Strategic Hotels & Resorts (BEE+C) 8-K Other Events

Exhibit 12.1

Strategic Hotels & Resorts, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

(numbers in thousands, except ratio amounts)

	Three Months Ended March 31,						Historical Fiscal Year Ended
	2006			2005			2005			2004			2003			2002			2001
Income (loss) from continuing operations before minority interests and income taxes	$	347		$	9,369		$	15,578		$	(51,695	)	$	(78,733	)	$	(44,841	)	$	(86,021	)
Add (deduct):
Combined fixed charges and preferred dividends		13,232			7,403			44,977			62,191			104,059			97,988			125,164
Capitalized interest		(1,676	)		—			(2,082	)		—			—			—			—
Earnings from equity investees		—			(402	)		(2,818	)		(739	)		—			(1,857	)		(1,838	)
Distribution from equity investees		—			—			—			15,602			5,775			—			—
Preferred dividends		(3,706	)		(349	)		(6,753	)		—			—			—			—
Adjusted earnings	$	8,197		$	16,021		$	48,902		$	25,359		$	31,101		$	51,290		$	37,305
Fixed charges:
Interest expense	$	7,442		$	6,378		$	33,326		$	57,959		$	97,419		$	88,215		$	116,348
Capitalized interest		1,676			—			2,082			—			—			—			—
Amortization of deferred financing costs		408			676			2,816			4,232			6,640			9,773			8,816
Total fixed charges	$	9,526		$	7,054		$	38,224		$	62,191		$	104,059		$	97,988		$	125,164
Plus preferred dividends	$	3,706		$	349		$	6,753		$	—		$	—		$	—		$	—
Combined fixed charges and preferred dividends	$	13,232		$	7,403		$	44,977		$	62,191		$	104,059		$	97,988		$	125,164
(Deficiency) of earnings to combined fixed charges and preferred dividends	$	(5,035	)	$	8,618		$	3,925		$	(36,832	)	$	(72,958	)	$	(46,698	)	$	(87,859	)
Ratio of earnings to combined fixed charges and preferred dividends		0.62			2.16			1.09			0.41			0.30			0.52			0.30