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 March 31, 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

                            MARCH 31, 1997 AND 1996




































<PAGE>
       

                         FAMOUS HOST LODGING V, L.P.

                      (A California Limited Partnership)

                                    INDEX

Financial Statements:                                          PAGE

   Balance Sheet - March 31, 1997 and December 31, 1996          2

   Statement of Operations - Three Months Ended
   March 31, 1997 and 1996                                       3

   Statement of Changes in Partners' Equity -
   Three Months Ended March 31, 1997 and 1996                    4

   Statement of Cash Flows - Three Months Ended
   March 31, 1997 and 1996                                       5

   Notes to Financial Statements                                 6

   Management Discussion and Analysis                          7 - 8

   Other Information and Signatures                            9 - 10

































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

                                                     3/31/97         12/31/96
                                                   ------------    ------------
                                ASSETS
Current Assets:
   Cash and temporary investments                 $    371,747    $    246,283
   Accounts receivable                                  34,463          24,531
   Prepaid expenses                                     21,731          39,762
                                                   ------------    ------------
    Total current assets                               427,941         310,576
                                                   ------------    ------------

Property and Equipment:
   Buildings                                         4,077,604       4,077,604
   Furniture and equipment                           1,274,065       1,253,417
   Projects in progress                                 58,444          58,444
                                                   ------------    ------------
                                                     5,410,113       5,389,465
   Accumulated depreciation                         (2,986,965)     (2,917,212)
                                                   ------------    ------------

    Property and equipment, net                      2,423,148       2,472,253
                                                   ------------    ------------

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

    Total Assets                                  $  2,883,383    $  2,815,123
                                                   ============    ============

                   LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
   Accounts payable and accrued liabilities       $    240,863         184,339
                                                   ------------    ------------
    Total liabilities                                  240,863         184,339
                                                   ------------    ------------

Contingent Liabilities (See Note 1)

Partners' Equity:
   General Partners                                      4,783           3,836
   Limited Partners                                  2,637,737       2,626,948
                                                   ------------    ------------
    Total partners' equity                           2,642,520       2,630,784
                                                   ------------    ------------

Total Liabilities and Partners' Equity            $  2,883,383    $  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 Three Months Ending March 31, 1997 and 1996

                                                   Three Months    Three Months
                                                      Ended           Ended
                                                     3/31/97         3/31/96
                                                   ------------    ------------

Income:
    Hotel room                                    $    704,139    $    656,087
    Restaurant                                         154,235         154,748
    Telephone and vending                               14,480          16,502
    Interest                                             1,692           2,096
    Other                                                9,880           8,301
                                                   ------------    ------------
     Total Income                                      884,426         837,734
                                                   ------------    ------------

Expenses:
    Motel operating expenses (Note 2)                  652,966         681,353
    General and administrative                          22,756          22,091
    Depreciation and amortization                       69,753          73,743
    Property management fees                            44,213          41,820
                                                   ------------    ------------
     Total Expenses                                    789,688         819,007
                                                   ------------    ------------

    Net Income (Loss)                             $     94,738    $     18,727
                                                   ============    ============

Net Income (Loss) Allocable
 to General Partners                                      $947            $187
                                                      =========       =========

Net Income (Loss) Allocable
 to Limited Partners                                   $93,791         $18,540
                                                      =========       =========

Net Income (Loss)
 per Partnership Unit                                   $10.40           $2.05
                                                      =========       =========

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








   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 Three Months Ending March 31, 1997 and 1996


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

General Partners:
 Balance at beginning of year                     $      3,836    $      3,688
 Net income (loss)                                         947             187
                                                   ------------    ------------
  Balance at end of period                               4,783           3,875
                                                   ------------    ------------


Limited Partners:
 Balance at beginning of year                        2,626,948       2,944,319
 Net income (loss)                                      93,791          18,540
 Distributions to limited partners                     (83,002)        (83,002)
                                                   ------------    ------------
  Balance at end of period                           2,637,737       2,879,857
                                                   ------------    ------------

  Total Partners' Equity                          $  2,642,520    $  2,883,732
                                                   ============    ============




























   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 Three Months Ending March 31, 1997 and 1996

