EXHIBIT 12.1

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	2003			2002			2001			2000			1999
Income (loss) from operations before income taxes	$	(237	)	$	(50	)	$	55		$	26		$	161
Add (deduct):
Fixed charges		609			580			573			543			510
Capitalized interest		(2	)		(2	)		(8	)		(8	)		(7	)
Amortization of capitalized interest		6			6			7			6			6
Minority interest in consolidated affiliates		5			7			23			72			82
Net (gains) losses related to certain 50% or less owned affiliates		22			9			(3	)		(27	)		(7	)
Distributions from equity investments		3			6			9			1			1
Dividends on preferred stock		(37	)		(37	)		(32	)		(20	)		(6	)
Adjusted earnings	$	369		$	519		$	624		$	593		$	740
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	491		$	462		$	455		$	436		$	415
Capitalized interest		2			2			8			8			7
Dividends on convertible preferred securities of subsidiary trust		32			32			32			32			37
Dividends on preferred stock		37			37			32			20			6
Portion of rents representative of the interest factor		47			47			46			47			45
Total fixed charges and preferred stock dividends	$	609		$	580		$	573		$	543		$	510
Ratio of earnings to combined fixed charges and preferred stock dividends		—			—			1.1			1.1			1.5
Deficiency of earnings to combined fixed charges and preferred stock dividends	$	(240	)	$	(61	)		—			—			—