EXHIBIT 12.1

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES
(Dollars in Millions)

		Year Ended December 31,
		2003			2002		2001			2000			1999
Earnings:
Income (loss) from continuing operations		$	105		$	251	$	147		$	397		$	(672	)
Add:
	Adjustment for distributions in excess of equity earnings and losses (a)		37			3		(13	)		(14	)		(30	)
	Provision for income taxes		(113	)		2		42			201			1,074
	Minority equity in net income		(3	)		2		3			8			95
	Amortization of interest capitalized		1			1		1			1			1
		$	27		$	259	$	180		$	593		$	468
Fixed Charges:
	Interest and other financial charges	$	305		$	356	$	403		$	460		$	567
	Interest factor attributable to rentals (b)		26			26		25			21			14
			331			382		428			481			581
Earnings, as adjusted, from continuing operations		$	358		$	641	$	608		$	1,074		$	1,049
Fixed Charges:
	Fixed charges above	$	331		$	382	$	428		$	481		$	581
	Interest capitalized		7			6		7			3			8
	Total fixed charges	$	338		$	388	$	435		$	484		$	589
Ratio:
	Earnings, as adjusted, from continuing operations to fixed charges		1.06			1.65		1.40			2.22			1.78

Notes:

(a)	The adjustment represents distributions in excess of undistributed earnings and losses of companies in which at least 20% but less than 50% equity is owned.
(b)	The interest factor attributable to rentals consists of one-third of rental charges, which is deemed by Starwood to be representative of the interest factor inherent in rents.