**Exhibit 12**

 

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

Computationof Ratios of Earnings to Fixed Charges

 
| **Year ended December 31,**                                               | ** ** | **2005**   | ** ** | **2006**   | ** ** | **2007**   | ** ** | **2008**   | ** ** | **2009**   | ** ** |
|--------------------------------------------------------------------------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| **(Dollars in thousands, except ratios)**                                      | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** **                                                                     | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| (Loss)/earnings before income taxes                                            |       | $          | 34,694     |       | $          | 35,515     |       | $          | 52,318     |       | $          | (13,509 | ) | $ | (12,427 | ) |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Distributed interest fromunconsolidated  companies                             |       | 4,021      |       | 7,169      |       | 7,476      |       | 6,240      |       | —     |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Add back dividends received                                                    |       | 624        |       | —     |       | 1,763      |       | 3,840      |       | 3,790      |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Impairments on equity methodinvestment                                         |       | —     |       | —     |       | —     |       | 22,992     |       | —     |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Total earnings before income taxes                                             |       | $          | 39,339     |       | $          | 42,684     |       | $          | 61,557     |       | $          | 19,563 |   | $ | (8,637 | ) |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Fixed charges:                                                                 |       |       |       |       |       |       |       |       |       |       |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Interest                                                                       |       | $          | 27,157     |       | $          | 37,064     |       | $          | 46,077     |       | $          | 53,192 |   | $ | 34,088 |   |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Amortization of finance costs                                                  |       | 2,622      |       | 5,308      |       | 2,905      |       | 2,837      |       | 3,427      |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Interest on guaranteed indebtedness                                            |       | —     |       | —     |       | —     |       | —     |       | —     |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Total interest                                                                 |       | 29,779     |       | 42,372     |       | 48,982     |       | 56,029     |       | 37,515     |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Interest factor of rent expense                                                |       | 582        |       | 640        |       | 1,366      |       | 2,935      |       | 2,942      |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Total fixed charges                                                            |       | 30,361     |       | 43,012     |       | 50,348     |       | 58,964     |       | 40,457     |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Capitalized interest                                                           |       | 448        |       | 1,652      |       | 5,619      |       | 7,628      |       | 5,275      |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Fixed charges (excludingcapitalized interest)                                  |       | $          | 29,913     |       | $          | 41,360     |       | $          | 44,729     |       | $          | 51,336 |   | $ | 35,182 |   |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Earnings before fixed charges(excluding  capitalized interest)and income taxes |       | $          | 69,252     |       | $          | 84,044     |       | $          | 106,286    |       | $          | 70,899 |   | $ | 26,545 |   |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Ratio of earnings  to fixed charges                                            |       | 2.3        |       | 2.0        |       | 2.1        |       | 1.2        |       | 0.7        |       |
|                                                                           |       |       |       |       |       |       |       |       |       |       |       |
| Deficiency in  earnings to coverfixed  charges                                 |       | $          | —     |       | $          | —     |       | $          | —     |       | $          | — |   | $ | 8,637 |   |

 

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