Chesapeake Lodging Trust (CHSP) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 24, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Chesapeake Lodging Trust
Entity Central Index Key	1,473,078
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		59,658,433

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Property and equipment, net	$ 1,951,880	$ 1,580,427
Intangible assets, net	36,703	36,992
Cash and cash equivalents	47,914	29,326
Restricted cash	38,546	43,387
Accounts receivable, net of allowance for doubtful accounts of $146 and $161, respectively	28,233	13,102
Prepaid expenses and other assets	19,913	10,637
Deferred financing costs, net of accumulated amortization of $2,154 and $4,048, respectively	7,427	6,064
Total assets	2,130,616	1,719,935
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	806,514	551,723
Accounts payable and accrued expenses	64,440	53,442
Other liabilities	43,562	32,788
Total liabilities	$ 914,516	$ 637,953
Commitments and contingencies (Note 11)
Preferred shares, $.01 par value; 100,000,000 shares authorized; Series A Cumulative Redeemable Preferred Shares; 5,000,000 shares issued and outstanding, respectively ($127,422 liquidation preference)	$ 50	$ 50
Common shares, $.01 par value; 400,000,000 shares authorized; 59,664,367 shares and 54,818,064 shares issued and outstanding, respectively	597	548
Additional paid-in capital	1,294,103	1,138,391
Cumulative dividends in excess of net income	(78,015)	(57,007)
Accumulated other comprehensive loss	(635)	0
Total shareholders’ equity	1,216,100	1,081,982
Total liabilities and shareholders’ equity	$ 2,130,616	$ 1,719,935

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Allowance for doubtful accounts	$ 146	$ 161
Deferred financing costs, accumulated amortization	$ 2,154	$ 4,048
LIABILITIES AND SHAREHOLDERS’ EQUITY
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, liquidation preference, value	$ 127,422	$ 127,422
Preferred shares, authorized (in shares)	100,000,000	100,000,000
Preferred shares, issued (in shares)	5,000,000	5,000,000
Preferred shares, outstanding (in shares)	5,000,000	5,000,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	400,000,000	400,000,000
Common shares, issued (in shares)	59,664,367	54,818,064
Common shares, outstanding (in shares)	59,664,367	54,818,064

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues [Abstract]
Rooms	$ 122,966	$ 98,118	$ 204,560	$ 168,957
Food and beverage	33,014	26,063	56,412	46,331
Other	6,165	4,684	10,463	8,351
Total revenue	162,145	128,865	271,435	223,639
Hotel operating expenses:
Rooms	26,144	21,326	47,244	39,945
Food and beverage	23,495	18,730	41,961	34,940
Other direct	1,906	1,998	3,239	3,779
Indirect	51,024	39,633	94,029	75,782
Total hotel operating expenses	102,569	81,687	186,473	154,446
Depreciation and amortization	17,929	12,524	32,856	25,022
Air rights contract amortization	130	130	260	260
Corporate general and administrative	4,498	3,891	9,075	7,811
Hotel acquisition costs	466	0	835	0
Total operating expenses	125,592	98,232	229,499	187,539
Operating income	36,553	30,633	41,936	36,100
Interest expense	(8,168)	(6,828)	(15,347)	(13,514)
Income before income taxes	28,385	23,805	26,589	22,586
Income tax benefit (expense)	(4,340)	(2,556)	(992)	841
Net income	24,045	21,249	25,597	23,427
Preferred share dividends	(2,422)	(2,422)	(4,844)	(4,844)
Net income available to common shareholders	$ 21,623	$ 18,827	$ 20,753	$ 18,583
Net income available per common share - basic	$ 0.37	$ 0.38	$ 0.36	$ 0.37
Net income available per common share - diluted	$ 0.36	$ 0.38	$ 0.36	$ 0.37

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 24,045	$ 21,249	$ 25,597	$ 23,427
Other comprehensive income (loss):
Unrealized losses on cash flow hedge instruments	(189)	0	(936)	(9)
Reclassification of unrealized losses on cash flow hedge instruments to interest expense	240	39	301	76
Comprehensive income	$ 24,096	$ 21,288	$ 24,962	$ 23,494

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-In Capital	Cumulative Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss
Beginning balance, preferred shares, shares outstanding at Dec. 31, 2014	5,000,000	5,000,000
Balance, beginning at Dec. 31, 2014	$ 1,081,982	$ 50	$ 548	$ 1,138,391	$ (57,007)	$ 0
Beginning balance, common shares, shares outstanding at Dec. 31, 2014	54,818,064		54,818,064
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of common shares, net of underwriting fees and offering costs (in shares)			4,600,000
Sale of common shares, net of underwriting fees and offering costs, value	$ 153,708		$ 46	153,662
Repurchase of common shares (in shares)	(44,233)		(44,233)
Repurchase of common shares, value	$ (1,690)			(1,690)
Issuance of restricted common shares (in shares)	289,270		289,270
Issuance of restricted common shares, value	$ 0		$ 3	(3)
Issuance of unrestricted common shares (in shares)	1,266		1,266
Issuance of unrestricted common shares, value	$ 41			41
Amortization of deferred compensation	3,702			3,702
Declaration of dividends on common shares	(41,761)				(41,761)
Declaration of dividends on preferred shares	(4,844)				(4,844)
Net income	25,597				25,597
Other comprehensive loss	$ (635)					(635)
Ending balance, preferred shares, shares outstanding at Jun. 30, 2015	5,000,000	5,000,000
Balance, ending at Jun. 30, 2015	$ 1,216,100	$ 50	$ 597	$ 1,294,103	$ (78,015)	$ (635)
Ending balance, common shares, shares outstanding at Jun. 30, 2015	59,664,367		59,664,367

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 25,597	$ 23,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,856	25,022
Air rights contract amortization	260	260
Deferred financing costs amortization	939	1,446
Share-based compensation	3,743	2,819
Other	(392)	(282)
Changes in assets and liabilities:
Accounts receivable, net	(13,309)	(8,112)
Prepaid expenses and other assets	(6,584)	(2,769)
Accounts payable and accrued expenses	6,403	5,078
Other liabilities	5,981	(14)
Net cash provided by operating activities	55,494	46,875
Cash flows from investing activities:
Acquisition of hotels, net of cash acquired	(255,249)	0
Improvements and additions to hotels	(24,361)	(43,431)
Change in restricted cash	4,841	(2,078)
Net cash used in investing activities	(274,769)	(45,509)
Cash flows from financing activities:
Proceeds from sale of common shares, net of underwriting fees	153,962	0
Payment of offering costs related to sale of common shares	(254)	0
Borrowings under revolving credit facility	310,000	50,000
Repayments under revolving credit facility	(175,000)	0
Scheduled principal payments on mortgage debt	(5,103)	(4,889)
Payment of deferred financing costs	(2,302)	(123)
Deposits on loan applications	0	(2,115)
Payment of dividends to common shareholders	(36,906)	(27,631)
Payment of dividends to preferred shareholders	(4,844)	(4,844)
Repurchase of common shares	(1,690)	(430)
Net cash provided by financing activities	237,863	9,968
Net increase in cash	18,588	11,334
Cash and cash equivalents, beginning of period	29,326	28,713
Cash and cash equivalents, end of period	47,914	40,047
Supplemental disclosure of cash flow information:
Cash paid for interest	14,065	12,164
Cash paid for income taxes	2,140	260
Assumption of mortgage debt related to hotel acquisition	$ 125,000	$ 0

