HMC Ap Canada S-4 Registration of securities issued in business combination transactions

EXHIBIT 12.1

HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Year-to-date ended						Year Ended December 31,
	September 11, 2010			September 11, 2009			2009			2008			2007			2006			2005
Income (loss) from continuing operations before income taxes	$	(145	)	$	(160	)	$	(236	)	$	380		$	536		$	310		$	135
Add (deduct):
Fixed charges		311			313			441			447			515			536			535
Capitalized interest		(2	)		(6	)		(5	)		(10	)		(10	)		(5	)		(5	)
Amortization of capitalized interest		5			4			6			6			6			6			6
Equity in (earnings)/losses related to certain 50% or less owned affiliates		5			36			32			10			(11	)		6			1
Distributions from equity investments		2			1			1			3			4			3			2
Distributions on preferred units		(4	)		(6	)		(9	)		(9	)		(9	)		(14	)		(27	)
Issuance costs of redeemed preferred OP units		(4	)		—			—			—			—			(6	)		(4	)
Adjusted earnings	$	168		$	182		$	230		$	827		$	1,031		$	836		$	643
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	268		$	264		$	379		$	375		$	444		$	460		$	453
Capitalized interest		2			6			5			10			10			5			5
Distributions on preferred units		4			6			9			9			9			14			27
Issuance costs of redeemed preferred OP units		4			—			—			—			—			6			4
Portion of rents representative of the interest factor		33			37			48			53			52			51			46
Total fixed charges and preferred OP unit distributions	$	311		$	313		$	441		$	447		$	515		$	536		$	535
Ratio of earnings to fixed charges and preferred unit distributions		—			—			—			1.9			2.0			1.6			1.2
Deficiency of earnings to fixed charges and preferred unit distributions	$	(143	)	$	(131	)	$	(211	)	$	—		$	—		$	—		$	—