sho_ex12

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,
	2014		2013		2012		2011		2010

Earnings:
Income (loss) from continuing operations	$	83,090	$	21,591	$	1,147	$	40,846	$	(30,689)
Continuing operations:
Equity in net earnings of unconsolidated joint ventures	—		—		—		(21)		(555)
Distributions from unconsolidated joint ventures	—		—		—		—		900
Interest expense and amortization of deferred financing fees	72,315		72,239		76,821		74,195		58,931
Interest portion of rental expense	5,984		6,475		6,602		6,125		3,218
Discontinued operations:
Interest expense and amortization of deferred financing fees	—		99		6,490		9,337		29,071
Interest portion of rental expense	—		—		—		—		133
Total earnings	$	161,389	$	100,404	$	91,060	$	130,482	$	61,009

Combined Fixed Charges and Preferred Stock Dividends:
Continuing operations:
Interest expense and amortization of deferred financing fees	$	72,315	$	72,239	$	76,821	$	74,195	$	58,931
Interest portion of rental expense	5,984		6,475		6,602		6,125		3,218
Preferred dividends	9,200		19,013		29,748		27,321		20,652
Discontinued operations:
Interest expense and amortization of deferred financing fees	—		99		6,490		9,337		29,071
Interest portion of rental expense	—		—		—		—		133
Total combined fixed charges and preferred stock dividends	$	87,499	$	97,826	$	119,661	$	116,978	$	112,005

Ratio of earnings to combined fixed charges and preferred stock dividends	1.84		1.03		—		1.12		—

Deficiency of earnings to combined fixed charges and preferred stock dividends	$	—	$	—	$	(28,601)	$	—	$	(50,996)