1
EXHIBIT 12.1
FelCor Lodging Limited Partnership
Ratio of Earnings to Fixed Charges
<Table>
<Caption>
Year Ended December 31,
----------------------------------------------------
1996 1997 1998 1999
--------- --------- --------- ---------
(dollars in thousands)
RATIO OF EARNINGS TO FIXED CHARGES:
EARNINGS:
Income (loss) before extraordinary items $ 48,881 $ 69,652 $ 124,414 $ 136,889
Add minority interest in consolidated subsidiaries 573 1,121 2,713
Deduct income from equity investees (2,010) (6,963) (7,017) (8,484)
Add fixed charges 11,133 29,811 77,724 130,685
Add amortization of capitalized interest 129 227 667 1,109
Add distributed income of investments in
unconsolidated joint ventures 1,954 4,211 19,066 19,581
Deduct capitalized interest (1,330) (1,019) (4,542) (5,249)
--------- --------- --------- ---------
Earnings $ 58,757 $ 96,492 $ 211,433 $ 277,244
========= ========= ========= =========
FIXED CHARGES:
Interest expensed -includes amortization of discount, premium
and capitalized expenses related to debt $ 9,803 $ 28,792 $ 73,182 $ 125,436
Capitalized interest 1,330 1,019 4,542 5,249
--------- --------- --------- ---------
Total fixed charges $ 11,133 $ 29,811 $ 77,724 $ 130,685
--------- --------- --------- ---------
Ratio of Earnings to Fixed Charges 5.3x 3.2x 2.7x 2.1x
<Caption>
Six Months Ended
June 30,
(Unaudited)
---------- -----------------------
2000 2000 2001
--------- --------- ---------
(dollars in thousands)
RATIO OF EARNINGS TO FIXED CHARGES:
EARNINGS:
Income (loss) before extraordinary items $ 70,256 $ (12,372) $ 16,566
Add minority interest in consolidated subsidiaries 3,570 2,093 2,282
Deduct income from equity investees (14,820) (5,648) (6,328)
Add fixed charges 159,700 78,141 82,028
Add amortization of capitalized interest 1,200 576 610
Add distributed income of investments in
unconsolidated joint ventures 25,358 11,708 2,973
Deduct capitalized interest (1,080) (497) (229)
--------- --------- ---------
Earnings $ 244,184 $ 74,001 $ 97,902
========= ========= =========
FIXED CHARGES:
Interest expensed -includes amortization of discount, premium
and capitalized expenses related to debt $ 158,620 $ 77,644 $ 80,998
Capitalized interest 1,080 497 229
--------- --------- ---------
Total fixed charges $ 159,700 $ 78,141 $ 81,227
========= ========= =========
Ratio of Earnings to Fixed Charges 1.5x 0.9x 1.2x
</Table>
2
<Table>
<Caption>
Pro Forma
(Unaudited)
---------------------------
Six Months
Year Ended Ended
December 31, June 30,
2000 2001
------------ ------------
(dollars in thousands)
RATIO OF EARNINGS TO FIXED CHARGES:
EARNINGS:
Income (loss) before extraordinary items $ 164,993 $ 94,742
Add minority interest in consolidated subsidiaries 3,567 2,287
Deduct income from equity investees (11,436) (6,328)
Add fixed charges 327,137 159,141
Add amortization of capitalized interest 1,200 610
Add distributed income of investments in
unconsolidated joint ventures 25,358 2,973
Deduct capitalized interest (3,888) (1,175)
--------- ---------
Earnings $ 506,931 $ 252,250
========= =========
FIXED CHARGES:
Interest expensed -includes amortization of discount, premium
and capitalized expenses related to debt $ 323,249 $ 157,966
Capitalized interest 3,888 1,175
--------- ---------
Total fixed charges $ 327,137 $ 159,141
========= =========
Ratio of Earnings to Fixed Charges 1.5x 1.6x
</Table>