EXHIBIT 12.2

HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	2011			2010			2009			2008			2007
Income (loss) from operations before income taxes	$	(12	)	$	(159	)	$	(235	)	$	375		$	530
Add (deduct):
Fixed charges		421			444			441			447			515
Capitalized interest		(4	)		(3	)		(5	)		(10	)		(10	)
Amortization of capitalized interest		7			7			6			6			6
Net (earnings)/losses related to certain 50% or less owned affiliates		(4	)		1			32			10			(11	)
Distributions from equity investments		—			2			1			3			4
Dividends on preferred units		—			(4	)		(9	)		(9	)		(9	)
Issuance costs of redeemed preferred units		—			(4	)		—			—			—
Adjusted earnings	$	408		$	284		$	231		$	822		$	1,025
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	371		$	384		$	379		$	375		$	444
Capitalized interest		4			3			5			10			10
Dividends on preferred units		—			4			9			9			9
Issuance costs of redeemed preferred units		—			4			—			—			—
Portion of rents representative of the interest factor		46			49			48			53			52
Total fixed charges and preferred unit distributions	$	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	$	(13	)	$	(160	)	$	(210	)		—			—

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