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

Exhibit 12

HILTON WORLDWIDE HOLDINGS INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratio amounts)

(unaudited)

	Three Months Ended March 31,					Year Ended December 31,
	2017			2016		2016			2015			2014			2013			2012
Earnings:
Income (loss) from continuing operations before income taxes	$	110		$	70	$	556		$	553		$	333		$	(65	)	$	(86	)
Equity in losses (earnings) from unconsolidated affiliates		(1	)		—		(5	)		(2	)		(3	)		(4	)		23
		109			70		551			531			330			(69	)		(63	)
Add:
Fixed charges		126			113		502			494			543			693			687
Distributed income of equity method investees		1			—		3			2			4			3			3
Subtract:
Interest capitalized		—			—		(1	)		(1	)		(2	)		(3	)		(3	)
Earnings available for fixed charges	$	286		$	183	$	1,055		$	1,026		$	878		$	624		$	624
Fixed Charges:
Interest expense(1)	$	104		$	90	$	394		$	377		$	416		$	571		$	557
Interest capitalized							1			1			2			3			3
Estimated interest included in rent expense		22			23		107			116			125			119			127
Total Fixed Charges	$	126		$	113	$	502		$	494		$	543		$	693		$	687
Ratio of Earnings to Fixed Charges(2)		1.9			1.6		2.1			2.1			1.6			—			—

⁽¹⁾ Includes the amortization of debt discounts, premiums and capitalized expenses related to indebtedness.

⁽²⁾ Earnings for the years ended December 31, 2013 and 2012 were inadequate to cover fixed charges by $69 million and $63 million, respectively.