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Chesapeake Lodging Trust (the “Trust”) is a self-advised real estate investment trust (“REIT”) that was organized in the state of Maryland in June 2009. The Trust is focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States of America (“U.S.”). The Trust completed its initial public offering (“IPO”) in January 2010. The Trust owned no hotels nor had any operations prior to its IPO. As of June 30, 2015 , the Trust owned 22 hotels with an aggregate of 6,694 rooms in nine states and the District of Columbia. Substantially all of the Trust’s assets are held by, and all of its operations are conducted through, Chesapeake Lodging, L.P., a Delaware limited partnership, which is wholly owned by the Trust (the “Operating Partnership”). For the Trust to qualify as a REIT, it cannot operate hotels. Therefore, the Operating Partnership leases its hotels to taxable REIT subsidiaries (each, a “TRS”), which are wholly owned subsidiaries of the Operating Partnership and are treated as TRSs for federal income tax purposes. The TRSs then engage hotel management companies to operate the hotels pursuant to management agreements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation —The interim consolidated financial statements presented herein include all of the accounts of Chesapeake Lodging Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The information in these interim consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal, recurring nature unless disclosed otherwise. These interim consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Trust's Form 10-K for the year ended December 31, 2014 . Cash and Cash Equivalents —The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted Cash —Restricted cash includes reserves held in escrow for normal replacements of furniture, fixtures and equipment (“FF&E”), property improvement plans (each, a “PIP”), real estate taxes, and insurance pursuant to certain requirements in the Trust’s hotel management, franchise, and loan agreements. Investments in Hotels —The Trust allocates the purchase prices of hotels acquired based on the fair value of the property, FF&E, and identifiable intangible assets acquired and the fair value of the liabilities assumed. In making estimates of fair value for purposes of allocating the purchase price, the Trust utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel, including valuations performed by independent third parties and cost segregation studies. The Trust also considers information obtained about each hotel as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. Hotel acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed in the period incurred. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings and building improvements and three to ten years for FF&E. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Replacements and improvements at the hotels are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Trust’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Intangible assets and liabilities are recorded on non-market contracts, including air rights, lease, management, and franchise agreements, assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Trust’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. No value is allocated to market contracts. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. The Trust reviews its hotels for impairment whenever events or changes in circumstances indicate that the carrying values of the hotels may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the hotels due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. No impairment losses have been recognized related to any hotels for the three and six months ended June 30, 2015 and 2014 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust's operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of June 30, 2015 , the Trust had no assets held for sale or liabilities related to assets held for sale. Revenue Recognition —Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as parking, marina, theater, telephone, and gift shop sales. Prepaid Expenses and Other Assets —Prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deferred franchise costs, inventories, deferred tax assets, and other assets. Deferred Financing Costs —Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Derivative Instruments —From time to time, the Trust is a party to interest rate swaps, which are considered derivative instruments, in order to manage its interest rate exposure. The Trust’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows. The Trust records derivative instruments at fair value as either assets or liabilities and designates them as cash flow hedging instruments at inception. The Trust evaluates the hedge effectiveness of the designated cash flow hedging instruments on a quarterly basis and records the effective portion of the change in the fair value of the cash flow hedging instruments as other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedging instruments are reclassified to interest expense as interest payments are made on the variable-rate debt being hedged. The Trust does not enter into derivative instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties. Fair Value Measurements —The Trust accounts for certain assets and liabilities at fair value. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and the reporting entity’s own assumptions about market data (unobservable inputs). The three levels of the fair value hierarchy are as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 – Unobservable inputs reflect the reporting entity’s own assumptions about the pricing of an asset or liability when observable inputs are not available or when there is minimal, if any, market activity for an identical or similar asset or liability at the measurement date. Income Taxes —The Trust has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, the Trust generally will not be subject to federal income tax on that portion of its net income that does not relate to any of the Trust's TRSs, and that is currently distributed to its shareholders. Our TRSs, which lease the Trust’s hotels from the subsidiaries of the Operating Partnership owning them, are subject to federal and state income taxes. The Trust accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-Based Compensation —From time to time, the Trust grants restricted share awards to employees and trustees. To date, the Trust has granted two types of restricted share awards: (1) awards that vest solely on continued employment or service (time-based awards) and (2) awards that vest based on the Trust achieving specified levels of relative total shareholder return and continued employment (performance-based awards). The Trust measures share-based compensation expense for the restricted share awards based on the fair value of the awards on the date of grant. The fair value of time-based awards is determined based on the closing price of the Trust’s common shares on the measurement date, which is generally the date of grant. The fair value of performance-based awards is determined using a Monte Carlo simulation performed by an independent third party. For time-based awards, share-based compensation expense is recognized on a straight-line basis over the life of the entire award. For performance-based awards, share-based compensation expense is recognized over the requisite service period for each award. No share-based compensation expense is recognized for awards for which employees or trustees do not render the requisite service. Earnings Per Share —Basic earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period. Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership. Use of Estimates —The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements— In April 2015, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for the presentation of debt issuance costs in the consolidated balance sheets. Under the new accounting guidance, debt issuance costs will be shown as a direct deduction from the related debt liability rather than as an asset in the consolidated balance sheet. The amortization of the costs will continue to be included in interest expense in the consolidated statement of operations. The new accounting guidance is effective for interim and annual periods beginning on or after December 15, 2015. The Trust will adopt the new accounting guidance on January 1, 2016. The Trust does not believe that the adoption of this guidance will have a material impact on the consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Acquisitions [Abstract]
Acquisition of hotels	3. Acquisitions The Trust has acquired the following hotels since January 1, 2014 (in thousands, except rooms data): Hotel Location Rooms Net Assets Acquired Acquisition Date 2014 Acquisition: JW Marriott San Francisco Union Square (1) San Francisco, CA 337 154,143 October 1, 2014 337 154,143 2015 Acquisitions: Royal Palm South Beach Miami, a Tribute Portfolio Resort (2) Miami Beach, FL 393 153,661 March 9, 2015 Ace Hotel and Theater Downtown Los Angeles Los Angeles, CA 182 101,687 April 30, 2015 575 255,348 (1) As part of the acquisition, the Trust assumed a ground lease, which has a term ending January 2083 . See Note 11, "Commitments and Contingencies," for additional information relating to the lease agreement. (2) As part of the acquisition, the Trust assumed a $125.0 million term loan with a carrying value that approximated its fair value at the date of acquisition. See Note 6, "Long-Term Debt," for additional information related to the term loan. The preliminary allocation of the purchase prices to the assets acquired and liabilities assumed in the 2015 acquisitions, based on their fair values was as follows (in thousands): 2015 Acquisitions Land and land improvements $ 64,462 Buildings and leasehold improvements 294,968 Furniture, fixtures and equipment 20,518 Cash 100 Accounts receivable, net 1,822 Prepaid expenses and other assets 2,692 Accounts payable and accrued expenses (4,089 ) Other liabilities (125 ) Mortgage loan (125,000 ) Net assets acquired $ 255,348 The following financial information presents the pro forma results of operations of the Trust for the three and six months ended June 30, 2015 and 2014 as if all acquisitions during 2015 and 2014 had taken place on January 1, 2014. The pro forma results for the three and six months ended June 30, 2015 and 2014 have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have actually occurred had all transactions taken place on January 1, 2014, or of future results of operations (in thousands, except per share data). Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 164,387 $ 157,063 $ 291,721 $ 280,170 Total hotel operating expenses 104,332 101,956 199,917 194,221 Total operating expenses 127,115 122,233 244,278 233,942 Operating income 37,272 34,830 47,443 46,228 Net income available to common shareholders 22,188 21,689 24,682 26,037 Net income available per common share: Basic $ 0.38 $ 0.37 $ 0.42 $ 0.44 Diluted $ 0.37 $ 0.37 $ 0.41 $ 0.44 For the three and six months ended June 30, 2015 , the consolidated statement of operations includes total revenue of $15.3 million and $18.9 million , respectively, and total hotel operating expenses of $9.7 million and $11.4 million , respectively, related to the operations of the two hotels acquired during 2015.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): June 30, 2015 December 31, 2014 Land and land improvements $ 319,519 $ 255,037 Buildings and leasehold improvements 1,621,993 1,312,529 Furniture, fixtures and equipment 185,998 138,163 Construction-in-progress 2,733 20,205 2,130,243 1,725,934 Less: accumulated depreciation and amortization (178,363 ) (145,507 ) Property and equipment, net $ 1,951,880 $ 1,580,427

