Host Hotels & Resorts 10-Q 2010 Q2 Quarterly report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-date ended
	June 19, 2009			June 13, 2008
Income (loss) from continuing operations before income taxes	$	(131	)	$	247
Add (deduct):
Fixed charges		202			205
Capitalized interest		(5	)		(6	)
Amortization of capitalized interest		3			3
Equity in (earnings)/losses related to certain 50% or less owned affiliates		34			(2	)
Distributions from equity investments		1			3
Distributions on preferred units		(4	)		(4	)
Adjusted earnings	$	100		$	446
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	169		$	171
Capitalized interest		5			6
Distributions on preferred units		4			4
Portion of rents representative of the interest factor		24			24
Total fixed charges and preferred unit distributions	$	202		$	205
Ratio of earning to fixed charges and preferred unit distributions		—			2.2
Deficiency of earnings to fixed charges and preferred unit distributions	$	(102	)	$	—

48