Exhibit 12.1

HIGHLAND HOSPITALITY CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratio amounts)



|                                                                                                            |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|----------------------------------------------------------------------------------------------------------- |  | --------------------------------- | ------ | ----------------------- | ---- | -------------------------------------------------- | ---- | - | ------ |  | - | ------ |  | - | ------ | -
|                                                                                                            |  | Three Months Ended March 31, 2007 |        | Year Ended December 31, |      | Period From December 19, 2003 to December 31, 2003 |     
|                                                                                                            |  |                                   | 2006   |                         | 2005 |                                                    | 2004 |  
|Earnings:                                                                                                   |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|Income (loss) from continuing operations before income taxes and minority interest in operating partnership |  | $                                 | 9,425  |                         | $    | 25,001                                             |      | $ | 9,138  |  | $ | 3,270  |  | $ | (3,014 | )
|Interest expense (including amortization of capitalized interest)                                           |  |                                   | 11,105 |                         |      | 38,941                                             |      |   | 25,055 |  |   | 8,413  |  |   |       |  
|Portion of rental expense representing interest                                                             |  |                                   | 329    |                         |      | 1,221                                              |      |   | 662    |  |   | 261    |  |   |       |  
|                                                                                                            |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|Total earnings                                                                                              |  | $                                 | 20,859 |                         | $    | 65,163                                             |      | $ | 34,855 |  | $ | 11,944 |  | $ | (3,014 | )
|                                                                                                            |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|Fixed charges:                                                                                              |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|Interest expense (including capitalized interest)                                                           |  | $                                 | 11,130 |                         | $    | 39,592                                             |      | $ | 25,464 |  | $ | 8,413  |  |   |       |  
|Portion of rental expense representing interest                                                             |  |                                   | 329    |                         |      | 1,221                                              |      |   | 662    |  |   | 261    |  |   |       |  
|                                                                                                            |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|Total fixed charges                                                                                         |  |                                   | 11,459 |                         |      | 40,813                                             |      |   | 26,126 |  |   | 8,674  |  |   |       |  
|Preferred stock dividends                                                                                   |  |                                   | 1,575  |                         |      | 6,300                                              |      |   | 1,627  |  |   |       |  |   |       |  
|                                                                                                            |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|Total fixed charges and preferred stock dividends                                                           |  | $                                 | 13,034 |                         | $    | 47,113                                             |      | $ | 27,753 |  | $ | 8,674  |  |   |       |  
|                                                                                                            |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  
|Ratio of earnings to combined fixed charges and preferred stock dividends                                   |  |                                   | 1.6    |                         |      | 1.4                                                |      |   | 1.3    |  |   | 1.4    |  |   | (a     | )
|                                                                                                            |  |                                   |        |                         |      |                                                    |      |   |        |  |   |        |  |   |        |  

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|(a) | The Company did not have interest expense for the period from December 19, 2003 (date of initial public offering and commencement of operations) through December 31, 2003.
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