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)

	2007			2006			2005			2004			2003
Income (loss) from operations before income taxes	$	553		$	299		$	138		$	(99	)	$	(270	)
Add (deduct):
Fixed charges		493			526			525			574			606
Capitalized interest		(10	)		(5	)		(5	)		(3	)		(2	)
Amortization of capitalized interest		6			6			6			6			6
Minority interest in consolidated affiliates		32			41			16			4			5
Net (earnings)/losses related to certain 50% or less owned affiliates		(11	)		6			1			16			22
Distributions from equity investments		4			3			2			6			3
Dividends on preferred stock		(9	)		(14	)		(27	)		(37	)		(37	)
Issuance costs of redeemed preferred stock		—			(6	)		(4	)		(4	)		—
Adjusted earnings	$	1,058		$	856		$	652		$	463		$	333
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	422		$	450		$	443		$	483		$	488
Capitalized interest		10			5			5			3			2
Dividends on convertible preferred securities of subsidiary trust		—			—			—			—			32
Dividends on preferred stock		9			14			27			37			37
Issuance costs of redeemed preferred stock		—			6			4			4			—
Portion of rents representative of the interest factor		52			51			46			47			47
Total fixed charges and preferred stock dividends	$	493		$	526		$	525		$	574		$	606
Ratio of earnings to fixed charges and preferred stock dividends		2.1			1.6			1.2			—			—
Deficiency of earnings to fixed charges and preferred stock dividends	$	—		$	—		$	—		$	(111	)	$	(273	)