Exhibit 12.1  RFS Hotel Investors, Inc.Computation of Ratio of Earnings to Fixed
Charges   1998
  
  1999
  
  2000
  
  2001
  
  2001
  Supplemental
  
  2002
  
  2002
  Supplemental(Note A)
  
  (Note A)
  
  (Note A)
  
  (Note A)
  
  (Note B)
  
  (Note A)
  
  (Note B)Ratio of Earnings to Fixed
  Charges:EarningsNet income (loss)
  
  34,068
  
  34,990
  
  30,790
  
  (13,729
  )
  23,381
  
  (3,788
  )
  5,490Add minority interest in consolidated subsidiaries
  
  3,655
  
  3,620
  
  3,218
  
  (1,157
  
  2,495
  
  (644
  )
  200Add fixed charges
  
  18,935
  
  21,936
  
  24,652
  
  26,042
  
  26,042
  
  27,101
  
  27,101Add amortization of capitalized interest
  
  73
  
  100
  
  115
  
  115
  
  115
  
  115
  
  115Deduct capitalized interest
  
  (1,400
  )
  (1,100
  )
  (600
  )Total Earnings
  
  55,331
  
  59,546
  
  58,175
  
  11,271
  
  52,033
  
  22,784
  
  32,906Fixed ChargesInterest expensed, including amortization of debt costs
  
  17,535
  
  20,836
  
  24,052
  
  26,042
  
  26,042
  
  27,101
  
  27,101Capitalized interest
  
  1,400
  
  1,100
  
  600Total
  Fixed Charges
  
  18,935
  
  21,936
  
  24,652
  
  26,042
  
  26,042
  
  27,101
  
  27,101Ratio of Earnings to Fixed
  Charges:
  
  2.9x
  
  2.7x
  
  2.4x
  
  0.4x
  
  2.0x
  
  0.8x
  
  1.2x  RFS Partnership, L.P.Computation of Ratio of Earnings to Fixed
Charges  1998
  
  1999
  
  2000
  
  2001
  
  2001 Supplemental
  
  2002
  
  2002
  Supplemental(Note A)
  
  (Note A)
  
  (Note A)
  
  (Note A)
  
  (Note B)
  
  (Note A)
  
  (Note B)Ratio of Earnings to Fixed
  Charges:EarningsNet income (loss)
  
  37,723
  
  38,610
  
  34,008
  
  (14,886
  )
  25,876
  
  (4,432
  )
  5,690Add fixed charges
  
  18,935
  
  21,936
  
  24,652
  
  26,042
  
  26,042
  
  27,101
  
  27,101Add amortization of capitalized interest
  
  73
  
  100
  
  115
  
  115
  
  115
  
  115
  
  115Deduct capitalized interest
  
  (1,400
  )
  (1,100
  )
  (600
  )Total Earnings
  
  55,331
  
  59,546
  
  58,175
  
  11,271
  
  52,033
  
  22,784
  
  32,906Fixed ChargesInterest expensed, including amortization of debt costs
  
  17,535
  
  20,836
  
  24,052
  
  26,042
  
  26,042
  
  27,101
  
  27,101Capitalized interest
  
  1,400
  
  1,100
  
  600Total Fixed Charges
  
  18,935
  
  21,936
  
  24,652
  
  26,042
  
  26,042
  
  27,101
  
  27,101Ratio of Earnings to Fixed Charges:
  
  2.9x
  
  2.7x
  
  2.4x
  
  0.4x
  
  2.0x
  
  0.8x
  
  1.2x   A. For the purpose of computing the ratio of
earnings to fixed charges, earnings consist of net income (loss) plus fixed
charges, plus the amortization of capitalized interest and less capitalized
interest. Fixed charges consist of interest, whether expensed or capitalized,
and amortization of loan costs. For the years ended December 31, 2002 and
2001, the ratio of earnings to fixed charges was less than 1:1 and earnings
were insufficient to cover fixed charges by $4.3 and $14.8 million,
respectively.  B. The supplemental ratio of earnings to fixed
charges is computed the same as described in footnote (A) except that net
income is adjusted to add back the debt extinguishment and swap termination
costs of $10.1 million in 2002 and Hilton lease termination expense, net of
deferred income taxes, of $40.8 million in 2001.