<PAGE>
                                                                      EXHIBIT 12
 
                   HILTON HOTELS CORPORATION AND SUBSIDIARIES
 
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                      (dollar amounts in millions) (unaudited)
 
<TABLE>
<CAPTION>
                                                                                          YEARS ENDED DECEMBER 31,
                                                                            -----------------------------------------------------
                                                                              1997       1996       1995       1994       1993
                                                                            ---------  ---------  ---------  ---------  ---------
<S>                                                                         <C>        <C>        <C>        <C>        <C>
Income from continuing operations before income taxes and minority
  interest (1)............................................................  $     440  $     235  $     262  $     184  $     156
Add:
  Interest expense (1)....................................................        181         96        114         95         90
  Distributions from less than 50% owned companies........................         10         18         13         12          6
  Interest component of rent expense (1)(2)...............................          6          4          4          3          3
                                                                            ---------  ---------  ---------  ---------  ---------
Earnings available for fixed charges......................................  $     637  $     353  $     393  $     294  $     255
                                                                            ---------  ---------  ---------  ---------  ---------
                                                                            ---------  ---------  ---------  ---------  ---------
Fixed charges:
  Interest expense (1)....................................................  $     181  $      96  $     114  $      95  $      90
  Capitalized interest....................................................         18          7          3          8          2
  Interest component of rent expense (1)(2)...............................          6          4          4          3          3
                                                                            ---------  ---------  ---------  ---------  ---------
Total fixed charges.......................................................  $     205  $     107  $     121  $     106  $      95
                                                                            ---------  ---------  ---------  ---------  ---------
                                                                            ---------  ---------  ---------  ---------  ---------
Ratio of earnings to fixed charges........................................        3.1x       3.3x       3.2x       2.8x       2.7x
                                                                            ---------  ---------  ---------  ---------  ---------
                                                                            ---------  ---------  ---------  ---------  ---------
</TABLE>
 
---------
 
(1) Includes 50% owned companies.
 
(2) Assumed interest component to be one-third of rent expense.
 
                                       1
<PAGE>
                   HILTON HOTELS CORPORATION AND SUBSIDIARIES
 
                  COMPUTATION OF RATIO OF EARNINGS TO COMBINED
                  FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
 
                      (dollar amounts in millions) (unaudited)
 
<TABLE>
<CAPTION>
                                                                                          YEARS ENDED DECEMBER 31,
                                                                            -----------------------------------------------------
                                                                              1997       1996       1995       1994       1993
                                                                            ---------  ---------  ---------  ---------  ---------
<S>                                                                         <C>        <C>        <C>        <C>        <C>
Income from continuing operations before income taxes and minority
  interest (1)............................................................  $     440  $     235  $     262  $     184  $     156
Add:
  Interest expense (1)....................................................        181         96        114         95         90
  Distributions from less than 50% owned companies........................         10         18         13         12          6
  Interest component of rent expense (1)(2)...............................          6          4          4          3          3
                                                                            ---------  ---------  ---------  ---------  ---------
Earnings available for combined fixed charges and preferred stock
  dividends...............................................................  $     637  $     353  $     393  $     294  $     255
                                                                            ---------  ---------  ---------  ---------  ---------
                                                                            ---------  ---------  ---------  ---------  ---------
Fixed charges and preferred stock dividends:
  Interest expense (1)....................................................  $     181  $      96  $     114  $      95  $      90
  Capitalized interest....................................................         18          7          3          8          2
  Interest component of rent expense (1)(2)...............................          6          4          4          3          3
  Preferred stock dividends...............................................         23          1     --         --         --
                                                                            ---------  ---------  ---------  ---------  ---------
Total combined fixed charges and preferred stock dividends................  $     228  $     108  $     121  $     106  $      95
                                                                            ---------  ---------  ---------  ---------  ---------
                                                                            ---------  ---------  ---------  ---------  ---------
Ratio of earnings to combined fixed charges and preferred stock
  dividends...............................................................        2.8x       3.3x       3.2x       2.8x       2.7x
                                                                            ---------  ---------  ---------  ---------  ---------
                                                                            ---------  ---------  ---------  ---------  ---------
</TABLE>
 
---------
 
(1) Includes 50% owned companies.
 
(2) Assumed interest component to be one-third of rent expense.
 
                                       2