Chesapeake Financial Services 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)

	Quarter ended
	March 25, 2005			March 26, 2004			2004			2003			2002			2001			2000
Income (loss) from operations before income taxes	$	(6	)	$	(41	)	$	(75	)	$	(251	)	$	(70	)	$	20		$	22
Add (deduct):
Fixed charges		130			139			575			612			583			577			545
Capitalized interest		(1	)		(1	)		(3	)		(2	)		(2	)		(8	)		(8	)
Amortization of capitalized interest		1			1			6			6			6			7			6
Minority interest in consolidated affiliates		4			6			4			4			8			15			29
Net (gains) losses related to certain 50% or less owned affiliates		4			5			17			22			9			(3	)		(27	)
Distributions from equity investments		1			—			6			3			6			9			1
Distributions on preferred limited partner units		(8	)		(9	)		(37	)		(37	)		(37	)		(32	)		(20	)
Issuance costs of redeemed Class A preferred units		—			—			(4	)		—			—			—			—
Adjusted earnings	$	125		$	100		$	489		$	357		$	503		$	585		$	548
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	109		$	118		$	484		$	526		$	497		$	491		$	470
Capitalized interest		1			1			3			2			2			8			8
Distributions on preferred limited partner units		8			9			37			37			37			32			20
Issuance costs of redeemed Class A preferred units		—			—			4			—			—			—			—
Portion of rents representative of the interest factor		12			11			47			47			47			46			47
Total fixed charges and preferred limited partner unit distributions	$	130		$	139		$	575		$	612		$	583		$	577		$	545
Ratio of earnings to fixed charges and preferred limited partner unit distributions		—			—			—			—			—			1.01			1.01
Deficiency of earnings to fixed charges and preferred limited partner unit distributions	$	(5	)	$	(39	)	$	(86	)	$	(255	)	$	(80	)		—			—