EXHIBIT 12.1

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	Year-to-date ended
	June 17, 2011			June 18, 2010
Loss from continuing operations before income taxes	$	(5	)	$	(78	)
Add (deduct):
Fixed charges		194			210
Capitalized interest		(1	)		(1	)
Amortization of capitalized interest		3			3
Equity in (earnings)/losses related to certain 50% or less owned affiliates		(2	)		5
Distributions from equity investments		—			2
Dividends on preferred stock		—			(4	)
Issuance costs of redeemed preferred stock		—			(4	)
Adjusted earnings	$	189		$	133
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	171		$	179
Capitalized interest		1			1
Dividends on preferred stock		—			4
Issuance costs of redeemed preferred stock		—			4
Portion of rents representative of the interest factor		22			22
Total fixed charges and preferred stock dividends	$	194		$	210
Deficiency of earnings to fixed charges and preferred stock dividends	$	(5	)	$	(77	)