Exhibit 12.1

HYATT HOTELS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Earnings:
Pretax income (loss) from continuing operations before adjustment for income or loss from equity investees	$	116		$	78		$	128		$	(38	)	$	191
Fixed charges		95			81			83			88			117
Distributed income of equity method investees		15			12			9			10			8
Subtract: Interest capitalized net of amortization		1			1			9			12			15
Subtract: Non-controlling interest loss with no fixed charges		(1	)		(1	)		(10	)		(1	)		(1	)
Total Earnings	$	226		$	171		$	221		$	49		$	302
Fixed Charges:
Interest expense	$	74		$	61		$	65		$	69		$	91
Interest within rent expense		21			20			18			19			26
Total Fixed Charges	$	95		$	81		$	83		$	88		$	117
Ratio of Earnings to Fixed Charges (1)		2.4x			2.1x			2.7x			—	(2)		2.6x

(1) For purposes of calculating the ratio of earnings to fixed charges, earnings represents pre-tax earnings or (losses) before adjustments for income or loss from equity investees; and fixed charges include: interest (expenses and capitalized), amortized premiums, discounts and capitalized expenses related to indebtedness and the interest portion of rent expense that is deemed to be representative of the interest factor.

(2) We recorded a pre-tax loss from continuing operations of approximately $51 million for the fiscal year ended December 31, 2009. As a result, earnings were insufficient to cover fixed charges by $39 million for such year.