##### 



Exhibit 12.1
 
 2006
    
    2005
    
    2004
    
    2003
    
    2002Earnings, as defined:Income (loss) before allocation to minority interest in
Partnership,allocation to minority interest in consolidated
joint ventures,income taxes, and equity in income
(loss) of unconsolidated joint ventures
    
    $
    15,383
    
    
    $
    15,926
    
    
    $
    12,984
    
    
    $
    4,612
    
    
    $
    (10,243
    )Fixed charges, as below
    
    
    21,591
    
    
    
    13,594
    
    
    
    8,479
    
    
    
    8,113
    
    
    
    11,152Distributed income from equity investments
    
    
    203
    
    
    
    971
    
    
    
    126
    
    
    
    1,863
    
    
    
    1,331Capitalized interest
    
    
    (1,993
    )
    
    
    (585
    )
    
    
    (62
    )
    
    
    (30
    )
    
    
    Total earnings, as defined
    
    
    35,184
    
    
    
    29,906
    
    
    
    21,527
    
    
    
    14,558
    
    
    
    2,240Fixed Charges, as defined:Interest expense
    
    
    17,553
    
    
    
    11,633
    
    
    
    7,157
    
    
    
    7,257
    
    
    
    10,478Capitalized interest
    
    
    1,993
    
    
    
    585
    
    
    
    62
    
    
    
    30
    
    
    
    Amortization of capitalized expenses related to indebtedness
    
    
    2,045
    
    
    
    1,376
    
    
    
    1,260
    
    
    
    826
    
    
    
    674Total fixed charges, as defined
    
    
    21,591
    
    
    
    13,594
    
    
    
    8,479
    
    
    
    8,113
    
    
    
    11,152Preferred dividends (4)
    
    
    7,360
    
    
    
    7,360
    
    
    
    7,315
    
    
    
    6,938
    
    
    
    6,938Total fixed charges and preferred dividends combined
    
    $
    28,951
    
    
    $
    20,954
    
    
    $
    15,794
    
    
    $
    15,051
    
    
    $
    18,090Ratio of Earnings to Fixed Charges
    
    
    1.63
    
    
    
    2.20
    
    
    
    2.54
    
    
    
    1.79
    
    
    NA
    (1)Ratio of Earnings to Fixed Charges and
Preferred Dividends combined
    
    
    1.22
    
    
    
    1.43
    
    
    
    1.36
    
    
    NA
    (3)
    
    NA
    (2)
 
 (1)
    
    The Companys 2002 coverage ratio was less than 1:1. The
Company must generate additional earnings of $8,912 to achieve a
coverage ratio of 1:1. The 2002 earnings include a charge of
$17,668 related to acquisition of the leasehold interests for 47
of its hotels from CapStar Winston Company, LLC. Excluding this
charge, the Company would have achieved a coverage ratio of
1.74:1.(2)
    
    The Companys 2002 coverage ratio was less than 1:1. The
Company must generate additional earnings of $15,850 to achieve a
coverage ratio of 1:1. The 2002 earnings include a charge of
$17,668 related to acquisition of the leasehold interests for 47
of its hotels from CapStar Winston Company, LLC. Excluding this
charge, the Company would have achieved a coverage ratio of
1.10:1.(3)
    
    The Companys 2003 coverage ratio was less than 1:1. The
Company must generate additional earnings of $493 to achieve a
coverage ratio of 1:1.(4)
    
    Because the Company incurred no material current income tax
expense, the amount of pre-tax earnings needed to fund the
preferred dividend is equal to the actual preferred dividend paid. 103