Chesapeake Lodging Trust (CHSP) 10-K 18 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 12, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Chesapeake Lodging Trust
Entity Central Index Key	1,473,078
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		60,082,944
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,760,355,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Property and equipment, net	$ 1,926,944	$ 1,580,427
Intangible assets, net	36,414	36,992
Cash and cash equivalents	50,544	29,326
Restricted cash	40,361	43,387
Accounts receivable, net of allowance for doubtful accounts of $172 and $161, respectively	15,603	13,102
Prepaid expenses and other assets	17,900	10,637
Deferred financing costs, net of accumulated amortization of $3,097 and $4,048, respectively	6,493	6,064
Total assets	2,094,259	1,719,935
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	776,241	551,723
Accounts payable and accrued expenses	62,683	53,442
Other liabilities	45,778	32,788
Total liabilities	$ 884,702	$ 637,953
Commitments and contingencies (Note 14)
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; 59,659,522 shares and 54,818,064 shares issued and outstanding, respectively	597	548
Additional paid-in capital	1,297,877	1,138,391
Cumulative dividends in excess of net income	(88,675)	(57,007)
Accumulated other comprehensive loss	(292)	0
Total shareholders’ equity	1,209,557	1,081,982
Total liabilities and shareholders’ equity	$ 2,094,259	$ 1,719,935

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Allowance for doubtful accounts	$ 172	$ 161
Deferred financing costs, accumulated amortization	$ 3,097	$ 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)	59,659,522	54,818,064
Common shares, outstanding (in shares)	59,659,522	54,818,064

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues [Abstract]
Rooms	$ 441,141	$ 364,727	$ 316,434
Food and beverage	117,171	94,307	86,884
Other	24,312	18,946	16,859
Total revenue	582,624	477,980	420,177
Hotel operating expenses:
Rooms	100,245	84,445	73,711
Food and beverage	87,625	71,816	65,090
Other direct	7,109	8,032	8,042
Indirect	196,523	160,589	138,120
Total hotel operating expenses	391,502	324,882	284,963
Depreciation and amortization	69,743	51,567	44,469
Air rights contract amortization	520	520	520
Corporate general and administrative	18,046	15,557	13,125
Hotel acquisition costs	854	3,622	4,222
Total operating expenses	480,665	396,148	347,299
Operating income	101,959	81,832	72,878
Interest income	0	8	247
Interest expense	(31,856)	(27,357)	(25,780)
Gain on sale of hotel	0	7,006	0
Loss on early extinguishment of debt	0	0	(372)
Income before income taxes	70,103	61,489	46,973
Income tax expense	(2,595)	(535)	(1,655)
Net income	67,508	60,954	45,318
Preferred share dividends	(9,688)	(9,688)	(9,688)
Net income available to common shareholders	$ 57,820	$ 51,266	$ 35,630
Net income available per common share - basic	$ 1	$ 1.01	$ 0.75
Net income available per common share - diluted	$ 0.99	$ 1	$ 0.75

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 67,508	$ 60,954	$ 45,318
Other comprehensive income (loss):
Unrealized losses on cash flow hedge instruments	(1,065)	(9)	(109)
Reclassification of unrealized losses on cash flow hedge instruments to interest expense	773	76	871
Comprehensive income	$ 67,216	$ 61,021	$ 46,080

