EXHIBIT 12.3
HMH PROPERTIES, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratio amounts)
Thirty-six Thirty-six
weeks ended weeks ended
September 11, September 12, Fiscal Year
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1998 1997 1997 1996 1995 1994 1993
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Income from operations before income taxes.................... $ 110 $ 78 $ 78 $ 54 $ 43 $ 50 $ 23
Add (deduct)
Fixed charges............................................... 140 92 137 110 81 69 67
Capitalized interest........................................ -- -- -- (1) (2) (1) (5)
Amortization of capitalized interest........................ 2 1 1 2 1 2 3
Net losses related to certain 50% or less owned affiliate... -- -- 1 (1) -- (1) --
Minority interest in consolidated affiliates................ 7 -- -- -- -- -- --
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Adjusted earnings............................................. $ 259 $ 171 $217 $164 $123 $119 $ 88
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Fixed charges:
Interest on indebtedness and amortization of deferred
financing costs........................................... $ 131 $ 86 $128 $101 $ 77 $ 65 $ 65
Dividends on Convertible Preferred Securities of
Subsidiary Trust.......................................... -- -- -- -- -- -- --
Portion of rents representative of the interest factor...... 9 6 9 9 4 4 2
Debt service guarantee interest expense of
unconsolidated affiliates................................. -- -- -- -- -- -- --
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Total fixed charges........................................... $ 140 $ 92 $137 $110 $ 81 $ 69 $ 67
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Ratio of earnings to fixed charges............................ 1.85 1.86 1.58 1.49 1.52 1.72 1.31