**Exhibit 12**

 

**Sunstone Hotel Investors, Inc.**

**Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends**

***(in thousands, except ratio amounts)***

 
| ** **                                                                       | ** ** | **Year Ended**   | ** ** | **Year Ended**   | ** ** | **Year Ended**   | ** ** | **Year Ended**   | ** ** | **Year Ended**   | ** ** |
|----------------------------------------------------------------------------------|------------|-----------------------|------------|-----------------------|------------|-----------------------|------------|-----------------------|------------|-----------------------|------------|
| ** **                                                                       | ** ** | **December 31,** | ** ** | **December 31,** | ** ** | **December 31,** | ** ** | **December 31,** | ** ** | **December 31,** | ** ** |
| ** **                                                                       | ** ** | **2010**              | ** ** | **2009**              | ** ** | **2008**              | ** ** | **2007**              | ** ** | **2006**              | ** ** |
| ** **                                                                       | ** ** | ** **            | ** ** | ** **            | ** ** | ** **            | ** ** | ** **            | ** ** | ** **            | ** ** |
| Earnings:                                                                        | ** ** | ** **            | ** ** | ** **            | ** ** | ** **            | ** ** | ** **            | ** ** | ** **            | ** ** |
| Income (loss) from continuing operations                                         |       | $                     | (38,163    | )                     | $          | (43,184               | )          | $                     | 29,067     |                  | $          | 29,376 |   | $ | 9,117 |   |
| Continuing operations:                                                           |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Equity in (earnings) losses of unconsolidated   joint ventures                   |       | (555                  | )          | 27,801                |       | 1,445                 |       | 3,588                 |       | (140                  | )          |
| Distributions from unconsolidated joint ventures                                 |       | 900                   |       | 500                   |       | 5,675                 |       | —                |       | —                |       |
| Interest expense and amortization of deferred   financing fees                   |       | 70,830                |       | 76,539                |       | 83,176                |       | 77,463                |       | 54,702                |       |
| Interest portion of rental expense                                               |       | 3,218                 |       | 3,226                 |       | 3,235                 |       | 3,241                 |       | 3,052                 |       |
| Discontinued operations:                                                         |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Interest expense and amortization of deferred   financing fees                   |       | 17,172                |       | 22,698                |       | 18,618                |       | 25,791                |       | 31,877                |       |
| Interest portion of rental expense                                               |       | 133                   |       | 163                   |       | 165                   |       | 169                   |       | 899                   |       |
| Total earnings                                                                   |       | $                     | 53,535     |                  | $          | 87,743                |       | $                     | 141,381    |                  | $          | 139,628 |   | $ | 99,507 |   |
|                                                                             |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Combined Fixed Charges and Preferred Stock   Dividends:                          |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Continuing operations:                                                           |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Interest expense and amortization of deferred   financing fees                   |       | $                     | 70,830     |                  | $          | 76,539                |       | $                     | 83,176     |                  | $          | 77,463 |   | $ | 54,702 |   |
| Interest portion of rental expense                                               |       | 3,218                 |       | 3,226                 |       | 3,235                 |       | 3,241                 |       | 3,052                 |       |
| Preferred dividends                                                              |       | 20,652                |       | 20,749                |       | 20,884                |       | 20,795                |       | 19,616                |       |
| Discontinued operations:                                                         |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Interest expense and amortization of deferred   financing fees                   |       | 17,172                |       | 22,698                |       | 18,618                |       | 25,791                |       | 31,877                |       |
| Interest portion of rental expense                                               |       | 133                   |       | 163                   |       | 165                   |       | 169                   |       | 899                   |       |
| Total combined fixed charges and preferred stock   dividends                     |       | $                     | 112,005    |                  | $          | 123,375               |       | $                     | 126,078    |                  | $          | 127,459 |   | $ | 110,146 |   |
|                                                                             |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Ratio of earnings to combined fixed charges and   preferred stock dividends      |       | —                |       | —                |       | 1.12                  |       | 1.10                  |       | —                |       |
|                                                                             |       |                  |       |                  |       |                  |       |                  |       |                  |       |
| Deficiency of earnings to combined fixed charges   and preferred stock dividends |       | $                     | (58,470    | )                     | $          | (35,632               | )          | $                     | —     |                  | $          | — |   | $ | (10,639 | ) |

 

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