Exhbit 12.1



Strategic Hotel Capital, Inc.

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

(numbers in thousands, except ratio amounts)



|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|----------------------------------------------------------------------------------- |  | ---------------------------- | ------ | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                                    |  | Historical Fiscal Year Ended |       
|                                                                                    |  | 2005                         |        |   | 2004 |   |         | 2003 |  |   | 2002    |   |  | 2001 |        
|Income (loss) from continuing operations before minority interests and income taxes |  | $                            | 15,578 |   |      | $ | (51,695 | )    |  | $ | (78,733 | ) |  | $    | (44,841 | ) |  | $ | (86,021 | )
|Add (deduct):                                                                       |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Combined fixed charges and preferred dividends                                      |  |                              | 44,977 |   |      |   | 62,191  |      |  |   | 104,059 |   |  |      | 97,988  |   |  |   | 125,164 |  
|Capitalized interest                                                                |  |                              | (2,082 | ) |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Earnings from equity investees                                                      |  |                              | (2,818 | ) |      |   | (739    | )    |  |   |        |   |  |      | (1,857  | ) |  |   | (1,838  | )
|Distribution from equity investees                                                  |  |                              |       |   |      |   | 15,602  |      |  |   | 5,775   |   |  |      |        |   |  |   |        |  
|Preferred dividends                                                                 |  |                              | (6,753 | ) |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Adjusted earnings                                                                   |  | $                            | 48,902 |   |      | $ | 25,359  |      |  | $ | 31,101  |   |  | $    | 51,290  |   |  | $ | 37,305  |  
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges:                                                                      |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest expense                                                                    |  | $                            | 33,326 |   |      | $ | 57,959  |      |  | $ | 97,419  |   |  | $    | 88,215  |   |  | $ | 116,348 |  
|Capitalized interest                                                                |  |                              | 2,082  |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   |        |  
|Amortization of deferred financing costs                                            |  |                              | 2,816  |   |      |   | 4,232   |      |  |   | 6,640   |   |  |      | 9,773   |   |  |   | 8,816   |  
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total fixed charges                                                                 |  | $                            | 38,224 |   |      | $ | 62,191  |      |  | $ | 104,059 |   |  | $    | 97,988  |   |  | $ | 125,164 |  
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Plus preferred dividends                                                            |  | $                            | 6,753  |   |      | $ |        |      |  | $ |        |   |  | $    |        |   |  | $ |        |  
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Combined fixed charges and preferred dividends                                      |  | $                            | 44,977 |   |      | $ | 62,191  |      |  | $ | 104,059 |   |  | $    | 97,988  |   |  | $ | 125,164 |  
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|(Deficiency) of earnings to combined fixed charges and preferred dividends          |  | $                            | 3,925  |   |      | $ | (36,832 | )    |  | $ | (72,958 | ) |  | $    | (46,698 | ) |  | $ | (87,859 | )
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of earnings to combined fixed charges and preferred dividends                 |  |                              | 1.09   |   |      |   | 0.41    |      |  |   | 0.30    |   |  |      | 0.52    |   |  |   | 0.30    |  
|                                                                                    |  |                              |        |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |