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)

	2011			2010			2009			2008			2007
Income (loss) from operations before income taxes	$	(17	)	$	(159	)	$	(236	)	$	376		$	531
Add (deduct):
Fixed charges		421			444			441			447			515
Capitalized interest		(4	)		(3	)		(5	)		(10	)		(10	)
Amortization of capitalized interest		7			7			6			6			6
Net (earnings)/losses related to certain 50% or less owned affiliates		(4	)		1			32			10			(11	)
Distributions from equity investments		—			2			1			3			4
Dividends on preferred stock		—			(4	)		(9	)		(9	)		(9	)
Issuance costs of redeemed preferred stock		—			(4	)		—			—			—
Adjusted earnings	$	403		$	284		$	230		$	823		$	1,026
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	371		$	384		$	379		$	375		$	444
Capitalized interest		4			3			5			10			10
Dividends on preferred stock		—			4			9			9			9
Issuance costs of redeemed preferred stock		—			4			—			—			—
Portion of rents representative of the interest factor		46			49			48			53			52
Total fixed charges and preferred stock dividends	$	421		$	444		$	441		$	447		$	515
Ratio of earnings to fixed charges and preferred stock dividends											1.8			2.0
Deficiency of earnings to fixed charges and preferred stock dividends	$	(18	)	$	(160	)	$	(211	)		—			—