HMC Kea Lani 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 LIMITED PARTNER UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

	Quarter Ended						Year Ended December 31,
	March 24, 2006			March 25, 2005			2005			2004			2003			2002			2001
Income (loss) from operations before income taxes	$	28		$	(10	)	$	158		$	(92	)	$	(263	)	$	(85	)	$	6
Add (deduct):
Fixed charges		109			130			526			575			607			578			570
Capitalized interest		(1	)		(1	)		(5	)		(3	)		(2	)		(2	)		(8	)
Amortization of capitalized interest		1			1			6			6			6			6			7
Minority interest in consolidated affiliates		4			4			7			4			4			8			15
Net (gains) losses related to certain 50% or less owned affiliates		(1	)		4			1			16			22			9			(3	)
Distributions from equity investments		1			1			2			6			3			6			9
Distributions on preferred limited partner units		(6	)		(8	)		(27	)		(37	)		(37	)		(37	)		(32	)
Issuance costs of redeemed preferred units units		—			—			(4	)		(4	)		—			—			—
Adjusted earnings	$	135		$	121		$	664		$	471		$	340		$	483		$	564
Fixed charges:
Interest on indebtedness and amortization of deferred financing costs	$	91		$	109		$	444		$	484		$	521		$	492		$	484
Capitalized interest		1			1			5			3			2			2			8
Distributions on preferred limited partner units		6			8			27			37			37			37			32
Issuance costs of redeemed preferred units units		—			—			4			4			—			—			—
Portion of rents representative of the interest factor		11			12			46			47			47			47			46
Total fixed charges and preferred limited partner unit distributions	$	109		$	130		$	526		$	575		$	607		$	578		$	570
Ratio of earnings to fixed charges and preferred limited partner unit distributions		1.2			—			1.3			—			—			—			—
Deficiency of earnings to fixed charges and preferred limited partner unit distributions	$	—		$	(9	)		—		$	(104	)	$	(267	)	$	(95	)	$	(6	)