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

Exhibit 12.1

Ryman Hospitality Properties, Inc.

Ratio of Earnings to Fixed Charges

	2010			2011			2012			2013			2014			6 Mos. Ended 6/30/2015			6 Mos. Ended 6/30/2014
Fixed Charges:
Interest expensed and capitalized:
Interest expense net of capitalization		81,426			74,673			58,582			60,916			61,447			31,627			31,142
Capitalized interest		1,188			620			515			—			52			154			6
Total interest expensed and capitalized (includes amortization of deferred financing costs)		82,614			75,293			59,097			60,916			61,499			31,781			31,148
Rent Expense		21,429			17,519			17,873			16,918			15,824			6,874			7,012
% Rent assumed Interest		94.95	%		94.95	%		94.95	%		94.95	%		94.95	%		94.95	%		94.95	%
Interest component of rent		20,347			16,634			16,971			16,064			15,025			6,527			6,658
Total Fixed Charges		102,961			91,927			76,068			76,980			76,524			38,308			37,806
Earnings:
Add:
Pre-tax income		(132,916	)		17,488			(28,669	)		25,815			125,000			47,108			48,736
Fixed Charges		102,961			91,927			76,068			76,980			76,524			38,308			37,806
Amortization of Capitalized Interest		3,705			3,720			3,734			3,588			3,488			1,751			1,739
Less:
Interest capitalized		(1,188	)		(620	)		(515	)		—			(52	)		(154	)		(6	)
Total Earnings		(27,438	)		112,515			50,618			106,383			204,960			87,014			88,275
Earnings to Fixed Charges		(0.27	)		1.22			0.67			1.38			2.68			2.27			2.33
Ratio Disclosed		—			1.22			—			1.38			2.68			2.27			2.33
Earnings Needed to Cover Fixed Charges		130,399			—			25,450			—			—			—			—