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)

	Quarter Ended March 23,			Quarter Ended March 25,			Year Ended December 31,
	2012			2011			2011			2010			2009			2008			2007
Income (loss) from continuing operations before income taxes	$	(63	)	$	(80	)	$	(17	)	$	(159	)	$	(236	)	$	376		$	531
Add (deduct):
Fixed charges		98			94			421			444			441			447			515
Capitalized interest		(1	)		(1	)		(4	)		(3	)		(5	)		(10	)		(10	)
Amortization of capitalized interest		2			2			7			7			6			6			6
Equity in (earnings)/losses related to certain 50% or less owned affiliates		2			2			(4	)		1			32			10			(11	)
Distributions from equity investments		—			—			—			2			1			3			4
Distributions on preferred units		—			—			—			(4	)		(9	)		(9	)		(9	)
Issuance costs of redeemed preferred OP units		—			—			—			(4	)		—			—			—
Adjusted earnings	$	38		$	17		$	403		$	284		$	230		$	823		$	1,026
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	86		$	82		$	371		$	384		$	379		$	375		$	444
Capitalized interest		1			1			4			3			5			10			10
Distributions on preferred units		—			—			—			4			9			9			9
Issuance costs of redeemed preferred OP units		—			—			—			4			—			—			—
Portion of rents representative of the interest factor		11			11			46			49			48			53			52
Total fixed charges and preferred OP unit distributions	$	98		$	94		$	421		$	444		$	441		$	447		$	515
Ratio of earnings to fixed charges and preferred unit distributions		—			—			—			—			—			1.8			2.0
Deficiency of earnings to fixed charges and preferred unit distributions	$	(60	)	$	(77	)	$	(18	)	$	(160	)	$	(211	)	$	—		$	—