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)

	2009			2008			2007			2006			2005
Income (loss) from operations before income taxes	$	(287	)	$	377		$	535		$	308		$	135
Add (deduct):
Fixed charges		441			447			515			536			534
Capitalized interest		(5	)		(10	)		(10	)		(5	)		(5	)
Amortization of capitalized interest		6			6			6			6			6
Net (earnings)/losses related to certain 50% or less owned affiliates		32			10			(11	)		6			1
Distributions from equity investments		1			3			4			3			2
Dividends on preferred stock		(9	)		(9	)		(9	)		(14	)		(27	)
Issuance costs of redeemed preferred stock		—			—			—			(6	)		(4	)
Adjusted earnings	$	179		$	824		$	1,030		$	834		$	642
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	379		$	375		$	444		$	460		$	452
Capitalized interest		5			10			10			5			5
Dividends on preferred stock		9			9			9			14			27
Issuance costs of redeemed preferred stock		—			—			—			6			4
Portion of rents representative of the interest factor		48			53			52			51			46
Total fixed charges and preferred stock dividends	$	441		$	447		$	515		$	536		$	534
Ratio of earnings to fixed charges and preferred stock dividends					1.8			2.0			1.6			1.2
Deficiency of earnings to fixed charges and preferred stock dividends	$	(262	)	$	—		$	—		$	—		$	—