EXHIBIT 12.1

HOST MARRIOTT, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED LIMITED PARTNER UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-Date						Fiscal Years
	September 12, 2003			September 12, 2002			2002			2001			2000			1999			1998
Income (loss) from operations before income taxes	$	(137	)	$	(7	)	$	(13	)	$	66		$	112		$	273		$	(53	)
Add (deduct):
Fixed charges		410			401			584			579			534			494			681
Capitalized interest		(1	)		(1	)		(2	)		(8	)		(8	)		(7	)		(4	)
Amortization of capitalized interest		4			4			6			7			6			6			6
Minority interest in consolidated affiliates		3			9			8			16			27			21			52
Net (gains) losses related to certain 50% or less owned affiliate		13			6			9			(3	)		(27	)		(7	)		(4	)
Distributions from equity investments		3			4			6			9			1			1			2
Distributions on preferred limited partner units		(27	)		(27	)		(35	)		(32	)		(20	)		(6	)		—
Adjusted earnings	$	268		$	389		$	563		$	634		$	625		$	775		$	680
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	350		$	341		$	500		$	493		$	459		$	436		$	597
Capitalized interest		1			1			2			8			8			7			4
Dividends on convertible preferred securities of subsidiary trust		—			—			—			—			—			—			37
Distributions on preferred limited partner units		27			27			35			32			20			6			—
Portion of rents representative of the interest factor		32			32			47			46			47			45			43
Total fixed charges and preferred limited partner unit distributions	$	410		$	401		$	584		$	579		$	534		$	494		$	681
Ratio of earnings to fixed charges and preferred limited partner unit distributions		—			—			—			1.1			1.2			1.6			—
Deficiency of earnings to fixed charges and preferred limited partner unit distributions	$	142		$	12		$	21			—			—			—		$	1