**Exhibit 12.1**

 

**RFS Partnership, L.P.****Computation of Ratio of Earnings to FixedCharges**

 
|                                                     |   | **1999**     |   | **2000**     |   | **2001**     |   | **2001  Supplemental** |   | **2002**     |   | **2002  Supplemental** |   | **2003**     |   | **2003  Supplemental** |   |
|----------------------------------------------------------|--------|--------------|--------|--------------|--------|--------------|--------|------------------------|--------|--------------|--------|------------------------|--------|--------------|--------|------------------------|--------|
|                                                     |   | **(Note A)** |   | **(Note A)** |   | **(Note A)** |   | **(Note B)**           |   | **(Note A)** |   | **(Note B)**           |   | **(Note A)** |   | **(Note B)**           |   |
| ***Ratio of Earnings  to Fixed Charges:***               |   |         |   |         |   |         |   |                   |   |         |   |                   |   |         |   |                   |   |
| *Earnings*                                               |   |         |   |         |   |         |   |                   |   |         |   |                   |   |         |   |                   |   |
| Net income                                               |   | 38,610       |   | 34,008       |   | (14,886      | )      | 25,876                 |   | (4,432       | )      | 5,690                  |   | (17,100      | )      | 3,538                  |   |
| Add fixed  charges                                       |   | 21,936       |   | 24,652       |   | 26,042       |   | 26,042                 |   | 27,101       |   | 27,101                 |   | 27,689       |   | 27,101                 |   |
| Add amortization  of capitalized interest                |   | 100          |   | 115          |   | 115          |   | 115                    |   | 115          |   | 115                    |   | 115          |   | 115                    |   |
| Deduct  capitalized interest                             |   | (1,100       | )      | (600         | )      | —       |   | —                 |   | —       |   | —                 |   | —       |   | —                 |   |
|                                                     |   |         |   |         |   |         |   |                   |   |         |   |                   |   |         |   |                   |   |
| *Total Earnings*                                         |   | 59,546       |   | 58,175       |   | 11,271       |   | 52,033                 |   | 22,784       |   | 32,906                 |   | 10,704       |   | 30,754                 |   |
|                                                     |   |         |   |         |   |         |   |                   |   |         |   |                   |   |         |   |                   |   |
| *Fixed Charges*                                          |   |         |   |         |   |         |   |                   |   |         |   |                   |   |         |   |                   |   |
| Interest expensed, including amortization  of debt costs |   | 20,836       |   | 24,052       |   | 26,042       |   | 26,042                 |   | 27,101       |   | 27,101                 |   | 27,689       |   | 27,101                 |   |
| Capitalized interest                                     |   | 1,100        |   | 600          |   | —       |   | —                 |   | —       |   | —                 |   | —       |   | —                 |   |
|                                                     |   |         |   |         |   |         |   |                   |   |         |   |                   |   |         |   |                   |   |
| *Total Fixed  Charges*                                   |   | 21,936       |   | 24,652       |   | 26,042       |   | 26,042                 |   | 27,101       |   | 27,101                 |   | 27,689       |   | 27,101                 |   |
|                                                     |   |         |   |         |   |         |   |                   |   |         |   |                   |   |         |   |                   |   |
| ***Ratio of  Earnings to Fixed Charges:***               |   | 2.7          | x      | 2.4          | x      | 0.4          | x      | 2.0                    | x      | 0.8          | x      | 1.2                    | x      | 0.4          | x      | 1.1                    | x      |

 

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A.           For the purpose of computingthe ratio of earnings to fixed charges, earnings consist of net income plusfixed charges, plus the amortization of capitalized interest and lesscapitalized interest. Fixed charges consist of interest, whether expensed orcapitalized, and amortization of loan costs. For the years endedDecember 31, 2003, 2002 and 2001, the ratio of earnings to fixed chargeswas less than 1:1 and earnings were insufficient to cover fixed charges by$17.0 million, $4.3 million and $14.8 million, respectively.

 

B.             The supplemental ratio of earnings tofixed charges is computed the same as described in footnote (A) exceptthat income from continuing operations is adjusted to add back the RFS-CNLTransaction costs of $20.6 million in 2003, debt extinguishments and swap terminationcosts of $10.1 million in 2002 and the Hilton lease termination expense,net of deferred income taxes in 2001.

 

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