Host Hotels & Resorts (HST) 10-Q 2008 Q2 Quarterly report

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

	Year-to-Date ended
	June 13, 2008			June 15, 2007
Income from continuing operations before income taxes	$	246		$	191
Add (deduct):
Fixed charges		191			262
Capitalized interest		(6	)		(4	)
Amortization of capitalized interest		3			3
Minority interest in consolidated affiliates		19			16
Equity in earnings related to certain 50% or less owned affiliates		(2	)		(5	)
Distributions from equity investments		3			2
Dividends on preferred stock		(4	)		(4	)
Adjusted earnings	$	450		$	461
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	157		$	230
Capitalized interest		6			4
Dividends on preferred stock		4			4
Portion of rents representative of the interest factor		24			24
Total fixed charges and preferred stock dividends	$	191		$	262
Ratio of earning to fixed charges and preferred stock dividends		2.4			1.8

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