<PAGE>
                                                                    EXHIBIT 12.1

                 CANDLEWOOD HOTEL COMPANY, INC. AND SUBSIDIARIES

     STATEMENTS REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED
                      CHARGES AND PREFERRED STOCK DIVIDENDS
                          (IN THOUSANDS, EXCEPT RATIOS)


<TABLE>
<CAPTION>
                                                  Year Ended     Year Ended     Year Ended     Year Ended     Year Ended
                                                 December 31,   December 31,   December 31,   December 31,   December 31,
                                                     2001           2000           1999           1998           1997
                                                 -----------    -----------    -----------    -----------    -----------
<S>                                              <C>            <C>            <C>            <C>            <C>
EARNINGS
(Loss) income before preferred stock
     dividends                                   $    (5,138)   $     5,687    $    (2,791)   $    (6,287)   $      (817)
Interest incurred                                     17,814         21,602         15,290          7,964          3,271
Amortization of deferred financing costs               2,271          2,085          1,701            473            112
Rent expense on leased hotels                         26,523         25,056         24,821         12,365             79
                                                 -----------    -----------    -----------    -----------    -----------
     Total earnings                              $    41,470    $    54,430    $    39,021    $    14,515    $     2,645
                                                 ===========    ===========    ===========    ===========    ===========

FIXED CHARGES
Interest incurred                                $    17,814    $    21,602    $    15,290    $     7,964    $     3,271
Amortization of deferred financing costs               2,271          2,085          1,701            473            112
Rent expense on leased hotels                         26,523         25,056         24,821         12,365             79
Preferred stock dividends                              8,025          8,025          8,025          6,338          1,248
                                                 -----------    -----------    -----------    -----------    -----------
     Total fixed charges                         $    54,633    $    56,768    $    49,837    $    27,140    $     4,710
                                                 ===========    ===========    ===========    ===========    ===========

Ratio of earnings to combined fixed
charges and preferred stock dividends                      -              -              -              -              -
                                                 ===========    ===========    ===========    ===========    ===========

(Deficit) excess of earnings to combined
fixed charges and preferred stock dividends      $   (13,163)   $    (2,338)   $   (10,816)   $   (12,625)   $    (2,065)
                                                 ===========    ===========    ===========    ===========    ===========
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