                                                       1997            1996
                                                   ------------    ------------
Cash flows from operating activities:
 Received from hotel and restaurant revenues      $    873,307    $    823,545
 Expended for hotel and restaurant operation
  and general and administrative expenses             (645,610)       (682,173)
 Interest received                                       1,187             832
                                                   ------------    ------------
  Net cash provided (used) by operating activities     228,884         142,204
                                                   ------------    ------------
Cash flows from investing activities:
 Purchases of property and equipment                   (20,648)         (8,720)
 Proceeds from sale of equipment                           230             -
                                                   ------------    ------------
  Net cash provided (used) by investing activities     (20,418)         (8,720)
                                                   ------------    ------------
Cash flows from financing activities:
 Distributions paid to limited partners                (83,002)        (83,002)
                                                   ------------    ------------
  Net cash provided (used) by operating activities     (83,002)        (83,002)
                                                   ------------    ------------
  Net increase (decrease) in cash
    and temporary investments                          125,464          50,482

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

        End of Period                             $    371,747    $    336,556
                                                   ============    ============

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

 Net income (loss)                                $     94,738    $     18,727
                                                   ------------    ------------
 Adjustments to reconcile net income to net cash used by operating activities:
   Depreciation and amortization                        69,753          73,743
   (Gain) loss on disposition of
     property and equipment                               (230)            -
   (Increase) decrease in accounts receivable           (9,932)        (13,356)
   (Increase) decrease in prepaid expenses              18,031          17,100
   Increase (decrease) in accounts payable
     and accrued liabilities                            56,524          45,990
                                                   ------------    ------------
        Total adjustments                              134,146         123,477
                                                   ------------    ------------
        Net cash provided (used) by
          operating activities                    $    228,884    $    142,204
                                                   ============    ============

   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
                           March 31, 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              $44,213

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    Three Months
                                                      Ended           Ended
                                                     3/31/97         3/31/96
                                                   ------------    ------------
Salaries and related expenses                     $    213,730    $    199,022
Cost of food and beverage                               60,548          62,710
Rent                                                    81,817          77,288
Franchise and advertising                               49,846          47,354
Utilities                                               43,581          46,765
Allocated costs, mainly indirect
 salaries                                               44,110          45,819
Renovations and replacements                             4,080          13,981
Other operating expenses                               155,254         188,414
                                                   ------------    ------------

Total hotel and restaurant
 operating expenses                               $    652,966    $    681,353
                                                   ============    ============

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
                                MARCH 31, 1997



LIQUIDITY AND CAPITAL RESOURCES

The  Partnership  has current  assets of $427,941  and  current  liabilities  of
$240,863.  The excess of current assets over current liabilities  constitutes an
operating  reserve of $187,078.  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 due to extraordinary expenditures for
renovation  of the  restaurant  and  due to  site  studies  and  drawings  for a
potential  expansion  for the hotel.  The reserve is expected to equal or exceed
the target balance by the end of the current fiscal year.

The  Statement  of Cash  Flows  shows net cash flows of  $125,464  for the three
months  ending  March 31,  1997  (after a $83,002  distribution  to the  Limited
Partners) as compared to a cash flow of $50,482 during the corresponding  period
of the previous  fiscal year. The improved cash flow is associated with improved
operating activities.

The  Partnership  expended for renovations  and  replacements  $24,728 (of which
$20,648  was  capitalized)  during  the  period  covered  by  this  report.  The
capitalized  expenditures  included  $14,447 for sofas 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 three month periods
ended March 31, 1997 and March 31, 1996.

Total income increased $46,692 or 5.6%. Hotel room revenues increased $45,052 or
6.9%,  due to an  increase  in guest room  occupancy  from 76,6% to 80.1% and an
increase in the average room rate from $63.62 to $66.03.  The occupancy increase
represents  the continued  recovery from the adverse  conditions  experienced in
1995.

Total  expenditures   decreased  $29,319  or  3.6%.  Expenses  declined  due  to
additional cost controls on discretionary expenditures.











                                  - 7 -
<PAGE>


                          FAMOUS HOST LODGING V, LTD.
                      (A California Limited Partnership)
                      MANAGEMENT DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATION
                            MARCH 31, 1997 (Continued)


FUTURE TRENDS

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

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.






































                                  - 8 -
<PAGE>


                        PART II.   OTHER INFORMATION
                        ----------------------------


     Item 1.                  Legal Proceedings
                              -----------------
                                 None

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

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

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

     Item 5.                  Other Information
                              -----------------
                                 None

     Item 6.                  Exhibits and Reports on Form 8-K
                              --------------------------------
                                 None





























                                      -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.


              5-5-97          By /S/ David P. Grotewohl
             --------         -------------------------
                Date          David P. Grotewohl,
                              President of Grotewohl
                              Management Services, Inc.,
                              Managing General Partner







              5-5-97          By /S/ David P. Grotewohl 
             --------         -------------------------
                Date          David P. Grotewohl,
                              Chief Financial Officer






















                                      -10-
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