Host Hotels & Resorts (HST) 10-Q 2008 Q3 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
	September 5, 2008			September 7, 2007
Income from continuing operations before income taxes	$	291		$	280
Add (deduct):
Fixed charges		290			359
Capitalized interest		(8	)		(6	)
Amortization of capitalized interest		4			4
Minority interest in consolidated affiliates		19			21
Equity in earnings related to certain 50% or less owned affiliates		(3	)		(5	)
Distributions from equity investments		3			3
Dividends on preferred stock		(6	)		(6	)
Adjusted earnings	$	590		$	650
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	240		$	312
Capitalized interest		8			6
Dividends on preferred stock		6			6
Portion of rents representative of the interest factor		36			35
Total fixed charges and preferred stock dividends	$	290		$	359
Ratio of earning to fixed charges and preferred stock dividends		2.0			1.8

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