Intangible Assets and Liability

Intangible Assets and Liability	6 Months Ended
	Jun. 30, 2015
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	5. Intangible Assets and Liability Intangible assets and liability as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): June 30, 2015 December 31, 2014 Intangible assets: Air rights contract (1) $ 36,105 $ 36,105 Favorable ground leases (2) 3,568 3,568 39,673 39,673 Less: accumulated amortization (2,970 ) (2,681 ) Intangible assets, net $ 36,703 $ 36,992 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (1,472 ) (1,276 ) Intangible liability, net (included within other liabilities) $ 12,764 $ 12,960 (1) In conjunction with the acquisition of the Hyatt Regency Boston on March 18, 2010, the Trust acquired an air rights contract which expires in September 2079 and that requires no payments through maturity. The Trust recorded the fair value of the air rights contract of $36.1 million as an intangible asset and is amortizing the value over the term of the contract. (2) In conjunction with the acquisition of the Denver Marriott City Center on October 3, 2011, the Trust assumed three lease agreements for land parcels underlying a portion of the hotel with initial terms ending July 2068 , February 2072 and April 2072 . The Trust concluded that the terms of two of the three ground leases were below market terms and recorded an aggregate of $4.8 million of favorable ground lease assets, which the Trust is amortizing over the life of the respective leases and including within indirect hotel operating expenses in the interim consolidated statements of operations. On July 29, 2014, the Trust terminated one of the two ground leases with below market terms in connection with acquiring the associated land parcel and recognized a $1.2 million loss on impairment of intangible asset, which was included within indirect hotel operating expenses in the consolidated statements of operations for the year ended December 31, 2014. Also in conjunction with the acquisition of the Denver Marriott City Center, the Trust assumed a management contract with a non-cancelable term ending December 2047 . The Trust concluded that the management agreement terms were above market terms and recorded a $14.2 million unfavorable contract liability, which the Trust is amortizing over the remaining non-cancelable term and including within indirect hotel operating expenses in the interim consolidated statements of operations.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	6. Long-Term Debt Long-term debt as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period June 30, December 31, Maturity 2015 2014 Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 135,000 $ — Term loan: Royal Palm South Beach Miami, a Tribute Portfolio Resort (2) March 2015 $125,000 March 2017 Floating n/a 125,000 — Other mortgage loans: Hyatt Regency Boston June 2011 $95,000 July 2016 5.01% 30 89,396 90,184 Courtyard Washington Capitol Hill/Navy Yard (3) June 2011 $37,497 November 2016 5.90% 30 34,871 35,245 Boston Marriott Newton May 2013 $60,000 June 2020 3.63% 25 57,003 57,776 Le Meridien San Francisco July 2013 $92,500 August 2020 3.50% 25 88,197 89,402 Denver Marriott City Center (4) July 2012 $70,000 August 2022 4.90% 30 66,882 67,464 Hilton Checkers Los Angeles February 2013 $32,000 March 2023 4.11% 30 30,768 31,054 W Chicago – City Center July 2013 $93,000 August 2023 4.25% 25 89,116 90,211 Hyatt Herald Square New York/Hyatt Place New York Midtown South (5) July 2014 $90,000 July 2024 4.30% 30 90,000 90,000 806,233 551,336 Unamortized premium (3) 281 387 Long-term debt $ 806,514 $ 551,723 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of June 30, 2015 , the interest rate in effect was 1.74% . See below for additional information related to the revolving credit facility. (2) On March 9, 2015, in connection with the acquisition of the Royal Palm South Beach Miami, a Tribute Portfolio Resort, the Trust assumed an existing loan agreement with an outstanding principal balance of $125.0 million . The term loan was amended and restated at the time of assumption and provides for a new two -year term and, subject to certain customary conditions, an option to extend the maturity by one year. The term loan bears interest equal to one-month LIBOR plus 2.40% . Contemporaneous with the assumption of the term loan, the Trust entered into an interest rate swap to effectively fix the interest rate on the term loan for the new two -year term at 3.34% per annum. Under the terms of this interest rate swap, the Trust pays fixed interest of 0.94% per annum on a notional amount of $125.0 million and receives floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap is March 9, 2015 and it matures on March 9, 2017 . (3) On June 30, 2011, in connection with the acquisition of the Courtyard Washington Capitol Hill/Navy Yard, the Trust assumed an existing loan agreement with an outstanding principal balance of $37.5 million . Based on interest rates on similar types of debt instruments at the time of assumption, the Trust recorded the loan at its estimated fair value of $38.6 million , which included a premium on mortgage loan of $1.1 million . Amortization of premium on mortgage loan is computed using a method that approximates the effective interest method over the term of the loan agreement and is included in interest expense in the interim consolidated statements of operations. (4) The loan has a term of 30 years, but is callable by the lender after 10 years, and the Trust expects the lender to call the loan at that time. The indicated maturity is based on the date the loan is callable by the lender. (5) The loan requires interest-only payments for the first two years and principal and interest payments thereafter. Revolving credit facility On March 4, 2015, the Trust entered into an amended credit agreement to (1) convert its revolving credit facility from a secured to an unsecured revolving credit facility, (2) increase the maximum borrowing availability under the revolving credit facility from $250.0 million to $300.0 million , (3) lower the interest rate to LIBOR plus 1.55% - 2.30% (the spread over LIBOR continues to be based on the Trust's consolidated leverage ratio), and (4) extend the maturity date to March 2019 . The amended credit agreement provides for the possibility of further future increases, up to a maximum of $450.0 million , in accordance with the terms of the amended credit agreement. The amended credit agreement also provides for an extension of the maturity date by one year, subject to satisfaction of certain customary conditions. The amount that the Trust can borrow under the revolving credit facility is based on the value of the Trust's hotels included in the borrowing base, as defined in the amended credit agreement. As of June 30, 2015 , the borrowing base included 10 of the Trust's hotels providing borrowing availability of $300.0 million under the revolving credit facility, of which $165.0 million remained available. The amended credit agreement contains more favorable financial covenants, including the leverage ratio and minimum tangible net worth requirement, as compared to those in effect prior to the amendment, and has additional financial covenants typically found in similar unsecured revolving credit facilities, including a consolidated secured debt ratio, an unsecured leverage ratio and an unsecured debt service coverage ratio. Other Certain of the Trust's mortgage loan agreements contain standard financial covenants relating to coverage ratios and standard provisions that require loan servicers to maintain escrow accounts for certain items, including real estate taxes, insurance premiums, the completion of PIPs, and normal replacements of FF&E. As of June 30, 2015 , the Trust was in compliance with all financial covenants under its borrowing arrangements. As of June 30, 2015 , the Trust’s weighted-average interest rate on its long-term debt was 3.77% . Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of June 30, 2015 are as follows (in thousands): Year Amounts 2015 $ 5,168 2016 131,909 2017 135,074 2018 10,493 2019 145,930 Thereafter 377,659 $ 806,233

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	7. Earnings Per Share The following is a reconciliation of the amounts used in calculating basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income available to common shareholders $ 21,623 $ 18,827 $ 20,753 $ 18,583 Less: Dividends declared on unvested time-based awards (136 ) (128 ) (273 ) (257 ) Less: Undistributed earnings allocated to unvested time-based awards (7 ) (35 ) — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 21,480 $ 18,664 $ 20,480 $ 18,326 Denominator: Weighted-average number of common shares outstanding–basic 58,544,392 48,977,876 56,373,504 48,969,761 Effect of dilutive unvested performance-based awards 412,091 — 410,368 — Weighted-average number of common shares outstanding–diluted 58,956,483 48,977,876 56,783,872 48,969,761 Net income available per common share: Basic $ 0.37 $ 0.38 $ 0.36 $ 0.37 Diluted $ 0.36 $ 0.38 $ 0.36 $ 0.37 For the three and six months ended June 30, 2015 , 227,213 unvested performance-based awards, and for the three and six months ended June 30, 2014 , 634,178 unvested performance-based awards, were excluded from diluted weighted-average common shares outstanding as the awards had not achieved the specific levels of relative total shareholder return required for vesting at each period end.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	8. Shareholders’ Equity Common Shares —The Trust is authorized to issue up to 400,000,000 common shares, $.01 par value per share. Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Trust’s common shares are entitled to receive distributions when authorized by the Trust’s board of trustees out of assets legally available for the payment of distributions. On September 6, 2013, the Trust entered into sales agreements with two sales agents, pursuant to which the Trust may issue and sell up to $100.0 million in the aggregate of its common shares through a continuous at-the-market offering or other methods (the “ATM program”). The Trust did not sell any common shares under the ATM program during the six months ended June 30, 2015 . As of June 30, 2015 , $76.0 million of common shares remained available for issuance under the ATM program. On September 9, 2014, the Trust completed an underwritten public offering of 4,830,000 common shares at a price of $29.88 per share, including 630,000 shares sold pursuant to the underwriter's exercise of their option to purchase additional shares. After deducting underwriting fees and offering costs, the Trust generated net proceeds of $143.9 million . On March 27, 2015, the Trust completed an underwritten public offering of 4,600,000 common shares at a price of $33.47 per share, including 600,000 shares sold pursuant to the underwriters' exercise of their option to purchase additional shares. After deducting underwriting fees and offering costs, the Trust generated net proceeds of $153.7 million . For the six months ended June 30, 2015 , the Trust issued 1,266 unrestricted common shares and 289,270 restricted common shares to its trustees and employees. For the six months ended June 30, 2015 , the Trust repurchased 44,233 common shares from employees to satisfy the minimum statutory tax withholding requirements related to the vesting of their previously granted restricted common shares. As of June 30, 2015 , the Trust had 59,664,367 common shares outstanding. For the six months ended June 30, 2015 , the Trust paid or its board of trustees declared the following dividends per common share: Record Date Payment Date Dividend Per Common Share Fourth Quarter 2014 December 31, 2014 January 15, 2015 $ 0.30 First Quarter 2015 March 31, 2015 April 15, 2015 $ 0.35 Second Quarter 2015 June 30, 2015 July 15, 2015 $ 0.35 Preferred Shares —The Trust is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. The Trust’s board of trustees is required to set for each class or series of preferred shares the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of June 30, 2015 , the Trust had 5,000,000 shares of its 7.75% Series A Cumulative Redeemable Preferred Shares outstanding. Holders of Series A Cumulative Redeemable Preferred Shares are entitled to receive, when and as authorized by the Trust's board of trustees, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 7.75% per annum of the $25.00 per share liquidation preference, equivalent to $1.9375 per annum per share. Dividends on the Series A Cumulative Redeemable Preferred Shares are cumulative from the date of original issuance and are payable quarterly in arrears on or about the 15th day of each of January, April, July and October. The Series A Cumulative Redeemable Preferred Shares rank senior to the Trust's common shares with respect to the payment of dividends; the Trust will not declare or pay any dividends, or set aside any funds for the payment of dividends, on its common shares unless the Trust also has declared and either paid or set aside for payment the full cumulative dividends on the Series A Cumulative Redeemable Preferred Shares. For the six months ended June 30, 2015 , the Trust paid or its board of trustees declared the following dividends per preferred share: Record Date Payment Date Dividend Per Series A Cumulative Redeemable Preferred Share Fourth Quarter 2014 December 31, 2014 January 15, 2015 $ 0.484375 First Quarter 2015 March 31, 2015 April 15, 2015 $ 0.484375 Second Quarter 2015 June 30, 2015 July 15, 2015 $ 0.484375 The Trust cannot redeem the Series A Cumulative Redeemable Preferred Shares prior to July 17, 2017, except as described below and in certain limited circumstances related to the ownership limitation necessary to preserve the Trust's qualification as a REIT. On and after July 17, 2017, the Trust, at its option, can redeem the Series A Cumulative Redeemable Preferred Shares, in whole or from time to time in part, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends. The holders of Series A Cumulative Redeemable Preferred Shares have no voting rights, except in certain limited circumstances. Upon the occurrence of a change of control, as defined in the articles supplementary designating the Series A Cumulative Redeemable Preferred Shares, as a result of which the Trust's common shares and the common securities of the acquiring or surviving entity are not listed or quoted on the New York Stock Exchange, the NYSE MKT or the NASDAQ Stock Market, or any successor exchanges, the Trust may, at its option, redeem the Series A Cumulative Redeemable Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid dividends through the date of redemption. If the Trust does not exercise its right to redeem the Series A Cumulative Redeemable Preferred Shares upon a change of control, the holders of the Series A Cumulative Redeemable Preferred Shares have the right to convert some or all of their shares into a number of the Trust's common shares based on a defined formula subject to a share cap. The share cap on each Series A Cumulative Redeemable Preferred Share is 2.9189 common shares.

