EXHIBIT 12.1 HOST MARRIOTT CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (In millions, except ratio amounts) 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Income from operations before income taxes....... $ 61 $180 $174 $ 83 $ (8) Add (deduct): Fixed charges.................................. 532 516 415 364 283 Capitalized interest........................... (8) (7) (4) (1) (3) Amortization of capitalized interest........... 6 6 6 5 7 Net (gains) losses related to certain 50% or less owned affiliate.......................... (24) (6) (1) (1) 1 Minority interest in consolidated affiliates... 72 82 52 31 6 ---- ---- ---- ---- ---- Adjusted earnings.............................. $639 $771 $642 $481 $286 ==== ==== ==== ==== ==== Fixed charges Interest on indebtedness and amortization of deferred financing costs...................... $433 $430 $335 $288 $237 Dividends on convertible preferred securities of subsidiary trust........................... 32 37 37 37 3 Dividends on preferred stock................... 20 6 -- -- -- Portion of rents representative of the interest factor........................................ 47 43 43 39 33 Debt service guarantee interest expense of unconsolidated affiliates..................... -- -- -- -- 10 ---- ---- ---- ---- ---- Total fixed charges and preferred stock dividends..................................... $532 $516 $415 $364 $283 ==== ==== ==== ==== ==== Ratio of earnings to fixed charges and preferred stock dividends................................. 1.2 1.5 1.5 1.3 1.0