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 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, 2012		5,000,000
Balance, beginning at Dec. 31, 2012	$ 766,808	$ 50	$ 398	$ 799,278	$ (32,089)	$ (829)
Beginning balance, common shares, shares outstanding at Dec. 31, 2012			39,763,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of common shares, net of underwriting fees and offering costs (in shares)			9,349,558
Sale of common shares, net of underwriting fees and offering costs, value	189,394		$ 94	189,300
Repurchase of common shares, value	$ (1,769)		$ (1)	(1,768)
Repurchase of common shares (in shares)	(76,358)		(76,358)
Issuance of restricted common shares (in shares)	537,400		537,400
Issuance of restricted common shares, value	$ 0		$ 5	(5)
Issuance of unrestricted common shares (in shares)	3,475		3,475
Issuance of unrestricted common shares, value	$ 80			80
Forfeiture of restricted common shares (in shares)			(4,000)
Forfeiture of restricted common shares, value	0				0
Amortization of deferred compensation	4,532			4,532
Declaration of dividends on common shares	(48,880)				(48,880)
Declaration of dividends on preferred shares	(9,688)				(9,688)
Net income	45,318				45,318
Other comprehensive income (loss)	762					762
Ending balance, preferred shares, shares outstanding at Dec. 31, 2013		5,000,000
Balance, ending at Dec. 31, 2013	946,557	$ 50	$ 496	991,417	(45,339)	(67)
Ending balance, common shares, shares outstanding at Dec. 31, 2013			49,574,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of common shares, net of underwriting fees and offering costs (in shares)			4,830,000
Sale of common shares, net of underwriting fees and offering costs, value	143,928		$ 48	143,880
Repurchase of common shares, value	$ (2,705)		$ (1)	(2,704)
Repurchase of common shares (in shares)	(79,417)		(79,417)
Issuance of restricted common shares (in shares)	491,564		491,564
Issuance of restricted common shares, value	$ 0		$ 5	(5)
Issuance of unrestricted common shares (in shares)	2,662		2,662
Issuance of unrestricted common shares, value	$ 80			80
Forfeiture of restricted common shares (in shares)			(750)
Forfeiture of restricted common shares, value	0				0
Amortization of deferred compensation	5,723			5,723
Declaration of dividends on common shares	(62,934)				(62,934)
Declaration of dividends on preferred shares	(9,688)				(9,688)
Net income	60,954				60,954
Other comprehensive income (loss)	$ 67					67
Ending balance, preferred shares, shares outstanding at Dec. 31, 2014	5,000,000	5,000,000
Balance, ending at Dec. 31, 2014	$ 1,081,982	$ 50	$ 548	1,138,391	(57,007)	0
Ending 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	$ 153,678		$ 46	153,632
Repurchase of common shares, value	$ (1,787)		$ 0	(1,787)
Repurchase of common shares (in shares)	(47,804)		(47,804)
Issuance of restricted common shares (in shares)	292,270		292,270
Issuance of restricted common shares, value	$ 0		$ 3	(3)
Issuance of unrestricted common shares (in shares)	2,926		2,926
Issuance of unrestricted common shares, value	$ 83			83
Forfeiture of restricted common shares (in shares)			(5,934)
Forfeiture of restricted common shares, value	0				0
Amortization of deferred compensation	7,561			7,561
Declaration of dividends on common shares	(89,488)				(89,488)
Declaration of dividends on preferred shares	(9,688)				(9,688)
Net income	67,508				67,508
Other comprehensive income (loss)	$ (292)					(292)
Ending balance, preferred shares, shares outstanding at Dec. 31, 2015	5,000,000	5,000,000
Balance, ending at Dec. 31, 2015	$ 1,209,557	$ 50	$ 597	$ 1,297,877	$ (88,675)	$ (292)
Ending balance, common shares, shares outstanding at Dec. 31, 2015	59,659,522		59,659,522