Equity Plan

Equity Plan	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Plan	9. Equity Plan In January 2010, the Trust established the Chesapeake Lodging Trust Equity Plan (the “Plan”), which provides for the issuance of equity-based awards, including restricted shares, unrestricted shares, share options, share appreciation rights, and other awards based on the Trust’s common shares. Employees and trustees of the Trust and other persons that provide services to the Trust are eligible to participate in the Plan. The compensation committee of the board of trustees administers the Plan and determines the number of awards to be granted, the vesting period, and the exercise price, if any. The Trust initially reserved 454,657 common shares for issuance under the Plan at its establishment. In May 2012, the Trust’s common shareholders approved an amendment to the Plan such that the number of shares available for issuance under the Plan was increased by 2,750,000 . Shares that are issued under the Plan to any person pursuant to an award are counted against this limit as one share for every one share granted. If any shares covered by an award are not purchased or are forfeited, if an award is settled in cash, or if an award otherwise terminates without delivery of any shares, then the number of common shares counted against the aggregate number of shares available under the Plan with respect to the award will, to the extent of any such forfeiture or termination, again be available for making awards under the Plan. As of June 30, 2015 , subject to increases that may result in the case of any future forfeiture or termination of currently outstanding awards, 1,267,687 common shares were reserved and available for future issuances under the Plan. The Trust will make appropriate adjustments to outstanding awards and the number of shares available for issuance under the Plan, including the individual limitations on awards, to reflect share dividends, share splits, spin-offs and other similar events. While the compensation committee can terminate or amend the Plan at any time, no amendment can adversely impair the rights of grantees with respect to outstanding awards. In addition, an amendment will be contingent on approval of the Trust’s common shareholders to the extent required by law or if the amendment would materially increase the benefits accruing to participants under the Plan, materially increase the aggregate number of shares that can be issued under the Plan, or materially modify the requirements as to eligibility for participation in the Plan. Unless terminated earlier, the Plan will terminate in January 2020, but will continue to govern unexpired awards. For the six months ended June 30, 2015 , the Trust granted 289,270 restricted common shares to certain employees and trustees, of which 114,918 shares were time-based awards and 174,352 shares were performance-based awards (the “2015 Performance-Based Awards”). The time-based awards are generally eligible to vest at the annual rate of one-third of the number of restricted shares granted commencing on the first anniversary of their issuance. The 2015 Performance-Based Awards are eligible to vest at December 31, 2017 . Dividends on the 2015 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2015 Performance-Based Awards was $17.13 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 19.90% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 0.85% . The actual number of shares under the 2015 Performance-Based Awards that vest will be based on the Trust’s total shareholder return (“TSR”), as defined in the restricted share agreements, measured over a three -year performance period ending December 31, 2017 , against the total return generated by the SNL US Hotel REIT Index prepared by SNL Financial LC (the “Index”). The payout schedule for the 2015 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the Index: Trust TSR as % of Index Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100% If the Trust’s TSR is negative for the performance period, no shares under the 2015 Performance-Based Awards will vest. If the Trust’s TSR is positive for the performance period and the total return of the Index is negative, 100% of the shares subject to vesting under the 2015 Performance-Based Awards will vest. As of June 30, 2015 , there was approximately $13.5 million of unrecognized share-based compensation expense related to restricted common shares. The unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 2.0 years. The following is a summary of the Trust’s restricted common share activity for the six months ended June 30, 2015 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2014 927,552 $ 15.87 Granted 289,270 $ 25.36 Vested (105,185 ) $ 23.57 Forfeited — $ — Restricted common shares as of June 30, 2015 1,111,637 $ 17.61

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instrument	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. Fair Value Measurements and Derivative Instrument The following table sets forth the Trust’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at June 30, 2015 Total Level 1 Level 2 Level 3 Liabilities: Interest rate swap (included within other liabilities) $ 635 $ — $ 635 $ — $ 635 $ — $ 635 $ — Derivative instruments are classified within Level 2 of the fair value hierarchy as they are valued using third-party pricing models which contain inputs that are derived from observable market data. Where possible, the values produced by the pricing models are verified to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility, and correlations of such inputs. The Trust’s financial instruments in addition to those disclosed in the table above include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and long-term debt. The carrying values reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximate fair value. The Trust estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles. These inputs are classified as Level 3 within the fair value hierarchy. As of June 30, 2015 , the carrying value reported in the consolidated balance sheet for the Trust's long-term debt approximated its fair value.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies Management Agreements —The Trust’s hotels operate pursuant to management agreements with various third-party management companies. Each management company receives a base management fee generally between 2% and 4% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Trust has received a priority return on its investment in the hotel. Franchise Agreements —As of June 30, 2015 , 12 of the Trust’s hotels operated pursuant to franchise agreements with hotel brand companies and 10 hotels operated pursuant to management agreements with hotel brand companies that allowed them to operate under their respective brands. Under the 12 franchise agreements, the Trust generally pays a royalty fee ranging from 3% to 6% of room revenues and up to 3% of food and beverage revenues, plus additional fees for marketing, central reservation systems, and other franchisor costs that amount to between 1% and 5% of room revenues. Ground Lease Agreements —The Trust leases the land underlying the Hyatt Regency Mission Bay Spa and Marina pursuant to a lease agreement, which has an initial term ending January 2056 . Rent due under the lease agreement is the greater of base rent or percentage rent. Base rent is currently $2.2 million per year. Base rent resets every three years over the remaining term of the lease equal to 75% of the average of the actual rent paid over the two years preceding the base rent reset year. The next base rent reset year is 2016. Annual percentage rent is calculated based on various percentages of the hotel's various sources of revenue, including room, food and beverage, and marina rentals, earned during the period. The Trust also leases the land underlying the JW Marriott San Francisco Union Square pursuant to a lease agreement, which has a term ending January 2083 . Rent due under the lease agreement is the greater of base rent or percentage rent. Base rent is currently $1.7 million per year. Base rent resets every five years over the remaining term of the lease based on the level of inflation, as defined in the agreement, over the preceding five years, but in no event resulting in an increase of more than 125% of the base rent in effect immediately prior to the reset year (nor subject to any decrease). The next base rent reset year is 2019. In January 2034 , base rent will reset to 10% of the fair market value of the underlying land as determined by a valuation performed by an independent third party, if such reset results in an increase over the base rent in effect immediately prior to the reset year. Annual percentage rent is calculated based on various percentages of the hotel's various sources of revenue, including room and food and beverage, earned during the period. FF&E Reserves —Pursuant to its management, franchise and loan agreements, the Trust is required to establish a FF&E reserve for each hotel to cover the cost of replacing FF&E. Contributions to the FF&E reserve are based on a percentage of gross revenues at each hotel. The Trust is generally required to contribute between 3% and 5% of gross revenues over the term of the agreements. Litigation —The Trust is not involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Trust.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Event [Line Items]
Subsequent Events [Text Block]	12. Subsequent Event On July 30, 2015 , the Trust declared dividends in the amounts of $0.40 per share payable to its common shareholders and $0.484375 per share payable to its preferred shareholders, both of record as of September 30, 2015 . The dividends will be paid on October 15, 2015 .

