         FAMOUS HOST LODGING V, L.P.

11-14-98                             By /S/ Philip B. Grotewohl
--------                               ----------------------------------
  Date                                 Philip B. Grotewohl,
                                       Chairman of Grotewohl Management
                                       Services, Inc.,
                                       Managing General Partner

11-14-98                              By /S/ Philip B. Grotewohl
--------                                ---------------------------------
  Date                                  Philip B. Grotewohl,
                                        Chief executive officer,
                                        chief financial officer,
                                        chief accounting officer
                                        and sole director of
                                        Grotewohl Management Services, Inc.,
                                        Managing General Partner