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 67,508	$ 60,954	$ 45,318
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,743	51,567	44,469
Air rights contract amortization	520	520	520
Deferred financing costs amortization	1,882	2,448	2,837
Gain on sale of hotel	0	(7,006)	0
Loss on early extinguishment of debt	0	0	372
Share-based compensation	7,644	5,803	4,612
Other	(834)	625	(295)
Changes in assets and liabilities:
Accounts receivable, net	(679)	1,277	(2,543)
Prepaid expenses and other assets	(4,101)	(290)	(3,305)
Accounts payable and accrued expenses	4,069	3,766	7,203
Other liabilities	5,961	(30)	774
Net cash provided by operating activities	151,713	119,634	99,962
Cash flows from investing activities:
Acquisition of hotels, net of cash acquired	(255,249)	(152,292)	(331,058)
Disposition of hotel, net of cash sold	0	31,822	0
Receipt of deposit on hotel acquisition	0	0	700
Improvements and additions to hotels	(36,782)	(87,182)	(28,235)
Repayment of hotel construction loan	0	0	7,810
Change in restricted cash	3,026	(2,164)	(10,775)
Net cash used in investing activities	(289,005)	(209,816)	(361,558)
Cash flows from financing activities:
Proceeds from sale of common shares, net of underwriting fees	153,962	144,320	189,862
Payment of offering costs related to sale of common	(284)	(392)	(468)
Borrowings under revolving credit facility	330,000	100,000	105,000
Repayments under revolving credit facility	(220,000)	(100,000)	(155,000)
Proceeds from issuance of mortgage debt	0	90,000	312,500
Principal prepayment of mortgage debt	0	0	(130,000)
Scheduled principal payments on mortgage debt	(10,271)	(69,837)	(5,726)
Payment of deferred financing costs	(2,311)	(2,011)	(3,080)
Payment of dividends to common shareholders	(81,111)	(58,892)	(44,516)
Payment of dividends to preferred shareholders	(9,688)	(9,688)	(9,688)
Repurchase of common shares	(1,787)	(2,705)	(1,769)
Net cash provided by financing activities	158,510	90,795	257,115
Net increase (decrease) in cash	21,218	613	(4,481)
Cash and cash equivalents, beginning of period	29,326	28,713	33,194
Cash and cash equivalents, end of period	50,544	29,326	28,713
Supplemental disclosure of cash flow information:
Cash paid for interest	29,668	24,976	22,421
Cash paid for income taxes	4,479	1,126	1,590
Assumption of mortgage debt related to hotel acquisition	$ 125,000	$ 0	$ 0

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 December 31, 2015 , the Trust owned 22 hotels with an aggregate of 6,699 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	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation —The 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. 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 years ended December 31, 2015 , 2014 and 2013 . 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 December 31, 2015 and 2014 , 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, U.S. generally accepted accounting principles ("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 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 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 May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for recognition of revenue from contracts with customers. The comprehensive new accounting guidance will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB delayed the effective date of the new accounting guidance to be for interim and annual periods beginning on or after December 15, 2017. The new accounting guidance is to be applied prospectively. The Trust will adopt the new accounting guidance on January 1, 2018. The Trust does not believe that the adoption of this guidance will have a material impact on the consolidated financial statements. In April 2015, 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 adopted 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	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisition of Hotels	3. Acquisitions The Trust acquired the following hotels during the years ended December 31, 2015 , 2014 and 2013 (in thousands, except rooms data): Hotel Location Rooms Net Assets Acquired Acquisition Date 2013 Acquisitions: Hyatt Place New York Midtown South New York, NY 185 76,362 March 14, 2013 W New Orleans – French Quarter New Orleans, LA 97 25,595 March 28, 2013 Le Meridien New Orleans New Orleans, LA 410 65,786 April 25, 2013 Hyatt Fisherman's Wharf San Francisco, CA 316 102,485 May 31, 2013 Hyatt Santa Barbara Santa Barbara, CA 205 60,972 June 27, 2013 1,213 331,200 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 393 153,662 March 9, 2015 Ace Hotel and Theater Downtown Los Angeles Los Angeles, CA 182 101,687 April 30, 2015 575 255,349 (1) As part of the acquisition, the Trust assumed a ground lease, which has a term ending January 2083 . See Note 14, "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 7, "Long-Term Debt," for additional information related to the term loan. The allocation of the purchase prices to the assets acquired and liabilities assumed based on their fair values was as follows (in thousands): Acquisitions 2015 2014 2013 Land and land improvements $ 64,462 $ — $ 82,462 Buildings and leasehold improvements 294,498 139,150 228,349 Furniture, fixtures and equipment 20,518 8,000 20,140 Cash 100 1,851 142 Restricted cash — 6,937 — Accounts receivable, net 1,823 1,513 2,084 Prepaid expenses and other assets 3,162 132 1,633 Accounts payable and accrued expenses (4,089 ) (3,440 ) (3,610 ) Other liabilities (125 ) — — Mortgage loan (125,000 ) — — Net assets acquired $ 255,349 $ 154,143 $ 331,200 The following financial information presents the pro forma results of operations of the Trust for the years ended December 31, 2015 and 2014 as if all acquisitions during 2015 and 2014 had taken place on January 1, 2014 . The pro forma results for the years ended December 31, 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). Year Ended December 31, 2015 2014 Total revenue $ 602,911 $ 578,292 Total hotel operating expenses 404,946 396,966 Total operating expenses 495,423 478,385 Operating income 107,488 99,907 Net income available to common shareholders 61,771 64,082 Net income available per common share: Basic $ 1.05 $ 1.09 Diluted $ 1.04 $ 1.08 For the year ended December 31, 2015 , the consolidated statement of operations includes total revenue of $52.0 million and total hotel operating expenses of $33.2 million related to the operations of the two hotels acquired during 2015.

