EXHIBIT 12

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	2006			2005			2004			2003			2002
Income (loss) from operations before income taxes	$	314		$	149		$	(92	)	$	(265	)	$	(90	)
Add (deduct):
Fixed charges		526			525			574			606			576
Capitalized interest		(5	)		(5	)		(3	)		(2	)		(2	)
Amortization of capitalized interest		6			6			6			6			6
Minority interest in consolidated affiliates		41			16			4			5			7
Net losses related to certain 50% or less owned affiliates		6			1			16			22			9
Distributions from equity investments		3			2			6			3			6
Dividends on preferred stock		(14	)		(27	)		(37	)		(37	)		(37	)
Issuance costs of redeemed preferred stock		(6	)		(4	)		(4	)		—			—
Adjusted earnings	$	871		$	663		$	470		$	338		$	475
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	450		$	443		$	483		$	488		$	458
Capitalized interest		5			5			3			2			2
Dividends on convertible preferred securities of subsidiary trust		—			—			—			32			32
Dividends on preferred stock		14			27			37			37			37
Issuance costs of redeemed preferred stock		6			4			4			—			—
Portion of rents representative of the interest factor		51			46			47			47			47
Total fixed charges and preferred stock dividends	$	526		$	525		$	574		$	606		$	576
Ratio of earnings to fixed charges and preferred stock dividends		1.7			1.3			—			—			—
Deficiency of earnings to fixed charges and preferred stock dividends	$	—		$	—		$	(104	)	$	(268	)	$	(101	)