Exhibit 12

Sunstone Hotel Investors, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(in thousands, except ratio amounts)

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2012			2011			2010			2009			2008
Earnings:
Income (loss) from continuing operations	$	1,147		$	40,846		$	(30,689	)	$	(14,506	)	$	17,334
Continuing operations:
Equity in (earnings) losses of unconsolidated joint ventures	—			(21		)	(555		)	27,801			1,445
Distributions from unconsolidated joint ventures	—			—			900			500			5,675
Interest expense and amortization of deferred financing fees	76,821			74,195			58,931			62,137			69,203
Interest portion of rental expense	6,602			6,125			3,218			3,226			3,235
Discontinued operations:
Interest expense and amortization of deferred financing fees	6,490			9,337			29,071			37,100			32,591
Interest portion of rental expense	—			—			133			163			165
Total earnings	$	91,060		$	130,482		$	61,009		$	116,421		$	129,648
Combined Fixed Charges and Preferred Stock Dividends:
Continuing operations:
Interest expense and amortization of deferred financing fees	$	76,821		$	74,195		$	58,931		$	62,137		$	69,203
Interest portion of rental expense	6,602			6,125			3,218			3,226			3,235
Preferred dividends	29,748			27,321			20,652			20,749			20,884
Discontinued operations:
Interest expense and amortization of deferred financing fees	6,490			9,337			29,071			37,100			32,591
Interest portion of rental expense	—			—			133			163			165
Total combined fixed charges and preferred stock dividends	$	119,661		$	116,978		$	112,005		$	123,375		$	126,078
Ratio of earnings to combined fixed charges and preferred stock dividends	—			1.12			—			—			1.03
Deficiency of earnings to combined fixed charges and preferred stock dividends	$	(28,601	)	$	—		$	(50,996	)	$	(6,954	)	$	—