Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF COMBINED FIXED CHARGES AND

PREFERRED DIVIDENDS TO EARNINGS

Sunstone Hotel Investors, Inc.

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

(numbers in thousands, except ratio amounts)

	Nine Months Ended September 30, 2010			Nine Months Ended September 30, 2009			Year Ended December 31, 2009			Year Ended December 31, 2008		Year Ended December 31, 2007		Year Ended December 31, 2006			Year Ended December 31, 2005
	(unaudited)			(unaudited)
Earnings
Income (loss) from continuing operations	$	(35,686	)	$	(7,795	)	$	(43,184	)	$	29,067	$	29,376	$	9,117		$	3,163
Equity in (earnings) losses of unconsolidated joint ventures		(475	)		2,616			27,801			1,445		3,588		(140	)		—
Interest expense		69,274			74,676			99,237			101,794		103,254		86,579			60,015
Interest portion of rental expense		2,533			2,540			3,389			3,400		3,410		3,951			3,191
Total	$	35,646		$	72,037		$	87,243		$	135,706	$	139,628	$	99,507		$	66,369
Fixed Charges
Interest expense	$	69,274		$	74,676		$	99,237		$	101,794	$	103,254	$	86,579		$	60,015
Interest portion of rental expense		2,533			2,540			3,389			3,400		3,410		3,951			3,191
Preferred dividends		15,515			15,562			20,749			20,884		20,795		19,616			10,973
Total	$	87,322		$	92,778		$	123,375		$	126,078	$	127,459	$	110,146		$	74,179
Ratio		0.41			0.78			0.71			1.08		1.10		0.90			0.89
Deficiency	$	(51,676	)	$	(20,741	)	$	(36,132	)	$	—	$	—	$	(10,639	)	$	(7,810	)