EXHIBIT 12.1

HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-date ended						Year Ended December 31,
	June 17, 2011			June 18, 2010			2010			2009			2008			2007			2006
Income (loss) from continuing operations before income taxes	$	(5	)	$	(78	)	$	(159	)	$	(236	)	$	379		$	534		$	309
Add (deduct):
Fixed charges		194			210			444			441			447			515			536
Capitalized interest		(1	)		(1	)		(3	)		(5	)		(10	)		(10	)		(5	)
Amortization of capitalized interest		3			3			7			6			6			6			6
Equity in (earnings)/losses related to certain 50% or less owned affiliates		(2	)		5			1			32			10			(11	)		6
Distributions from equity investments		—			2			2			1			3			4			3
Distributions on preferred units		—			(4	)		(4	)		(9	)		(9	)		(9	)		(14	)
Issuance costs of redeemed preferred OP units		—			(4	)		(4	)		—			—			—			(6	)
Adjusted earnings	$	189		$	133		$	284		$	230		$	826		$	1,029		$	835
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	171		$	179		$	384		$	379		$	375		$	444		$	460
Capitalized interest		1			1			3			5			10			10			5
Distributions on preferred units		—			4			4			9			9			9			14
Issuance costs of redeemed preferred OP units		—			4			4			—			—			—			6
Portion of rents representative of the interest factor		22			22			49			48			53			52			51
Total fixed charges and preferred OP unit distributions	$	194		$	210		$	444		$	441		$	447		$	515		$	536
Ratio of earnings to fixed charges and preferred unit distributions		—			—						—			1.8			2.0			1.6
Deficiency of earnings to fixed charges and preferred unit distributions	$	(5	)	$	(77	)	$	(160	)	$	(211	)	$	—		$	—		$	—