Exhibit 12.1

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	Year-to-date ended
	September 5, 2008			September 7, 2007			2007			2006			2005			2004			2003
Income (loss) from operations before income taxes	$	291		$	280		$	550		$	296		$	136		$	(101	)	$	(271	)
Add (deduct):
Fixed charges		290			359			493			526			525			574			606
Capitalized interest		(8	)		(6	)		(10	)		(5	)		(5	)		(3	)		(2	)
Amortization of capitalized interest		4			4			6			6			6			6			6
Minority interest in consolidated affiliates		19			21			32			41			16			4			5
Net (earnings)/losses related to certain 50% or less owned affiliates		(3	)		(5	)		(11	)		6			1			16			22
Distributions from equity investments		3			3			4			3			2			6			3
Dividends on preferred stock		(6	)		(6	)		(9	)		(14	)		(27	)		(37	)		(37	)
Issuance costs of redeemed preferred stock		—			—			—			(6	)		(4	)		(4	)		—
Adjusted earnings	$	590		$	650		$	1,055		$	853		$	650		$	461		$	332
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	240		$	312		$	422		$	450		$	443		$	483		$	488
Capitalized interest		8			6			10			5			5			3			2
Dividends on convertible preferred securities of subsidiary trust		—			—			—			—			—			—			32
Dividends on preferred stock		6			6			9			14			27			37			37
Issuance costs of redeemed preferred stock		—			—			—			6			4			4			—
Portion of rents representative of the interest factor		36			35			52			51			46			47			47
Total fixed charges and preferred stock dividends	$	290		$	359		$	493		$	526		$	525		$	574		$	606
Ratio of earnings to fixed charges and preferred stock dividends		2.0x			1.8x			2.1x			1.6x			1.2x			—			—
Deficiency of earnings to fixed charges and preferred stock dividends	$	—		$	—		$	—		$	—		$	—		$	(113	)	$	(274	)