Exhibit 12.1

Sunstone Hotel Investors, Inc.

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

(in thousands, except ratio amounts)

	Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012			Year Ended December  31, 2012			Year Ended December  31, 2011			Year Ended December  31, 2010			Year Ended December  31, 2009			Year Ended December  31, 2008
	(unaudited)			(unaudited)
Earnings:
Income (loss) from continuing operations	$	16,342		$	(8,123	)	$	1,147		$	40,846		$	(30,689	)	$	(14,506	)	$	17,334
Continuing operations:
Equity in net (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		53,540			58,100			76,821			74,195			58,931			62,137			69,203
Interest portion of rental expense		4,856			4,951			6,602			6,125			3,218			3,226			3,235
Discontinued operations:
Interest expense and amortization of deferred financing fees		99			6,103			6,490			9,337			29,071			37,100			32,591
Interest portion of rental expense		—			—			—			—			133			163			165
Total earnings	$	74,837		$	61,031		$	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	$	53,540		$	58,100		$	76,821		$	74,195		$	58,931		$	62,137		$	69,203
Interest portion of rental expense		4,856			4,951			6,602			6,125			3,218			3,226			3,235
Preferred stock dividends and redemption charges		16,713			22,311			29,748			27,321			20,652			20,749			20,884
Discontinued operations:
Interest expense and amortization of deferred financing fees		99			6,103			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	$	75,208		$	91,465		$	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	$	(371	)	$	(30,434	)	$	(28,601	)	$	—		$	(50,996	)	$	(6,954	)	$	—