EXHIBIT 12.1

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	Quarter Ended						Full Year Ended
	March 26, 2004			March 28, 2003			2003			2002			2001			2000			1999
Income (loss) from operations before income taxes	$	(34	)	$	(37	)	$	(238	)	$	(52	)	$	50		$	20		$	153
Add (deduct):
Fixed charges		139			139			606			577			572			543			510
Capitalized interest		(1	)		(1	)		(2	)		(2	)		(8	)		(8	)		(7	)
Amortization of capitalized interest		2			1			6			6			7			6			6
Minority interest in consolidated affiliates		3			(1	)		5			7			22			72			82
Net (gains) losses related to certain 50% or less owned affiliates		5			6			22			9			(3	)		(27	)		(7	)
Distributions from equity investments		—			1			3			6			9			1			1
Dividends on preferred stock		(9	)		(9	)		(35	)		(35	)		(32	)		(20	)		(6	)
Adjusted earnings	$	105		$	99		$	367		$	516		$	617		$	587		$	732
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	118			110		$	490		$	461		$	454		$	436		$	415
Capitalized interest		1			1			2			2			8			8			7
Dividends on convertible preferred securities of subsidiary trust		—			8			32			32			32			32			37
Dividends on preferred stock		9			9			35			35			32			20			6
Portion of rents representative of the interest Factor		11			11			47			47			46			47			45
Total fixed charges and preferred stock dividends	$	139		$	139		$	606		$	577		$	572		$	543		$	510
Ratio of earnings to fixed charges and preferred stock dividends		—			—			—			—			1.1			1.1			1.4
Deficiency of earnings to fixed charges and preferred stock dividends	$	(34	)	$	(40	)	$	(239	)	$	(61	)		—			—			—