EXHIBIT 12.1



HOST MARRIOTT, L.P. AND SUBSIDIARIES



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED UNIT DISTRIBUTIONS

(in millions, except ratio amounts)



|                                                                            |  |                    |     |   |               |   |     |  
|--------------------------------------------------------------------------- |  | ------------------ | --- | - | ------------- | - | --- | -
|                                                                            |  | Year-to-date ended |    
|                                                                            |  | June 18, 2004      |     |   | June 20, 2003 |  
|Income (loss) from continuing operations before income taxes                |  | $                  | (30 | ) |               | $ | (61 | )
|Add (deduct):                                                               |  |                    |     |   |               |   |     |  
|Fixed charges                                                               |  |                    | 291 |   |               |   | 272 |  
|Capitalized interest                                                        |  |                    | (2  | ) |               |   | (1  | )
|Amortization of capitalized interest                                        |  |                    | 3   |   |               |   | 3   |  
|Minority interest in consolidated affiliates                                |  |                    | 3   |   |               |   | 3   |  
|Net (gains) losses related to certain 50% or less owned affiliates          |  |                    | 8   |   |               |   | 9   |  
|Distributions from equity investments                                       |  |                    | 1   |   |               |   | 3   |  
|Distributions on preferred units                                            |  |                    | (19 | ) |               |   | (18 | )
|                                                                            |  |                    |     |   |               |   |     |  
|Adjusted earnings                                                           |  | $                  | 255 |   |               | $ | 210 |  
|                                                                            |  |                    |     |   |               |   |     |  
|Fixed charges:                                                              |  |                    |     |   |               |   |     |  
|Interest on indebtedness and amortization of deferred financing costs       |  | $                  | 249 |   |               | $ | 232 |  
|Capitalized interest                                                        |  |                    | 2   |   |               |   | 1   |  
|Dividends on convertible preferred securities of subsidiary trust           |  |                    |    |   |               |   |    |  
|Distributions on preferred units                                            |  |                    | 19  |   |               |   | 18  |  
|Portion of rents representative of the interest factor                      |  |                    | 21  |   |               |   | 21  |  
|                                                                            |  |                    |     |   |               |   |     |  
|Total fixed charges and preferred unit distributions                        |  | $                  | 291 |   |               | $ | 272 |  
|                                                                            |  |                    |     |   |               |   |     |  
|Deficiency of earnings to fixed charges and preferred unit distributions(1) |  | $                  | (36 | ) |               | $ | (62 | )
|                                                                            |  |                    |     |   |               |   |     |  



|(1) | For year-to-date June 18, 2004 and June 20, 2003, deficiency of earnings to fixed charges and preferred stock dividends includes depreciation expense of $165 million
for both periods, respectively.
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