**Exhibit 12**

 

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

 

Computationof Ratios of Earnings to Fixed Charges

 
| **Year ended December 31,**                                                                      | ** ** | **2003**                                                      | ** ** | **2004** | ** ** | **2005** | ** ** | **2006** | ** ** | **2007** | ** ** |
|-----------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| ** **                                                                                                      | ** ** | **(Dollars in thousands, except ratios)** | ** ** |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Earnings  before income taxes                                                                                   |       | $                                                             | 22,364     |     | $          | 24,980   |       | $        | 34,327     |     | $          | 35,486 |   | $ | 49,465 |   |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Earnings  from unconsolidated companies excluding equity in undistributed earnings of  unconsolidated companies |       | 7,080                                                         |       | 8,165    |       | 9,752    |       | 10,700   |       | 11,807   |       |
| Add  back dividends received                                                                                    |       | —                                                        |       | —   |       | —   |       | —   |       | —   |       |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Total  earnings before income taxes                                                                             |       | $                                                             | 29,444     |     | $          | 33,125   |       | $        | 44,079     |     | $          | 46,186 |   | $ | 61,272 |   |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Fixed  charges:                                                                                                 |       |                                                          |       |     |       |     |       |     |       |     |       |
| Interest                                                                                                        |       | $                                                             | 22,610     |     | $          | 22,515   |       | $        | 31,640     |     | $          | 48,034 |   | $ | 53,475 |   |
| Amortization  of finance costs                                                                                  |       | 3,280                                                         |       | 2,276    |       | 2,845    |       | 5,580    |       | 3,243    |       |
| Interest  on guaranteed indebtedness                                                                            |       | —                                                        |       | —   |       | —   |       | —   |       | —   |       |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Total  interest                                                                                                 |       | 25,890                                                        |       | 24,791   |       | 34,485   |       | 53,614   |       | 56,718   |       |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Interest  factor of rent expense                                                                                |       | 455                                                           |       | 572      |       | 637      |       | 692      |       | 1,422    |       |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Total  fixed charges                                                                                            |       | 26,345                                                        |       | 25,363   |       | 35,122   |       | 54,306   |       | 58,140   |       |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Capitalized  interest                                                                                           |       | 1,795                                                         |       | 1,708    |       | 448      |       | 1,735    |       | 5,619    |       |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Fixed  charges (excluding capitalized interest)                                                                 |       | $                                                             | 24,550     |     | $          | 23,655   |       | $        | 34,674     |     | $          | 52,571 |   | $ | 52,521 |   |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Earnings  before fixed charges (excluding capitalized interest) and income taxes                                |       | $                                                             | 53,994     |     | $          | 56,780   |       | $        | 78,753     |     | $          | 98,757 |   | $ | 113,793 |   |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Ratio  of earnings to fixed charges                                                                             |       | 2.0                                                           |       | 2.2      |       | 2.2      |       | 1.8      |       | 2.0      |       |
|                                                                                                            |       |                                                          |       |     |       |     |       |     |       |     |       |
| Deficiency  in earnings to cover fixed charges                                                                  |       | $                                                             | —     |     | $          | —   |       | $        | —     |     | $          | — |   | $ | — |   |

 

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