EXHIBIT 12.1

HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED LIMITED PARTNER UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-date Ended						Year Ended December 31,
	September 8, 2006			September 9, 2005			2005			2004			2003			2002			2001
Income (loss) from operations before income taxes	$	185		$	96		$	159		$	(91	)	$	(264	)	$	(87	)	$	3
Add (deduct):
Fixed charges		350			378			526			575			607			578			570
Capitalized interest		(2	)		(3	)		(5	)		(3	)		(2	)		(2	)		(8	)
Amortization of capitalized interest		4			4			6			6			6			6			7
Minority interest in consolidated affiliates		7			6			7			4			4			8			15
Net (gains) losses related to certain 50% or less owned affiliates		8			1			1			16			22			9			(3	)
Distributions from equity investments		3			2			2			6			3			6			9
Distributions on preferred limited partner units		(12	)		(21	)		(27	)		(37	)		(37	)		(37	)		(32	)
Issuance costs of redeemed preferred units units		(6	)		(4	)		(4	)		(4	)		—			—			—
Adjusted earnings	$	537		$	459		$	665		$	472		$	339		$	481		$	561
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	298		$	318		$	444		$	484		$	521		$	492		$	484
Capitalized interest		2			3			5			3			2			2			8
Distributions on preferred limited partner units		12			21			27			37			37			37			32
Issuance costs of redeemed preferred units units		6			4			4			4			—			—			—
Portion of rents representative of the interest factor		32			32			46			47			47			47			46
Total fixed charges and preferred limited partner unit distributions	$	350		$	378		$	526		$	575		$	607		$	578		$	570
Ratio of earnings to fixed charges and preferred limited partner unit distributions		1.5			1.2			1.3			—			—			—			—
Deficiency of earnings to fixed charges and preferred limited partner unit distributions		—			—			—		$	(103	)	$	(268	)	$	(97	)	$	(9	)