Exhibit 12 MARRIOTT INTERNATIONAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ in millions, except ratio) Fiscal year ended ------------------------------------------------------------------- 1999 1998 1997 1996 1995 ---- ---- ---- ---- ---- Income before income taxes $637 $632 $531 $435 $361 Loss/(income) related to equity method investees (3) 8 8 4 (2) ---- ---- ---- ---- ---- 634 640 539 439 359 Add/(deduct): Fixed charges 152 103 85 89 59 Interest capitalized (33) (21) (16) (9) (8) Distributed income of equity method investees 2 5 - - - ---- ---- ---- ---- ---- Earnings available for fixed charges $755 $727 $608 $519 $410 ==== ==== ==== ==== ==== Fixed charges: Interest expensed and capitalized $94 $51 $38 $46 $17 Estimate of the interest within rent expense 58 52 47 42 39 Share of interest expense of certain equity method investees - - - 1 3 ---- ---- ---- ---- ---- Total fixed charges $152 $103 $85 $89 $59 ==== ==== ==== ==== ==== ---- ---- ---- ---- ---- Ratio of earnings to fixed charges 5.0 7.1 7.2 5.8 6.9 ==== ==== ==== ==== ==== (1) "Interest expensed and capitalized" includes amortized premiums, discounts and capitalized expenses related related to indebtedness.