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, 1997

                             Commission File 2-88942

                           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 principal 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, 1997 AND 1996




































<PAGE>


                           FAMOUS HOST LODGING V, L.P.

                       (A California Limited Partnership)

                                      INDEX

Financial Statements:                                          PAGE

   Balance Sheet - September 30, 1997 and December 31, 1996      2

   Statement of Operations - Nine Months Ended
   September 30, 1997 and 1996                                   3

   Statement of Changes in Partners' Equity -
   Nine Months Ended September 30, 1997 and 1996                 4

   Statement of Cash Flows - Nine Months Ended
   September 30, 1997 and 1996                                   5

   Notes to Financial Statements                                 6

   Management Discussion and Analysis                            7

   Other Information and Signatures                            8 - 10

































<PAGE>
                           Famous Host Lodging V, L.P.
                       (A California Limited Partnership)
                                  Balance Sheet
                    September 30, 1997 and December 31, 1996

                                                         9/30/97     12/31/96
                                                       -----------  -----------
                                     ASSETS
Current Assets:
   Cash and temporary investments                     $   299,236  $   246,283
   Accounts receivable                                     21,569       24,531
   Prepaid expenses                                        53,555       39,762
                                                       -----------  -----------
    Total current assets                                  374,360      310,576
                                                       -----------  -----------

Property and Equipment:
   Buildings                                            4,077,604    4,077,604
   Furniture and equipment                              1,275,330    1,253,417
   Projects in progress                                    58,444       58,444
                                                       -----------  -----------
                                                        5,411,378    5,389,465
   Accumulated depreciation                            (3,121,078)  (2,917,212)
                                                       -----------  -----------

    Property and equipment, net                         2,290,300    2,472,253
                                                       -----------  -----------

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

    Total Assets                                      $ 2,696,954  $ 2,815,123
                                                       ===========  ===========

                        LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
   Accounts payable and accrued liabilities           $   235,661  $   184,339
                                                       -----------  -----------
    Total current liabilities                             235,661      184,339
                                                       -----------  -----------

    Total liabilities                                     235,661      184,339
                                                       -----------  -----------

Contingent Liabilities (See Note 1)

Partners' Equity:
   General Partners                                         4,631        3,836
   Limited Partners                                     2,456,662    2,626,948
                                                       -----------  -----------
    Total partners' equity                              2,461,293    2,630,784
                                                       -----------  -----------

Total Liabilities and Partners' Equity                $ 2,696,954  $ 2,815,123
                                                       ===========  ===========

    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, 1997 and 1996

                             Three Months Nine Months  Three Months Nine Months
                                Ended        Ended        Ended        Ended
                               9/30/97      9/30/97      9/30/96      9/30/96
                             -----------  -----------  -----------  -----------

Income:
    Hotel room              $   635,960  $ 1,927,711  $   620,744  $ 1,937,515
    Restaurant                  177,411      497,360      144,457      491,946
    Telephone and vending        17,179       44,088       18,159       49,576
    Interest                       (428)       5,438        2,145        6,520
    Other                        10,003       32,820        9,450       26,836
                             -----------  -----------  -----------  -----------
     Total Income               840,125    2,507,417      794,955    2,512,393
                             -----------  -----------  -----------  -----------

Expenses:
    Motel operating expenses
    (Note 2)                    710,606    2,040,731      670,366    2,035,681
    General and admini-
     strative                    12,374       52,571       11,829       57,276
    Depreciation and
     amortization                69,779      209,771       72,783      220,205
    Property management fees     41,907      124,828       39,712      125,379
                             -----------  -----------  -----------  -----------
     Total Expenses             834,666    2,427,901      794,690    2,438,541
                             -----------  -----------  -----------  -----------

    Net Income (Loss)       $     5,459  $    79,516  $       265  $    73,852
                             ===========  ===========  ===========  ===========

Net Income (Loss) Allocable
 to General Partners                $55         $795           $3         $739
                             ===========  ===========  ===========  ===========

Net Income (Loss) Allocable
 to Limited Partners             $5,404      $78,721         $262      $73,113
                             ===========  ===========  ===========  ===========