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The interim consolidated financial statements presented herein include all of the accounts of Chesapeake Lodging Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The information in these interim consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal, recurring nature unless disclosed otherwise. These interim consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Trust's Form 10-K for the year ended December 31, 2014 .
Cash and Cash Equivalents	Cash and Cash Equivalents —The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash —Restricted cash includes reserves held in escrow for normal replacements of furniture, fixtures and equipment (“FF&E”), property improvement plans (each, a “PIP”), real estate taxes, and insurance pursuant to certain requirements in the Trust’s hotel management, franchise, and loan agreements.
Investments in Hotels	Investments in Hotels —The Trust allocates the purchase prices of hotels acquired based on the fair value of the property, FF&E, and identifiable intangible assets acquired and the fair value of the liabilities assumed. In making estimates of fair value for purposes of allocating the purchase price, the Trust utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel, including valuations performed by independent third parties and cost segregation studies. The Trust also considers information obtained about each hotel as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. Hotel acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed in the period incurred. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings and building improvements and three to ten years for FF&E. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Replacements and improvements at the hotels are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Trust’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Intangible assets and liabilities are recorded on non-market contracts, including air rights, lease, management, and franchise agreements, assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Trust’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. No value is allocated to market contracts. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. The Trust reviews its hotels for impairment whenever events or changes in circumstances indicate that the carrying values of the hotels may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the hotels due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. No impairment losses have been recognized related to any hotels for the three and six months ended June 30, 2015 and 2014 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust's operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of June 30, 2015 , the Trust had no assets held for sale or liabilities related to assets held for sale.
Revenue Recognition	Revenue Recognition —Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as parking, marina, theater, telephone, and gift shop sales.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets —Prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deferred franchise costs, inventories, deferred tax assets, and other assets.
Deferred Financing Costs	Deferred Financing Costs —Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations.
Derivative Instruments	Derivative Instruments —From time to time, the Trust is a party to interest rate swaps, which are considered derivative instruments, in order to manage its interest rate exposure. The Trust’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows. The Trust records derivative instruments at fair value as either assets or liabilities and designates them as cash flow hedging instruments at inception. The Trust evaluates the hedge effectiveness of the designated cash flow hedging instruments on a quarterly basis and records the effective portion of the change in the fair value of the cash flow hedging instruments as other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedging instruments are reclassified to interest expense as interest payments are made on the variable-rate debt being hedged. The Trust does not enter into derivative instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties
Fair Value Measurements	Fair Value Measurements —The Trust accounts for certain assets and liabilities at fair value. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and the reporting entity’s own assumptions about market data (unobservable inputs). The three levels of the fair value hierarchy are as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 – Unobservable inputs reflect the reporting entity’s own assumptions about the pricing of an asset or liability when observable inputs are not available or when there is minimal, if any, market activity for an identical or similar asset or liability at the measurement date.
Income Taxes	Income Taxes —The Trust has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, the Trust generally will not be subject to federal income tax on that portion of its net income that does not relate to any of the Trust's TRSs, and that is currently distributed to its shareholders. Our TRSs, which lease the Trust’s hotels from the subsidiaries of the Operating Partnership owning them, are subject to federal and state income taxes. The Trust accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-Based Compensation	Share-Based Compensation —From time to time, the Trust grants restricted share awards to employees and trustees. To date, the Trust has granted two types of restricted share awards: (1) awards that vest solely on continued employment or service (time-based awards) and (2) awards that vest based on the Trust achieving specified levels of relative total shareholder return and continued employment (performance-based awards). The Trust measures share-based compensation expense for the restricted share awards based on the fair value of the awards on the date of grant. The fair value of time-based awards is determined based on the closing price of the Trust’s common shares on the measurement date, which is generally the date of grant. The fair value of performance-based awards is determined using a Monte Carlo simulation performed by an independent third party. For time-based awards, share-based compensation expense is recognized on a straight-line basis over the life of the entire award. For performance-based awards, share-based compensation expense is recognized over the requisite service period for each award. No share-based compensation expense is recognized for awards for which employees or trustees do not render the requisite service.
Earnings Per Share	Earnings Per Share —Basic earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period.
Segment Information	Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership.
Use of Estimates	Use of Estimates —The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements— In April 2015, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for the presentation of debt issuance costs in the consolidated balance sheets. Under the new accounting guidance, debt issuance costs will be shown as a direct deduction from the related debt liability rather than as an asset in the consolidated balance sheet. The amortization of the costs will continue to be included in interest expense in the consolidated statement of operations. The new accounting guidance is effective for interim and annual periods beginning on or after December 15, 2015. The Trust will adopt the new accounting guidance on January 1, 2016. The Trust does not believe that the adoption of this guidance will have a material impact on the consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Acquisitions
Hotels acquired by the Trust	The Trust has acquired the following hotels since January 1, 2014 (in thousands, except rooms data): Hotel Location Rooms Net Assets Acquired Acquisition Date 2014 Acquisition: JW Marriott San Francisco Union Square (1) San Francisco, CA 337 154,143 October 1, 2014 337 154,143 2015 Acquisitions: Royal Palm South Beach Miami, a Tribute Portfolio Resort (2) Miami Beach, FL 393 153,661 March 9, 2015 Ace Hotel and Theater Downtown Los Angeles Los Angeles, CA 182 101,687 April 30, 2015 575 255,348 (1) As part of the acquisition, the Trust assumed a ground lease, which has a term ending January 2083 . See Note 11, "Commitments and Contingencies," for additional information relating to the lease agreement. (2) As part of the acquisition, the Trust assumed a $125.0 million term loan with a carrying value that approximated its fair value at the date of acquisition. See Note 6, "Long-Term Debt," for additional information related to the term loan.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary allocation of the purchase prices to the assets acquired and liabilities assumed in the 2015 acquisitions, based on their fair values was as follows (in thousands): 2015 Acquisitions Land and land improvements $ 64,462 Buildings and leasehold improvements 294,968 Furniture, fixtures and equipment 20,518 Cash 100 Accounts receivable, net 1,822 Prepaid expenses and other assets 2,692 Accounts payable and accrued expenses (4,089 ) Other liabilities (125 ) Mortgage loan (125,000 ) Net assets acquired $ 255,348
Business Acquisition, Pro Forma Information	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenue $ 164,387 $ 157,063 $ 291,721 $ 280,170 Total hotel operating expenses 104,332 101,956 199,917 194,221 Total operating expenses 127,115 122,233 244,278 233,942 Operating income 37,272 34,830 47,443 46,228 Net income available to common shareholders 22,188 21,689 24,682 26,037 Net income available per common share: Basic $ 0.38 $ 0.37 $ 0.42 $ 0.44 Diluted $ 0.37 $ 0.37 $ 0.41 $ 0.44

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	June 30, 2015 December 31, 2014 Land and land improvements $ 319,519 $ 255,037 Buildings and leasehold improvements 1,621,993 1,312,529 Furniture, fixtures and equipment 185,998 138,163 Construction-in-progress 2,733 20,205 2,130,243 1,725,934 Less: accumulated depreciation and amortization (178,363 ) (145,507 ) Property and equipment, net $ 1,951,880 $ 1,580,427

