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EXHIBIT 12
HILTON HOTELS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
1990 1991 1992 1993 1994
------ ------ ------ ------ ------
Pre-tax income including
50% owned companies $168.0 $121.3 $156.8 $156.2 $183.6
Add: Interest expense
from
Wholly owned 54.3 58.1 66.9 80.4 85.7
50% owned 18.9 10.8 7.3 9.5 9.5
Distributions from
less than 50% owned 5.5 5.2 4.8 6.4 12.1
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SUB-TOTAL(A) 246.7 195.4 235.8 252.5 290.9
Add: Rent expense
(interest factor)
Wholly owned 1.8 1.7 1.8 2.1 2.2
50% owned 0.6 0.6 0.9 0.8 0.8
------ ------ ------ ------ ------
TOTAL(B) 249.1 197.7 238.5 255.4 293.9
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Interest expense
Wholly owned 54.3 58.1 66.9 80.4 85.7
50% owned 18.9 10.8 7.3 9.5 9.5
Capitalized interest 14.6 5.2 4.9 2.1 8.4
------ ------ ------ ------ ------
SUB-TOTAL(C) 87.8 74.1 79.1 92.0 103.6
Add: Rent expense
(interest factor)
Wholly owned 1.8 1.7 1.8 2.1 2.2
50% owned 0.6 0.6 0.9 0.8 0.8
------ ------ ------ ------ ------
TOTAL(D) $90.2 $76.4 $81.8 $94.9 $106.6
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RATIOS
Interest (A/C) 2.8 2.6 3.0 2.7 2.8
Fixed charges (B/D) 2.8 2.6 2.9 2.7 2.8