Net Income (Loss)
 per Partnership Unit             $0.60        $8.73        $0.03        $8.10
                             ===========  ===========  ===========  ===========

Distribution to Limited
 Partners per
 Partnership Unit                 $9.20       $27.60        $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, 1997 and 1996


                                                          1997         1996
                                                       -----------  -----------

General Partners:
 Balance at beginning of year                         $     3,836  $     3,688
 Net income (loss)                                            795          739
                                                       -----------  -----------
  Balance at end of period                                  4,631        4,427
                                                       -----------  -----------


Limited Partners:
 Balance at beginning of year                           2,626,948    2,944,319
 Net income (loss)                                         78,721       73,113
 Distributions to limited partners                       (249,007)    (249,007)
                                                       -----------  -----------
  Balance at end of period                              2,456,662    2,768,425
                                                       -----------  -----------

  Total Partners' Equity                              $ 2,461,293  $ 2,772,852
                                                       ===========  ===========





























    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, 1997 and 1996

                                                          1997         1996
                                                       -----------  -----------
Cash flows from operating activities:
   Received from hotel and restaurant revenues        $ 2,503,228  $ 2,516,396
   Expended for hotel and restaurant operation
    and general and administrative expenses            (2,180,831)  (2,216,271)
   Interest received                                        7,151        6,879
                                                       -----------  -----------
      Net cash provided (used) by operating activities    329,548      307,004
                                                       -----------  -----------
Cash flows from investing activities:
   Purchases of property and equipment                    (27,818)     (14,742)
   Proceeds from sale of equipment                            230          -
                                                       -----------  -----------
      Net cash provided (used) by investing activities    (27,588)     (14,742)
                                                       -----------  -----------
Cash flows from financing activities:
   Distributions paid to limited partners                (249,007)    (249,007)
                                                       -----------  -----------
      Net cash provided (used) by operating activities   (249,007)    (249,007)
                                                       -----------  -----------

      Net increase (decrease) in cash
        and temporary investments                          52,953       43,255

      Cash and Temporary Investments:
         Beginning of year                                246,283      286,074
                                                       -----------  -----------

            End of Period                             $   299,236  $   329,329
                                                       ===========  ===========

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

   Net income (loss)                                  $    79,516  $    73,852
                                                       -----------  -----------
   Adjustments to reconcile net income to net cash used by operating activities:
      Depreciation and amortization                       209,771      220,205
      (Gain) loss on disposition of property
       and equipment                                         (230)         -
      (Increase) decrease in accounts receivable            2,962       10,880
      (Increase) decrease in prepaid expenses             (13,793)     (26,605)
      Increase (decrease) in accounts payable
        and accrued liabilities                            51,322       28,672
                                                       -----------  -----------
             Total adjustments                            250,032      233,152
                                                       -----------  -----------
             Net cash provided (used) by
               operating activities                   $   329,548  $   307,004
                                                       ===========  ===========
    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, 1997 and 1996

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,  1996  for a  complete
disclosure  of  significant  accounting  policies and practices and other detail
necessary for a fair presentation of the financial statements.

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                     $124,828

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:

                             Three Months Nine Months  Three Months Nine Months
                                Ended        Ended        Ended        Ended
                               9/30/97      9/30/97      9/30/96      9/30/96
                             -----------  -----------  -----------  -----------
Salaries and related
 expenses                   $   220,066  $   652,733  $   203,585  $   595,972
Cost of food and beverage        76,845      207,861       57,434      186,216
Rent                             77,653      232,007       73,378      226,431
Franchise, advertising
 and reservation fees            45,383      137,479       66,007      207,867
Utilities                        71,485      162,407       66,966      158,157
Allocated costs, mainly
 indirect salaries               43,878      132,302       41,520      134,970
Renovations and
 replacements                    22,508       42,070        7,201       32,757
Other operating expenses        152,788      473,872      154,275      493,311
                             -----------  -----------  -----------  -----------
Total hotel and restaurant
 operating expenses         $   710,606  $ 2,040,731  $   670,366  $ 2,035,681
                             ===========  ===========  ===========  ===========