Intangible Assets and Liabili23

Intangible Assets and Liability (Tables)	6 Months Ended
	Jun. 30, 2015
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	June 30, 2015 December 31, 2014 Intangible assets: Air rights contract (1) $ 36,105 $ 36,105 Favorable ground leases (2) 3,568 3,568 39,673 39,673 Less: accumulated amortization (2,970 ) (2,681 ) Intangible assets, net $ 36,703 $ 36,992 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (1,472 ) (1,276 ) Intangible liability, net (included within other liabilities) $ 12,764 $ 12,960 (1) In conjunction with the acquisition of the Hyatt Regency Boston on March 18, 2010, the Trust acquired an air rights contract which expires in September 2079 and that requires no payments through maturity. The Trust recorded the fair value of the air rights contract of $36.1 million as an intangible asset and is amortizing the value over the term of the contract. (2) In conjunction with the acquisition of the Denver Marriott City Center on October 3, 2011, the Trust assumed three lease agreements for land parcels underlying a portion of the hotel with initial terms ending July 2068 , February 2072 and April 2072 . The Trust concluded that the terms of two of the three ground leases were below market terms and recorded an aggregate of $4.8 million of favorable ground lease assets, which the Trust is amortizing over the life of the respective leases and including within indirect hotel operating expenses in the interim consolidated statements of operations. On July 29, 2014, the Trust terminated one of the two ground leases with below market terms in connection with acquiring the associated land parcel and recognized a $1.2 million loss on impairment of intangible asset, which was included within indirect hotel operating expenses in the consolidated statements of operations for the year ended December 31, 2014. Also in conjunction with the acquisition of the Denver Marriott City Center, the Trust assumed a management contract with a non-cancelable term ending December 2047 . The Trust concluded that the management agreement terms were above market terms and recorded a $14.2 million unfavorable contract liability, which the Trust is amortizing over the remaining non-cancelable term and including within indirect hotel operating expenses in the interim consolidated statements of operations.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Origination Original Principal Amount Interest Rate Principal Amortization Period June 30, December 31, Maturity 2015 2014 Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 135,000 $ — Term loan: Royal Palm South Beach Miami, a Tribute Portfolio Resort (2) March 2015 $125,000 March 2017 Floating n/a 125,000 — Other mortgage loans: Hyatt Regency Boston June 2011 $95,000 July 2016 5.01% 30 89,396 90,184 Courtyard Washington Capitol Hill/Navy Yard (3) June 2011 $37,497 November 2016 5.90% 30 34,871 35,245 Boston Marriott Newton May 2013 $60,000 June 2020 3.63% 25 57,003 57,776 Le Meridien San Francisco July 2013 $92,500 August 2020 3.50% 25 88,197 89,402 Denver Marriott City Center (4) July 2012 $70,000 August 2022 4.90% 30 66,882 67,464 Hilton Checkers Los Angeles February 2013 $32,000 March 2023 4.11% 30 30,768 31,054 W Chicago – City Center July 2013 $93,000 August 2023 4.25% 25 89,116 90,211 Hyatt Herald Square New York/Hyatt Place New York Midtown South (5) July 2014 $90,000 July 2024 4.30% 30 90,000 90,000 806,233 551,336 Unamortized premium (3) 281 387 Long-term debt $ 806,514 $ 551,723 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of June 30, 2015 , the interest rate in effect was 1.74% . See below for additional information related to the revolving credit facility. (2) On March 9, 2015, in connection with the acquisition of the Royal Palm South Beach Miami, a Tribute Portfolio Resort, the Trust assumed an existing loan agreement with an outstanding principal balance of $125.0 million . The term loan was amended and restated at the time of assumption and provides for a new two -year term and, subject to certain customary conditions, an option to extend the maturity by one year. The term loan bears interest equal to one-month LIBOR plus 2.40% . Contemporaneous with the assumption of the term loan, the Trust entered into an interest rate swap to effectively fix the interest rate on the term loan for the new two -year term at 3.34% per annum. Under the terms of this interest rate swap, the Trust pays fixed interest of 0.94% per annum on a notional amount of $125.0 million and receives floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap is March 9, 2015 and it matures on March 9, 2017 . (3) On June 30, 2011, in connection with the acquisition of the Courtyard Washington Capitol Hill/Navy Yard, the Trust assumed an existing loan agreement with an outstanding principal balance of $37.5 million . Based on interest rates on similar types of debt instruments at the time of assumption, the Trust recorded the loan at its estimated fair value of $38.6 million , which included a premium on mortgage loan of $1.1 million . Amortization of premium on mortgage loan is computed using a method that approximates the effective interest method over the term of the loan agreement and is included in interest expense in the interim consolidated statements of operations. (4) The loan has a term of 30 years, but is callable by the lender after 10 years, and the Trust expects the lender to call the loan at that time. The indicated maturity is based on the date the loan is callable by the lender. (5) The loan requires interest-only payments for the first two years and principal and interest payments thereafter.
Future Scheduled Principal Payments of Debt Obligations	Year Amounts 2015 $ 5,168 2016 131,909 2017 135,074 2018 10,493 2019 145,930 Thereafter 377,659 $ 806,233

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income available to common shareholders $ 21,623 $ 18,827 $ 20,753 $ 18,583 Less: Dividends declared on unvested time-based awards (136 ) (128 ) (273 ) (257 ) Less: Undistributed earnings allocated to unvested time-based awards (7 ) (35 ) — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 21,480 $ 18,664 $ 20,480 $ 18,326 Denominator: Weighted-average number of common shares outstanding–basic 58,544,392 48,977,876 56,373,504 48,969,761 Effect of dilutive unvested performance-based awards 412,091 — 410,368 — Weighted-average number of common shares outstanding–diluted 58,956,483 48,977,876 56,783,872 48,969,761 Net income available per common share: Basic $ 0.37 $ 0.38 $ 0.36 $ 0.37 Diluted $ 0.36 $ 0.38 $ 0.36 $ 0.37

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Common Stock [Member]
Dividends payable
Dividends declared or paid	Record Date Payment Date Dividend Per Common Share Fourth Quarter 2014 December 31, 2014 January 15, 2015 $ 0.30 First Quarter 2015 March 31, 2015 April 15, 2015 $ 0.35 Second Quarter 2015 June 30, 2015 July 15, 2015 $ 0.35
Series A Preferred Stock [Member]
Dividends payable
Dividends declared or paid	Record Date Payment Date Dividend Per Series A Cumulative Redeemable Preferred Share Fourth Quarter 2014 December 31, 2014 January 15, 2015 $ 0.484375 First Quarter 2015 March 31, 2015 April 15, 2015 $ 0.484375 Second Quarter 2015 June 30, 2015 July 15, 2015 $ 0.484375

Equity Plan (Tables)

Equity Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Common Shares	Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2014 927,552 $ 15.87 Granted 289,270 $ 25.36 Vested (105,185 ) $ 23.57 Forfeited — $ — Restricted common shares as of June 30, 2015 1,111,637 $ 17.61
2015 Performance-Based Awards [Member]
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Payout as a percentage of maximum award	Trust TSR as % of Index Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100%

Fair Value Measurements and D28

Fair Value Measurements and Derivative Instrument (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Financial Liabilities Measures at Fair Value	Fair Value at June 30, 2015 Total Level 1 Level 2 Level 3 Liabilities: Interest rate swap (included within other liabilities) $ 635 $ — $ 635 $ — $ 635 $ — $ 635 $ —

Organization and Description 29

Organization and Description of Business (Details) - Jun. 30, 2015 - Chesapeake Lodging Trust [Member]	roomstatehotel
Organization and Description of Business (Textual) [Abstract]
Number of hotels owned | hotel	22
Number of hotel rooms	6,694
Number of states in which hotels located | state	9

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2015
Buildings and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	40 years
Buildings and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	15 years
FF&E [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	10 years
FF&E [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details 2)	6 Months Ended
	Jun. 30, 2015segment
Summary of Significant Accounting Policies [Line Items]
Number of reportable segments	1

Acquisitions Table (Details 1)

Acquisitions Table (Details 1) - Jun. 30, 2015 $ in Thousands	USD ($)room
2014 Acquisitions [Member]
Acquisitions
Number of hotel rooms | room	337
Net assets acquired	$ 154,143
2015 Acquisitions [Member]
Acquisitions
Number of hotel rooms | room	575
Net assets acquired	$ 255,348
Assumed mortgage loan	$ 125,000
JW Marriott San Francisco Union Square [Member]
Acquisitions
Location	San Francisco, CA
Number of hotel rooms | room	337
Net assets acquired	$ 154,143
Acquisition date	Oct. 1, 2014
JW Marriott San Francisco Union Square [Member] | Ground Lease Agreement [Member]
Acquisitions
Ground lease agreement expiration month year	January 2,083
Royal Palm South Beach Miami, a Tribute Portfolio Resort [Member]
Acquisitions
Location	Miami Beach, FL
Number of hotel rooms | room	393
Net assets acquired	$ 153,661
Acquisition date	Mar. 9, 2015
Assumed mortgage loan	$ 125,000
Ace Hotel and Theater Downtown Los Angeles [Member]
Acquisitions
Location	Los Angeles, CA
Number of hotel rooms | room	182
Net assets acquired	$ 101,687
Acquisition date	Apr. 30, 2015

Acquisitions Table (Details 2)

