Hyatt Hotels (H) 8-K Hyatt Announces Total Consideration for its Bond Tender Offer

Exhibit 12.1

HYATT HOTELS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

	For the Three Months Ended March 31,
	2013		2012
Earnings:
Pretax income (loss) from continuing operations before adjustment for income or loss from equity investees	$	4	$	15
Fixed charges		23		22
Distributed income of equity method investees		3		4
Subtract: Interest capitalized net of amortization		1		—
Subtract: Non-controlling interest loss with no fixed charges		—		—
Total Earnings	$	29	$	41
Fixed Charges:
Interest expense	$	19	$	18
Interest within rent expense		4		4
Total Fixed Charges	$	23	$	22
Ratio of Earnings to Fixed Charges(1)		1.3x		1.9x

(1) For purposes of calculating the ratio of earnings to fixed charges, earnings represents pre-tax earnings or (losses) before adjustments for income or loss from equity investees; and fixed charges include: interest (expensed and capitalized), amortized premiums, discounts and capitalized expenses related to indebtedness and the interest portion of rent expense that is deemed to be representative of the interest factor.