**Exhibit12**

 

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

 

Computationof Ratios of Earnings to Fixed Charges

 
| ** **                                                                                                     | ** ** | **(Dollars in thousands, except  ratios)** | ** ** |
|----------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------|------------|
| **Year ended December 31,**                                                                                    | ** ** | **2001**                                   | ** ** | **2002** | ** ** | **2003** | ** ** | **2004** | ** ** | **2005** | ** ** |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Earnings before income taxes                                                                                   |       | $                                          | 24,968     |   | $ | 19,110 |   | $ | 17,291 |   | $ | 21,689 |   | $ | 34,573 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Earnings from unconsolidated companies excluding equity in  undistributed earnings of unconsolidated companies |       | 6,702                                      |       | 7,892 |   | 7,080 |   | 8,165 |   | 9,752 |   |
| Add back dividends received                                                                                    |       | —                                     |       | — |   | — |   | — |   | — |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Total earnings before income taxes                                                                             |       | $                                          | 31,670     |   | $ | 27,002 |   | $ | 24,371 |   | $ | 29,854 |   | $ | 44,325 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Fixed charges:                                                                                                 |       |                                       |       |   |   |   |   |   |   |   |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Interest                                                                                                       |       | $                                          | 20,403     |   | $ | 21,691 |   | $ | 22,549 |   | $ | 22,628 |   | $ | 31,822 |   |
| Amortization of finance costs                                                                                  |       | 1,152                                      |       | 1,617 |   | 3,280 |   | 2,276 |   | 2,845 |   |
| Interest on guaranteed indebtedness                                                                            |       | —                                     |       | — |   | — |   | — |   | — |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Total interest                                                                                                 |       | 21,555                                     |       | 23,308 |   | 25,829 |   | 24,904 |   | 34,667 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Interest factor of rent expense                                                                                |       | 403                                        |       | 369 |   | 455 |   | 572 |   | 637 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Total fixed charges                                                                                            |       | 21,958                                     |       | 23,677 |   | 26,284 |   | 25,476 |   | 35,304 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Capitalized interest                                                                                           |       | 882                                        |       | 1,271 |   | 1,795 |   | 1,708 |   | 448 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Fixed charges (excluding capitalized interest)                                                                 |       | $                                          | 21,076     |   | $ | 22,406 |   | $ | 24,489 |   | $ | 23,768 |   | $ | 34,856 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Earnings before fixed charges (excluding capitalized interest) and  income taxes                               |       | $                                          | 52,746     |   | $ | 49,408 |   | $ | 48,860 |   | $ | 53,622 |   | $ | 79,181 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                                                                             |       | 2.4                                        |       | 2.1 |   | 1.9 |   | 2.1 |   | 2.2 |   |
|                                                                                                           |       |                                       |       |   |   |   |   |   |   |   |   |
| Deficiency in earnings to cover fixed charges                                                                  |       | $                                          | —     |   | $ | — |   | $ | — |   | $ | — |   | $ | — |   |

 

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