QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.2

RFS Partnership, L.P.
Computation of Ratio of Earnings to Fixed Charges

			1997		1998		1999		2000		2001		2001 Adjusted		2001 Supplemental
													(Note A)		(Note B)
Ratio of Earnings to Fixed Charges:
	Earnings
		Net income (loss)	37,847		37,723		38,610		34,008		(14,886	)	(17,708	)	25,876
		Add fixed charges	13,475		18,935		21,936		24,652		26,042		28,864		26,042
		Add amortization of capitalized interest	38		73		100		115		115		115		115
		Deduct capitalized interest	(1,000	)	(1,400	)	(1,100	)	(600	)
	Total Earnings		50,360		55,331		59,546		58,175		11,271		11,271		52,033
	Fixed Charges
		Interest expensed, including amortization of debt costs	12,475		17,535		20,836		24,052		26,042		28,864		26,042
		Capitalized interest	1,000		1,400		1,100		600
	Total Fixed Charges		13,475		18,935		21,936		24,652		26,042		28,864		26,042
Ratio of Earnings to Fixed Charges:			3.7x		2.9x		2.7x		2.4x		0.4x		0.4x		2.0x

A.

For the purpose of computing the ratio of earnings to fixed charges, earnings consist of net income plus fixed charges, plus the amortization of capitalized interest and less capitalized interest. Fixed charges consist of interest, whether expensed or capitalized, and amortization of loan costs. For the year ended December 31, 2001, the ratio of earnings to fixed charges was less than 1:1 and earnings were insufficient to cover fixed charges by $14.8 million.

B.

The supplemental ratio of earnings to fixed charges is computed the same as described in footnote (A) except that net income is adjusted to add back the Hilton lease termination expense, net of deferred income taxes, of $40.8 million.

QuickLinks

RFS Partnership, L.P. Computation of Ratio of Earnings to Fixed Charges