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

                                      - 6 -
<PAGE>
                           FAMOUS HOST LODGING V, LTD.
                       (A California Limited Partnership)
                       MANAGEMENT DISCUSSION AND ANALYSIS
                 OF FINANCIAL CONDITION AND RESULTS OF OPERATION
                               SEPTEMBER 30, 1997

LIQUIDITY AND CAPITAL RESOURCES

The  Partnership  has current  assets of $374,360  and  current  liabilities  of
$235,661.  The excess of current assets over current liabilities  constitutes an
operating  reserve of $138,699.  This amount is less than the  $276,800  reserve
target set by the General  Partners.  The  reserve  target is equal to 5% of the
adjusted  capital  contribution  as defined in the  Partnership  Agreement.  The
reserve  was  partially  depleted  during  1995 and  1996  due to  extraordinary
expenditures  for  renovation  of the  restaurant  and due to site  studies  and
drawings for a potential expansion for the hotel.

The  Statement of Cash Flows shows net cash flows of $52,953 for the nine months
ending September 30, 1997 (after $249,007 distributions to the Limited Partners)
as compared to a positive cash flow of $43,255 during the  corresponding  period
of the previous  fiscal year. The improved cash flow is associated with improved
operating activities.

The Partnership  expended  $69,888 for renovations  and  replacements  (of which
$27,818  was  capitalized)  during  the  period  covered  by  this  report.  The
expenditures  included $18,879 for sofas, $7,775 for guest room carpet,  $12,200
for  parking lot  repairs,  $5,700 for roof  repairs,  $5,946 for ballast & lamp
upgrade and $6,200 for a security  system.  Unlike the previous fiscal year, the
General  Partner  expects that the Partnership  will spend  approximately  3% of
gross room revenues on renovations and replacements.

RESULTS OF OPERATIONS

The  following is a comparison  of operating  results for the nine month periods
ended September 30, 1997 and September 30, 1996.

Total income decreased  $4,976 or 0.2%. Hotel room revenues  decreased $9,804 or
0.5%, due to  a  decrease  in  guest room  occupancy  from 74.0% to 72.0% and an
increase in the average room rate from $64.56 to $66.23.

Total expenditures decreased $10,640 or 0.4%.

FUTURE TRENDS

The General Partners expect the hotel's  performance  during 1997 to be improved
over that experienced during 1996.

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.







                                      - 7 -

<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,  Grotewohl  Management
Services,  Inc. (a general  partner of the  registrant)  and four other  limited
partnerships  (together with the  registrant,  the  "Partnerships")  as to which
Grotewohl  Management  Services,  Inc. 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  names 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 B. Enquist.  The factual basis  underlying the  plaintiffs'
causes  of  actions  pertains  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  requests the following  relief:  (i) a declaration
that each of the defendants has 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 have 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.  The
plaintiffs  have not yet  received an answer of the  defendants  respecting  the
complaint.

     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 pertains
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 Partnership's  partnership
agreement and California law. The complaint requests the following relief: (i) a
declaration  that  the  action  is 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.  The defendants and nominal defendants have recently
been served and are formulating their response to the complaint.

                                      - 8 -
<PAGE>


                        PART II.   OTHER INFORMATION (CONTINUED)
                        ----------------------------------------


     Item 2.                  Changes in Securities
                              ---------------------
                                 None

     Item 3.                  Defaults upon Senior Securities
                              -------------------------------
                                 None

     Item 4.                  Submission of Matters
                              ---------------------
                                 None

     Item 5.                  Other Information
                              -----------------
                                 See Notes to Financial Statements

     Item 6.                  Exhibits and Reports on Form 8-K
                              --------------------------------
                                 See Item 1 above

































                                      - 9 -
<PAGE>






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.


              11-10-97        By /S/ David P. Grotewohl
             ----------       -------------------------
                Date          David P. Grotewohl,
                              President of Grotewohl
                              Management Services, Inc.,
                              Managing General Partner







              11-10-97        By /S/ David P. Grotewohl
             ----------       -------------------------
                Date          David P. Grotewohl,
                              Chief Financial Officer






















                                      - 10 -
<PAGE>