MDSM Finance S-4 Registration of securities issued in business combination transactions

EXHIBIT 12.1

HOST MARRIOTT, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED LIMITED PARTNER UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-Date						Fiscal Years
	September 10, 2004			September 12, 2003			2003			2002			2001			2000			1999
Income (loss) from operations before income taxes	$	(89	)	$	(149	)	$	(243	)	$	(60	)	$	50		$	63		$	193
Add (deduct):
Fixed charges		421			410			609			581			573			528			500
Capitalized interest		(2	)		(2	)		(2	)		(2	)		(8	)		(8	)		(7	)
Amortization of capitalized interest		4			4			6			6			8			6			6
Minority interest in consolidated affiliates		3			3			4			8			15			27			21
Net (gains) losses related to certain 50% or less owned affiliate		12			13			22			9			(3	)		(27	)		(6	)
Distributions from equity investments		1			3			3			6			9			1			—
Distributions on preferred limited partner units		(29	)		(28	)		(37	)		(37	)		(32	)		(20	)		(6	)
Adjusted earnings	$	321		$	254		$	362		$	511		$	612		$	570		$	701
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	357		$	347		$	523		$	495		$	487		$	453		$	442
Capitalized interest		2			2			2			2			8			8			7
Distributions on preferred limited partner units		29			28			37			37			32			20			6
Portion of rents representative of the interest factor		33			33			47			47			46			47			45
Total fixed charges and preferred limited partner unit distributions	$	421		$	410		$	609		$	581		$	573		$	528		$	500
Ratio of earnings to fixed charges and preferred limited partner unit distributions		—			—			—			—			1.1			1.1			1.4
Deficiency of earnings to fixed charges and preferred limited partner unit distributions	$	(100	)	$	(156	)	$	(247	)	$	(70	)		—			—			—