Host Hotels & Resorts (HST) 8-K Other Events

EXHIBIT 12.1

HOST HOTELS & RESORTS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

		$1,029			$1,029			$1,029			$1,029			$1,029
	2010			2009			2008			2007			2006
Income (loss) from operations before income taxes	$	(159	)	$	(236	)	$	379		$	534		$	309
Add (deduct):
Fixed charges		444			441			447			515			536
Capitalized interest		(3	)		(5	)		(10	)		(10	)		(5	)
Amortization of capitalized interest		7			6			6			6			6
Net (earnings)/losses related to certain 50% or less owned affiliates		1			32			10			(11	)		6
Distributions from equity investments		2			1			3			4			3
Dividends on preferred stock		(4	)		(9	)		(9	)		(9	)		(14	)
Issuance costs of redeemed preferred stock		(4	)		—			—			—			(6	)
Adjusted earnings	$	284		$	230		$	826		$	1,029		$	835
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	384		$	379		$	375		$	444		$	460
Capitalized interest		3			5			10			10			5
Dividends on preferred stock		4			9			9			9			14
Issuance costs of redeemed preferred stock		4			—			—			—			6
Portion of rents representative of the interest factor		49			48			53			52			51
Total fixed charges and preferred stock dividends	$	444		$	441		$	447		$	515		$	536
Ratio of earnings to fixed charges and preferred stock dividends								1.8			2.0			1.6
Deficiency of earnings to fixed charges and preferred stock dividends	$	(160	)	$	(211	)	$	—		$	—		$	—