EXHIBIT 12
HILTON HOTELS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
1991 1992 1993 1994 1995
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Pre-tax income including
50% owned companies $121.3 $156.8 $156.2 $183.6 $261.5
Add: Interest expense from
Wholly owned 58.1 66.9 80.4 85.7 93.5
50% owned 10.8 7.3 9.5 9.5 20.8
Distributions from less
than 50% owned 5.2 4.8 6.4 12.1 13.5
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SUB-TOTAL (A) 195.4 235.8 252.5 290.9 389.3
Add: Rent expense
(interest factor)
Wholly owned 1.7 1.8 2.1 2.2 2.6
50% owned 0.6 0.9 0.8 0.8 0.9
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TOTAL (B) 197.7 238.5 255.4 293.9 392.8
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Interest expense
Wholly owned 58.1 66.9 80.4 85.7 93.5
50% owned 10.8 7.3 9.5 9.5 20.8
Capitalized interest 5.2 4.9 2.1 8.4 3.3
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SUB-TOTAL (C) 74.1 79.1 92.0 103.6 117.6
Add: Rent expense
(interest factor)
Wholly owned 1.7 1.8 2.1 2.2 2.6
50% owned 0.6 0.9 0.8 0.8 0.9
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TOTAL (D) $76.4 $81.8 $94.9 $106.6 $121.1
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RATIOS
Interest (A/C) 2.6 3.0 2.7 2.8 3.3
Fixed charges (B/D) 2.6 2.9 2.7 2.8 3.2