1
Three Months
Ended March 31, Year ended December 31,
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2001 2000 2000 1999 1998 1997 1996
MeriStar Hospitality
Operating Partnership, LP
Ratio of Earnings to Fixed Charges
(unaudited)
Earnings:
Income from continuing operations
before minority interests $ 14,961 $ (2,963) $114,633 $116,291 $ 84,119 $ 21,290 $ 3,815
Fixed charges 33,248 31,275 129,463 115,606 57,278 11,939 10,031
Amortization of capitalized interest 183 127 681 488 152 23 12
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48,392 28,439 244,777 232,385 141,549 33,252 13,858
Less:
Capitalized interest (2,005) (1,749) (8,613) (12,540) (5,182) (442) (451)
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Earnings $ 46,387 $26,690 $238,164 $219,845 $136,367 32,810 $13,407
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Fixed Charges:
Interest expense $ 30,229 $ 28,760 $117,524 $ 100,337 $ 50,492 $ 10,576 $ 9,550
Capitalized Interest 2,005 1,743 8,613 12,540 5,162 462 481
Amortized premiums, discounts and
capitalized expenses related to debt 1,014 772 $ 3,326 $ 2,729 1,624 901
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Fixed Charges: $ 33,248 31,275 $129,463 $115,606 $ 57,278 $ 11,939 $ 10,031
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Ratio of Earnings to Fixed Charges 1.4x 0.9x 1.8x 1.9x 2.4x 2.7x 1.3x
Pro Forma
(Unaudited)
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Three Months
Ended Year Ended
March 31, December 31,
2001 2000
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PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
EARNINGS
Net income (loss) before extraordinary items $ 45,463 $176,757
Less minority interest in consolidated subsidiaries 1,767 3,567
Less income from equity investees (2,150) (11,551)
Fixed charges 80,982 312,718
Add amortization of capitalized interest 300 1,200
Add distributed income of investments in
unconsolidated joint ventures 1,565 25,358
Deduct capitalized interest (651) (3,557)
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Earnings $127,276 $504,492
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FIXED CHARGES
Interest expensed-includes amortization of
discount, premium and capitalized expenses
related to debt $ 80,331 $309,161
Capitalized interest 651 3,557
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Total fixed charges $ 80,982 $312,718
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Ratio of Earnings of Fixed Charges 1.6x 1.6x
ADJUSTED RATIO OF EARNINGS TO FIXED CHARGES
Earnings from above $127,276 $504,492
Add reserve for sale of hotels -- 63,000
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Adjusted earnings $127,276 $567,492
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Adjusted Ratio of Earnings to Fixed Charges 1.6x 1.8x