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 |     
|                                                                            |  | September 10, 2004 |      |   | September 12, 2003 |  
|Income (loss) from continuing operations before income taxes                |  | $                  | (89  | ) |                    | $ | (149 | )
|Add (deduct):                                                               |  |                    |      |   |                    |   |      |  
|Fixed charges                                                               |  |                    | 420  |   |                    |   | 409  |  
|Capitalized interest                                                        |  |                    | (2   | ) |                    |   | (2   | )
|Amortization of capitalized interest                                        |  |                    | 4    |   |                    |   | 4    |  
|Minority interest in consolidated affiliates                                |  |                    | 3    |   |                    |   | 4    |  
|Net (gains) losses related to certain 50% or less owned affiliates          |  |                    | 12   |   |                    |   | 13   |  
|Distributions from equity investments                                       |  |                    | 1    |   |                    |   | 3    |  
|Distributions on preferred units                                            |  |                    | (29  | ) |                    |   | (27  | )
|                                                                            |  |                    |      |   |                    |   |      |  
|Adjusted earnings                                                           |  | $                  | 320  |   |                    | $ | 255  |  
|                                                                            |  |                    |      |   |                    |   |      |  
|Fixed charges:                                                              |  |                    |      |   |                    |   |      |  
|Interest on indebtedness and amortization of deferred financing costs       |  | $                  | 357  |   |                    | $ | 347  |  
|Capitalized interest                                                        |  |                    | 2    |   |                    |   | 2    |  
|Distributions on preferred units                                            |  |                    | 28   |   |                    |   | 27   |  
|Portion of rents representative of the interest factor                      |  |                    | 33   |   |                    |   | 33   |  
|                                                                            |  |                    |      |   |                    |   |      |  
|Total fixed charges and preferred unit distributions                        |  | $                  | 420  |   |                    | $ | 409  |  
|                                                                            |  |                    |      |   |                    |   |      |  
|Deficiency of earnings to fixed charges and preferred unit distributions(1) |  | $                  | (100 | ) |                    | $ | (154 | )
|                                                                            |  |                    |      |   |                    |   |      |  



|(1) | For year-to-date September 10, 2004 and September 12, 2003, deficiency of earnings to fixed
charges and preferred stock dividends includes depreciation expense of $250 million and $247 million, respectively.
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