Acquisitions Table (Details 2) - 2015 Acquisitions [Member] - Business Acquisition, Acquiree [Domain] $ in Thousands	Jun. 30, 2015USD ($)
Acquisitions
Land and land improvements	$ 64,462
Buildings	294,968
Furniture, fixtures and equipment	20,518
Cash	100
Accounts receivable, net	1,822
Prepaid expenses and other assets	2,692
Accounts payable and accrued expenses	(4,089)
Other liabilities	(125)
Mortgage loan	(125,000)
Net assets acquired	$ 255,348

Acquisitions Table (Details 3)

Acquisitions Table (Details 3) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisitions
Total revenue	$ 164,387	$ 157,063	$ 291,721	$ 280,170
Total hotel operating expenses	104,332	101,956	199,917	194,221
Total operating expenses	127,115	122,233	244,278	233,942
Operating income	37,272	34,830	47,443	46,228
Net income available to common shareholders	$ 22,188	$ 21,689	$ 24,682	$ 26,037
Net income available per common share - basic	$ 0.38	$ 0.37	$ 0.42	$ 0.44
Net income available per common share - diluted	$ 0.37	$ 0.37	$ 0.41	$ 0.44

Acquisitions Details Textual (D

Acquisitions Details Textual (Details) - Jun. 30, 2015 $ in Millions	USD ($)	USD ($)hotel
Business Acquisitions
Business combinations, revenue of acquiree since acquisition date, actual	$ 15.3	$ 18.9
Business combinations, hotel operating expenses of acquiree since acquisition date, actual	$ 9.7	$ 11.4
Number of hotels acquired | hotel		2

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property and Equipment
Land and land improvements	$ 319,519	$ 255,037
Buildings and leasehold improvements	1,621,993	1,312,529
Furniture, fixtures and equipment	185,998	138,163
Construction-in-progress	2,733	20,205
Property and equipment, gross	2,130,243	1,725,934
Less: accumulated depreciation and amortization	(178,363)	(145,507)
Property and equipment, net	$ 1,951,880	$ 1,580,427

Intangible Assets and Liabili37

Intangible Assets and Liability, Table 1 (Details) $ in Thousands	Oct. 03, 2011USD ($)	Mar. 18, 2010USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Jul. 29, 2014
Indefinite-lived Intangible Assets [Line Items]
Intangible assets			$ 39,673	$ 39,673
Less: accumulated amortization			(2,681)	(2,970)
Intangible assets, net			36,992	36,703
Unfavorable contract liability			14,236	14,236
Less: accumulated amortization			(1,276)	(1,472)
Intangible liability, net (included within other liabilities)			12,960	12,764
Air Rights Contract [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets			36,105	36,105
Favorable Ground Leases [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets			3,568	$ 3,568
Hyatt Regency Boston [Member]
Indefinite-lived Intangible Assets [Line Items]
Air rights contract expiration month year		September 2,079
Fair value of air rights contract		$ 36,100
Denver Marriott City Center [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 4,800
Unfavorable contract liability	$ 14,200
Number of ground lease agreements assumed	3
Number of favorable ground lease agreements	2
Number of favorable ground lease agreements terminated					1
Loss on impairment of intangible asset			$ 1,200
Unfavorable management contract expiration month year	December 2,047
Denver Marriott City Center - Lease 1 [Member] | Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Ground lease agreement expiration month year	July 2,068
Denver Marriott City Center - Lease 2 [Member] | Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Ground lease agreement expiration month year	February 2,072
Denver Marriott City Center - Lease 3 [Member] | Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Ground lease agreement expiration month year	April 2,072

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 09, 2015	Mar. 04, 2015	Jul. 03, 2014	Jul. 27, 2012	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2011
Debt Instrument [Line Items]
Line of credit facility, issuance month year					July 2,010
Line of credit facility, expiration date month year
Long-Term Debt
Revolving credit facility					$ 135,000	$ 0
Long-term debt, carrying amount					806,233	551,336
Unamortized premium					281	387
Long-term debt					$ 806,514	551,723
Debt instrument maturity extension period		1 year
Line of credit facility, interest rate at period end					1.74%
Royal Palm South Beach Miami, a Tribute Portfolio Resort Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance month year					March 2,015
Mortgage loans on real estate, face amount of mortgages	$ 125,000				$ 125,000
Debt instrument maturity month year					March 2,017
Long-Term Debt
Long-term debt, carrying amount					$ 125,000	0
Debt instrument maturity extension period	1 year
Debt instrument, term	2 years
Debt instrument, basis spread on variable rate	2.40%
Debt instrument effectively fixed term	2 years
Debt instrument effectively fixed rate	3.34%
Hyatt Regency Boston Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					June 2,011
Mortgage loans on real estate, face amount of mortgages					$ 95,000
Debt instrument maturity month year					July 2,016
Debt instrument, interest rate, stated percentage					5.01%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 89,396	90,184
Courtyard Washington Capitol Hill Navy Yard Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					June 2,011
Mortgage loans on real estate, face amount of mortgages					$ 37,497		$ 37,500
Debt instrument maturity month year					November 2,016
Debt instrument, interest rate, stated percentage					5.90%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 34,871	35,245
Unamortized premium							1,100
Debt instrument, fair value disclosure							$ 38,600
Boston Marriott Newton Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					May 2,013
Mortgage loans on real estate, face amount of mortgages					$ 60,000
Debt instrument maturity month year					June 2,020
Debt instrument, interest rate, stated percentage					3.63%
Mortgage loans on real estate amortization period					25 years
Long-Term Debt
Long-term debt, carrying amount					$ 57,003	57,776
Le Meridien San Francisco Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,013
Mortgage loans on real estate, face amount of mortgages					$ 92,500
Debt instrument maturity month year					August 2,020
Debt instrument, interest rate, stated percentage					3.50%
Mortgage loans on real estate amortization period					25 years
Long-Term Debt
Long-term debt, carrying amount					$ 88,197	89,402
Denver Marriott City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,012
Mortgage loans on real estate, face amount of mortgages					$ 70,000
Debt instrument maturity month year					August 2,022
Debt instrument, interest rate, stated percentage					4.90%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 66,882	67,464
Debt instrument, term				30 years
Debt instrument call term				10 years
Hilton Checkers Los Angeles Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					February 2,013
Mortgage loans on real estate, face amount of mortgages					$ 32,000
Debt instrument maturity month year					March 2,023
Debt instrument, interest rate, stated percentage					4.11%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 30,768	31,054
W Chicago - City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,013
Mortgage loans on real estate, face amount of mortgages					$ 93,000
Debt instrument maturity month year					August 2,023
Debt instrument, interest rate, stated percentage					4.25%
Mortgage loans on real estate amortization period					25 years
Long-Term Debt
Long-term debt, carrying amount					$ 89,116	90,211
Hyatt Herald Square New York and Hyatt Place New York Midtown South Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,014
Mortgage loans on real estate, face amount of mortgages					$ 90,000
Debt instrument maturity month year					July 2,024
Debt instrument, interest rate, stated percentage					4.30%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 90,000	$ 90,000
Mortgage loans on real estate interest only period			2 years
Interest Rate Swap [Member]
Long-Term Debt
Fixed interest rate on interest rate swap	0.94%
Derivative, notional amount	$ 125,000
Derivative effective date	Mar. 9, 2015
Derivative, maturity date	Mar. 9, 2017

Long-Term Debt Details Textual

Long-Term Debt Details Textual (Details) $ in Millions	Mar. 04, 2015USD ($)	Jun. 30, 2015USD ($)hotel	Oct. 25, 2012USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 300		$ 250
Line of credit facility, expiration date month year
Potential maximum borrowing capacity under revolving credit facility	$ 450
Debt instrument maturity extension period	1 year
Number of borrowing base hotels supporting revolving credit facility | hotel		10
Current borrowing capacity under revolving credit facility		$ 300
Line of credit facility, remaining borrowing capacity		$ 165
Weighted-average interest rate on long-term debt		3.77%
Minimum [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	1.55%
Maximum [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	2.30%

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Future Principal Payments of Debt Obligations
2,015	$ 5,168
2,016	131,909
2,017	135,074
2,018	10,493
2,019	145,930
Thereafter	377,659
Long-term debt, carrying amount	$ 806,233	$ 551,336

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income available to common shareholders	$ 21,623	$ 18,827	$ 20,753	$ 18,583
Less: Dividends declared on unvested time-based awards	(136)	(128)	(273)	(257)
Less: Undistributed earnings allocated to unvested time-based awards	(7)	(35)	0	0
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 21,480	$ 18,664	$ 20,480	$ 18,326
Denominator:
Weighted-average number of common shares outstanding - basic	58,544,392	48,977,876	56,373,504	48,969,761
Effect of dilutive unvested performance-based awards	412,091	0	410,368	0
Weighted-average number of shares outstanding - diluted	58,956,483	48,977,876	56,783,872	48,969,761
Net income available per common share - basic	$ 0.37	$ 0.38	$ 0.36	$ 0.37
Net income available per common share - diluted	$ 0.36	$ 0.38	$ 0.36	$ 0.37
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	227,213	634,178	227,213	634,178

