Exhibit 12

Sunstone Hotel Investors, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(in thousands, except ratio amounts)

	Year Ended			Year Ended			Year Ended			Year Ended		Year Ended
	December 31,			December 31,			December 31,			December 31,		December 31,
	2011			2010			2009			2008		2007
Earnings:
Income (loss) from continuing operations	$	48,122		$	(30,063	)	$	(43,693	)	$	27,829	$	28,596
Continuing operations:
Equity in (earnings) losses of unconsolidated joint ventures	(21		)	(555		)	27,801			1,445		3,558
Distributions from unconsolidated joint ventures	—			900			500			5,675		—
Interest expense and amortization of deferred financing fees	82,965			70,174			75,869			82,489		76,767
Interest portion of rental expense	6,125			3,218			3,226			3,235		3,241
Discontinued operations:
Interest expense and amortization of deferred financing fees	567			17,828			23,368			19,305		26,487
Interest portion of rental expense	—			133			163			165		169
Total earnings	$	137,758		$	61,635		$	87,234		$	140,143	$	138,848
Combined Fixed Charges and Preferred Stock Dividends:
Continuing operations:
Interest expense and amortization of deferred financing fees	$	82,965		$	70,174		$	75,869		$	82,489	$	76,767
Interest portion of rental expense	6,125			3,218			3,226			3,235		3,241
Preferred dividends	27,321			20,652			20,749			20,884		20,795
Discontinued operations:
Interest expense and amortization of deferred financing fees	567			17,828			23,368			19,305		26,487
Interest portion of rental expense	—			133			163			165		169
Total combined fixed charges and preferred stock dividends	$	116,978		$	112,005		$	123,375		$	126,078	$	127,459
Ratio of earnings to combined fixed charges and preferred stock dividends	1.18			—			—			1.11		1.09
Deficiency of earnings to combined fixed charges and preferred stock dividends	$	—		$	(50,370	)	$	(36,141	)	$	—	$	—