EXHIBIT 12
BOYKIN LODGING COMPANY
COMPUTATION OF RATIOS
OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(AMOUNTS IN THOUSANDS, EXCEPT FOR RATIO AMOUNTS)
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
2005 2004 2003 2002 2001
-------- -------- -------- -------- --------
Computation of earnings:
Loss before gain (loss) on sale/disposal of assets,
discontinued operations and cumulative effect of
change in accounting principle $ (355) $ (5,675) $ (3,295) $ (3,351) $(26,092)
Plus: Federal income taxes 75 -- -- -- --
Plus: Equity in (income) loss of unconsolidated joint
ventures (11,343) 814 870 2,040 (589)
Plus: Minority interest 582 (1,845) (2,025) (1,175) (2,521)
-------- -------- -------- -------- --------
Pretax income from continuing operations before
adjustment for minority interest in consolidated
subsidiaries or income or loss from equity (11,041) (6,706) (4,450) (2,486) (29,202)
investees:
Plus: Fixed charges 13,783 15,729 17,794 20,821 21,129
Plus: Amortization of capitalized interest -- 29 706 -- --
Plus: Distributed income of equity investees 11,343 1,698 572 148 1,380
Less: Capitalized interest -- (213) (448) (74) --
Less: Minority interest in pre-tax income of
subsidiaries that have not incurred fixed charges 38 -- -- -- --
-------- -------- -------- -------- --------
Earnings and fixed charges: $ 14,123 $ 10,537 $ 14,174 $ 18,409 $ (6,693)
======== ======== ======== ======== ========
Computation of fixed charges:
Consolidated interest expense and capitalized interest $ 11,586 $ 13,842 $ 15,371 $ 18,142 $ 19,639
Consolidated amortization of deferred financing costs 1,540 1,367 1,906 2,105 1,129
Plus: estimated interest element of rentals on
consolidated entities 657 520 517 574 361
-------- -------- -------- -------- --------
Fixed charges: $ 13,783 $ 15,729 $ 17,794 $ 20,821 $ 21,129
-------- -------- -------- -------- --------
Plus: preferred dividend 4,751 4,751 4,751 1,109 --
-------- -------- -------- -------- --------
Fixed charges and preferred stock dividends: $ 18,534 $ 20,480 $ 22,545 $ 21,930 $ 21,129
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 1.0 0.7 0.8 0.9 (0.3)
Ratio of earnings to fixed charges and preferred stock
dividends 0.8 0.5 0.6 0.8 (0.3)
Deficiency of earnings to fixed charges -- $ 5,192 $ 3,620 $ 2,412 $ 27,822
Deficiency of earnings to fixed charges and preferred stock
dividends $ 4,411 $ 9,943 $ 8,371 $ 3,521 $ 27,822
</Table>