Shareholders' Equity (Details)

Shareholders' Equity (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Common Stock [Member] | Fourth Quarter 2014 [Member]
Dividends Declared or Paid
Record date	Dec. 31, 2014
Payment date	Jan. 15, 2015
Common share, dividend per share, cash paid	$ 0.30
Common Stock [Member] | First Quarter 2015 [Member]
Dividends Declared or Paid
Record date	Mar. 31, 2015
Payment date	Apr. 15, 2015
Common share, dividend per share, declared	$ 0.35
Common Stock [Member] | Second Quarter 2015 [Member]
Dividends Declared or Paid
Record date	Jun. 30, 2015
Payment date	Jul. 15, 2015
Common share, dividend per share, declared	$ 0.35
Series A Preferred Stock [Member] | Fourth Quarter 2014 [Member]
Dividends Declared or Paid
Record date	Dec. 31, 2014
Payment date	Jan. 15, 2015
Preferred share, dividend per share, cash paid	$ 0.484375
Series A Preferred Stock [Member] | First Quarter 2015 [Member]
Dividends Declared or Paid
Record date	Mar. 31, 2015
Payment date	Apr. 15, 2015
Preferred share, dividend per share, declared	$ 0.484375
Series A Preferred Stock [Member] | Second Quarter 2015 [Member]
Dividends Declared or Paid
Record date	Jun. 30, 2015
Payment date	Jul. 15, 2015
Preferred share, dividend per share, declared	$ 0.484375

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) $ / shares in Units, $ in Millions	Mar. 27, 2015USD ($)$ / sharesshares	Sep. 09, 2014USD ($)$ / sharesshares	Jul. 17, 2012	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares	Sep. 06, 2013USD ($)
Shareholders' Equity (Textual) [Abstract]
Common shares, authorized (in shares)				400,000,000	400,000,000
Common shares, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Common shares, voting rights				one
Maximum proceeds under ATM program | $						$ 100
Amount available for issuance under the ATM program | $				$ 76
Common shares sold during period	4,600,000	4,830,000
Price per share of common shares sold during period | $ / shares	$ 33.47	$ 29.88
Common shares sold during period pursuant to underwriters' option	600,000	630,000
Proceeds from issuance of common shares, net of underwriting fees and offering costs | $	$ 153.7	$ 143.9
Issuance of unrestricted common shares (in shares)				1,266
Issuance of restricted common shares (in shares)				289,270
Repurchase of common shares (in shares)				44,233
Common shares, outstanding (in shares)				59,664,367	54,818,064
Preferred shares, authorized (in shares)				100,000,000	100,000,000
Preferred shares, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Preferred shares, outstanding (in shares)				5,000,000	5,000,000
Preferred shares, issued				5,000,000	5,000,000
Preferred shares, dividend rate, percentage			7.75%
Preferred shares, annual dividend per share | $ / shares				$ 1.9375
Preferred shares, liquidation preference per share | $ / shares				$ 25
Preferred shares, share cap per share				2.9189

Equity Plan (Details Textual)

Equity Plan (Details Textual) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May. 31, 2012	Jun. 30, 2015
Equity Plan (Textual) [Abstract]
Equity plan, common shares initially reserved for issuance (in shares)		454,657
Equity plan increase in common shares reserved for issuance (in shares)	2,750,000
Common shares reserved and available for future issuance (in shares)		1,267,687
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		289,270
Share-based compensation arrangement by share-based payment award, time-based, grants in period		114,918
Share-based compensation arrangement by share-based payment award, performance-based, grants in period		174,352
Unrecognized share-based compensation expense		$ 13.5
Unrecognized share-based compensation expense, weighted-average period (in years)		2 years

Equity Plan (Details Textual 2)

Equity Plan (Details Textual 2) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 25.36
2015 Performance-based Awards [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 17.13
Expected volatility rate	19.90%
Risk free interest rate	0.85%
Performance period	3 years
No payout as a percentage maximum	0.00%
Threshold payout as a percentage of maximum	25.00%
Target payout as a percentage of maximum	50.00%
Maximum payout	100.00%
No payout if relative TSR less than	67.00%
Threshold payout if relative TSR equal to	67.00%
Target payout if relative TSR equal to	100.00%
Maximum payout if relative TRS greater than or equal to	133.00%

Equity Plan, Table 1 (Details)

Equity Plan, Table 1 (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Restricted Common Shares
Number of restricted shares, beginning balance (in shares)	927,552
Weighted-average grant-date fair value, beginning (in dollars per share)	$ 15.87
Number of restricted shares, granted (in shares)	289,270
Weighted-average grant-date fair value, granted (in dollars per share)	$ 25.36
Number of restricted shares, vested (in shares)	(105,185)
Weighted-average grant-date fair value, vested (in dollars per share)	$ 23.57
Number of restricted shares, forfeited (in shares)	0
Weighted-average grant-date fair value, forfeited (in dollars per share)	$ 0
Number of restricted shares, ending balance (in shares)	1,111,637
Weighted-average grant-date fair value, ending (in dollars per share)	$ 17.61

Fair Value Measurements and D47

Fair Value Measurements and Derivative Instrument (Details) $ in Thousands	Jun. 30, 2015USD ($)
Liabilities
Derivative liability	$ 635
Interest Rate Swaps [Member]
Liabilities
Derivative liability	635
Fair Value, Inputs, Level 1 [Member]
Liabilities
Derivative liability	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaps [Member]
Liabilities
Derivative liability	0
Fair Value, Inputs, Level 2 [Member]
Liabilities
Derivative liability	635
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member]
Liabilities
Derivative liability	635
Fair Value, Inputs, Level 3 [Member]
Liabilities
Derivative liability	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member]
Liabilities
Derivative liability	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) - Jun. 30, 2015 $ in Millions	USD ($)hotel
Commitments and Contingencies (Textual) [Abstract]
Number of hotels operating pursuant to franchise agreements with hotel brand companies	12
Number of hotels operating pursuant to management agreements allowing them to operate under brand	10
Management Agreements [Member] | Maximum [Member]
Commitments and Contingencies (Textual) [Abstract]
General base management fee percentage of hotel revenues	4.00%
Management Agreements [Member] | Minimum [Member]
Commitments and Contingencies (Textual) [Abstract]
General base management fee percentage of hotel revenues	2.00%
Franchise Agreements [Member] | Maximum [Member]
Commitments and Contingencies (Textual) [Abstract]
General royalty fee percentage of room revenues	6.00%
General royalty fee percentage of food and beverage revenues	3.00%
General other franchisor fees percentage of room revenues	5.00%
Franchise Agreements [Member] | Minimum [Member]
Commitments and Contingencies (Textual) [Abstract]
General royalty fee percentage of room revenues	3.00%
General royalty fee percentage of food and beverage revenues	0.00%
General other franchisor fees percentage of room revenues	1.00%
FF&E Reserve [Member] | Maximum [Member]
Commitments and Contingencies (Textual) [Abstract]
Contribution percentage of gross revenues to reserve for hotel FF&E replacements	5.00%
FF&E Reserve [Member] | Minimum [Member]
Commitments and Contingencies (Textual) [Abstract]
Contribution percentage of gross revenues to reserve for hotel FF&E replacements	3.00%
Hyatt Regency Mission Bay Spa and Marina [Member] | Ground Lease Agreement [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease agreement expiration month year	January 2,056
Ground lease annual base rent | $	$ 2.2
Base rent reset frequency in years	3 years
Percentage of actual rent paid used to calculate base rent reset amount	75.00%
Number of years of actual rent paid used to calculate base rent reset amount	2 years
JW Marriott San Francisco Union Square [Member] | Ground Lease Agreement [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease agreement expiration month year	January 2,083
Ground lease annual base rent | $	$ 1.7
Base rent reset frequency in years	5 years
Number of years used to determine level of inflation to calculate base rent reset amount	5 years
Percentage limit on base rent increase to calculate base rent reset amount	125.00%
Base rent fair market value reset month year	January 2,034
Percentage of fair market value of land to calculate base rent reset amount	10.00%

Subsequent Event (Details)

Subsequent Event (Details) - 3 months ended Sep. 30, 2015 - Third Quarter 2015 [Member] - $ / shares	Total
Subsequent Event [Line Items]
Dividends payable, date declared	Jul. 30, 2015
Common share, dividend per share, declared	$ 0.40
Preferred share, dividend per share, declared	$ 0.484375
Dividends payable, date of record	Sep. 30, 2015
Dividends payable, date to be paid	Oct. 15, 2015