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EXHIBIT 12
HILTON HOTELS CORPORATION AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
1989 1990 1991 1992 1993
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Pre-tax income including
50% owned companies $162.0 $168.0 $121.3 $156.8 $156.2
Add: Interest expense from
Wholly-owned 62.0 54.3 58.1 66.9 80.4
50% owned 20.0 18.9 10.8 7.3 9.5
Distributions from less than
50% owned 2.4 5.5 5.2 4.8 6.4
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SUB-TOTAL (A) 246.4 246.7 195.4 235.8 252.5
Add: Rent expense (interest factor)
Wholly-owned 1.7 1.8 1.7 1.8 2.1
50% owned - 0.6 0.6 0.9 0.8
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TOTAL (B) 248.1 249.1 197.7 238.5 255.4
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Interest expense
Wholly-owned 62.0 54.3 58.1 66.9 80.4
50% owned 20.0 18.9 10.8 7.3 9.5
Capitalized interest 19.6 14.6 5.2 4.9 2.1
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SUB-TOTAL (C) 101.6 87.8 74.1 79.1 92.0
Add: Rent expense (interest factor)
Wholly-owned 1.7 1.8 1.7 1.8 2.1
50% owned - 0.6 0.6 0.9 0.8
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TOTAL (D) $103.3 $ 90.2 $ 76.4 $ 81.8 $ 94.9
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Ratios
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Interest (A/C) 2.4 2.8 2.6 3.0 2.7
Fixed charges (B/D) 2.4 2.8 2.6 2.9 2.7