RHP Property GT S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

Ryman Hospitality Properties, Inc.

Ratio of Earnings to Fixed Charges

	2008			2009			2010			2011			2012			6 Mos. Ended 6/30/2013			6 Mos.  Ended 6/30/2012
Fixed Charges:
Interest expensed and capitalized:
Interest expense net of capitalization		64,069			76,592			81,426			74,673			58,582			30,747			28,813
Capitalized interest		16,360			793			1,188			620			515			—			468
Total interest expensed and capitalized (includes amortization of deferred financing costs)		80,429			77,385			82,614			75,293			59,097			30,747			29,281
Rent Expense		15,101			16,748			21,429			17,519			17,873			7,464			8,209
% Rent assumed Interest		94.95	%		94.95	%		94.95	%		94.95	%		94.95	%		94.95	%		94.95	%
Interest component of rent		14,339			15,902			20,347			16,634			16,971			7,087			7,794
Total Fixed Charges		94,768			93,287			102,961			91,927			76,068			37,834			37,075
Earnings:
Add:
Pre-tax income		4,848			16,857			(132,916	)		17,488			(28,669	)		2,062			30,763
Fixed Charges		94,768			93,287			102,961			91,927			76,068			37,834			37,075
Amortization of Capitalized Interest		3,112			4,248			3,705			3,720			3,734			1,839			1,866
Less:
Interest capitalized		(16,360	)		(793	)		(1,188	)		(620	)		(515	)		—			(468	)
Total Earnings		86,368			113,599			(27,438	)		112,515			50,618			41,735			69,236
Earnings to Fixed Charges		0.91			1.22			(0.27	)		1.22			0.67			1.10			1.87
Ratio Disclosed		—			1.22			—			1.22			—			1.10			1.87
Earnings Needed to Cover Fixed Charges		8,400			—			130,399			—			25,450			—			—