##### 



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)

|                                            |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |        |  
|------------------------------------------- | ------------------- | - | ------------ | ------- | ------------ | - | ------------ | ------ | ------------ | - | ------------ | ------ |  | - | ------- | ------ | - | - | ------- | ------ | -
|                                            |                     |   | Year Ended   |         | Year Ended   |   | Year Ended   |        | Year Ended   |   | Year Ended  
|                                            |                     |   | December 31, |         | December 31, |   | December 31, |        | December 31, |   | December 31,
|                                            |                     |   | 2002         |         | 2001         |   | 2000         |        | 1999         |   | 1998        
|                                            |                     |   |              |         |              |   |              |        |              |   |             
|Earnings                                    |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |       
|(Loss) income before preferred stock        |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |       
|                                            | dividends           |   | $            | (27,323 | )            |   | $            | (5,138 | )            |   | $            | 5,687  |  |   | $       | (2,791 | ) |   | $       | (6,287 | )
|Interest incurred                           |                     |   | 7,285        |         |              |   | 17,814       |        |              |   | 21,602       |        |  |   | 15,290  |        |   |   | 7,964   |       
|Amortization of deferred financing costs    |                     |   | 732          |         |              |   | 2,271        |        |              |   | 2,085        |        |  |   | 1,701   |        |   |   | 473     |       
|Rent expense on leased hotels               |                     |   | 41,008       |         |              |   | 26,523       |        |              |   | 25,056       |        |  |   | 24,821  |        |   |   | 12,365  |       
|                                            |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |        |  
|                                            | Total earnings      |   | $            | 21,702  |              |   | $            | 41,470 |              |   | $            | 54,430 |  |   | $       | 39,021 |   |   | $       | 14,515 |  
|                                            |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |        |  
|Fixed Charges                               |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |       
|Interest incurred                           |                     | $ | 7,285        |         |              | $ | 17,814       |        |              | $ | 21,602       |        |  | $ | 15,290  |        |   | $ | 7,964   |       
|Amortization of deferred financing costs    |                     |   | 732          |         |              |   | 2,271        |        |              |   | 2,085        |        |  |   | 1,701   |        |   |   | 473     |       
|Rent expense on leased hotels               |                     |   | 41,008       |         |              |   | 26,523       |        |              |   | 25,056       |        |  |   | 24,821  |        |   |   | 12,365  |       
|Preferred stock dividends                   |                     |   | 8,401        |         |              |   | 8,025        |        |              |   | 8,025        |        |  |   | 8,025   |        |   |   | 6,338   |       
|                                            |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |        |  
|                                            | Total fixed charges |   | $            | 57,426  |              |   | $            | 54,633 |              |   | $            | 56,768 |  |   | $       | 49,837 |   |   | $       | 27,140 |  
|                                            |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |        |  
|Ratio of earnings to combined fixed         |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |       
|charges and preferred stock dividends       |                     |   |             |         |              |   |             |        |              |   |             |        |  |   |        |        |   |   |        |       
|                                            |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |        |  
|(Deficit) excess of earnings to combined    |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |       
|fixed charges and preferred
stock dividends |                     | $ | (35,724      | )       |              | $ | (13,163      | )      |              | $ | (2,338       | )      |  | $ | (10,816 | )      |   | $ | (12,625 | )     
|                                            |                     |   |              |         |              |   |              |        |              |   |              |        |  |   |         |        |   |   |         |        |