**Exhibit12**

ORIENT-EXPRESSHOTELS LTD. AND SUBSIDIARIES

 

Computation of Ratios of Earnings to Fixed Charges
| **Year ended December 31,**                                                                      | ** ** | **2002**                                                      | ** ** | **2003**       | ** ** | **2004**       | ** ** | **2005**       | ** ** | **2006**   | ** ** |
|-----------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------|------------|----------------|------------|----------------|------------|----------------|------------|------------|------------|
| ** **                                                                                                      | ** ** | **(restated)**                                                | ** ** | **(restated)** | ** ** | **(restated)** | ** ** | **(restated)** | ** ** | ** ** | ** ** |
| ** **                                                                                                      | ** ** | **(Dollars in thousands, except ratios)** | ** ** |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Earnings before income  taxes                                                                                   |       | $                                                             | 23,831     |           | $          | 20,126         |       | $              | 24,481     |       | $          | 34,573 |   | $ | 35,588 |   |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Earnings from  unconsolidated companies excluding equity in undistributed earnings of  unconsolidated companies |       | 7,892                                                         |       | 7,080          |       | 8,165          |       | 9,752          |       | 10,700     |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Add back dividends  received                                                                                    |       | —                                                        |       | —         |       | —         |       | —         |       | —     |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Total earnings before  income taxes                                                                             |       | $                                                             | 31,783     |           | $          | 27,206         |       | $              | 32,646     |       | $          | 44,325 |   | $ | 46,288 |   |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Fixed charges:                                                                                                  |       |                                                          |       |           |       |           |       |           |       |       |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Interest                                                                                                        |       | $                                                             | 21,691     |           | $          | 22,549         |       | $              | 22,628     |       | $          | 31,822 |   | $ | 48,177 |   |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Amortization of finance  costs                                                                                  |       | 1,617                                                         |       | 3,280          |       | 2,276          |       | 2,845          |       | 5,580      |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Interest on guaranteed  indebtedness                                                                            |       | —                                                        |       | —         |       | —         |       | —         |       | —     |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Total interest                                                                                                  |       | 23,308                                                        |       | 25,829         |       | 24,904         |       | 34,667         |       | 53,757     |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Interest factor of rent  expense                                                                                |       | 369                                                           |       | 455            |       | 572            |       | 637            |       | 692        |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Total fixed charges                                                                                             |       | 23,677                                                        |       | 26,284         |       | 25,476         |       | 35,304         |       | 54,449     |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Capitalized interest                                                                                            |       | 1,271                                                         |       | 1,795          |       | 1,708          |       | 448            |       | 1,735      |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Fixed charges (excluding  capitalized interest)                                                                 |       | $                                                             | 22,406     |           | $          | 24,489         |       | $              | 23,768     |       | $          | 34,856 |   | $ | 52,714 |   |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Earnings before fixed  charges (excluding capitalized interest) and income taxes                                |       | $                                                             | 49,408     |           | $          | 51,695         |       | $              | 56,414     |       | $          | 79,181 |   | $ | 99,002 |   |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Ratio of earnings to  fixed charges                                                                             |       | 2.1                                                           |       | 2.0            |       | 2.2            |       | 2.2            |       | 1.8        |       |
|                                                                                                            |       |                                                          |       |           |       |           |       |           |       |       |       |
| Deficiency in earnings to cover fixed charges                                                                   |       | $                                                             | —     |           | $          | —         |       | $              | —     |       | $          | — |   | $ | — |   |

 

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