Disposition

Disposition	12 Months Ended
	Dec. 31, 2015
Hotel Disposition [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	4. Disposition On September 30, 2014 , the Trust sold the 153 -room Courtyard Anaheim at Disneyland Resort located in Anaheim, California for $32.5 million , including sold working capital. Net proceeds from the sale were $31.8 million , which resulted in the recognition of a gain on sale of $7.0 million . This sale did not represent a strategic shift that had (or will have) a major effect on the Trust's operations and financial results, and therefore, did not qualify to be reported as discontinued operations.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment as of December 31, 2015 and 2014 consisted of the following (in thousands): December 31, 2015 2014 Land and land improvements $ 319,702 $ 255,037 Buildings and leasehold improvements 1,628,124 1,312,529 Furniture, fixtures and equipment 191,092 138,163 Construction-in-progress 3,276 20,205 2,142,194 1,725,934 Less: accumulated depreciation and amortization (215,250 ) (145,507 ) Property and equipment, net $ 1,926,944 $ 1,580,427

Intangible Assets and Liability

Intangible Assets and Liability	12 Months Ended
	Dec. 31, 2015
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	6. Intangible Assets and Liability Intangible assets and liability as of December 31, 2015 and 2014 consisted of the following (in thousands): December 31, 2015 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 (3,259 ) (2,681 ) Intangible assets, net $ 36,414 $ 36,992 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (1,668 ) (1,276 ) Intangible liability, net (included within other liabilities) $ 12,568 $ 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 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 is included within indirect hotel operating expenses in the consolidated statement 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 consolidated statements of operations.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	7. Long-Term Debt Long-term debt as of December 31, 2015 and 2014 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period December 31, Maturity 2015 2014 Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 110,000 $ — 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 88,601 90,184 Courtyard Washington Capitol Hill/Navy Yard (3) June 2011 $37,497 November 2016 5.90% 30 34,491 35,245 Boston Marriott Newton May 2013 $60,000 June 2020 3.63% 25 56,221 57,776 Le Meridien San Francisco July 2013 $92,500 August 2020 3.50% 25 86,979 89,402 Denver Marriott City Center (4) July 2012 $70,000 August 2022 4.90% 30 66,285 67,464 Hilton Checkers Los Angeles February 2013 $32,000 March 2023 4.11% 30 30,480 31,054 W Chicago – City Center July 2013 $93,000 August 2023 4.25% 25 88,008 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 90,000 776,065 551,336 Unamortized premium (3) 176 387 Long-term debt $ 776,241 $ 551,723 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of December 31, 2015 , the interest rate in effect was 1.98% . 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 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 July 30, 2010, the Trust entered into a credit agreement to obtain a $115.0 million , two -year secured revolving credit facility with a syndicate of banks. Borrowings under the revolving credit facility bore interest equal to LIBOR plus 3.75% , subject to a LIBOR floor of 2.00% . On January 21, 2011, the Trust amended the credit agreement to increase the maximum size of the revolving credit facility from $115.0 million to $150.0 million . On October 14, 2011, the Trust further amended the credit agreement by (1) increasing the maximum size of the revolving credit facility from $150.0 million to $200.0 million , (2) lowering the interest rate to LIBOR plus 2.75% - 3.75% (the spread over LIBOR based on the Trust's consolidated leverage ratio) and (3) extending the maturity date to October 14, 2014 . On October 25, 2012, the Trust further amended the credit agreement by (1) increasing the maximum size of the revolving credit facility from $200.0 million to $250.0 million , (2) lowering the interest rate to LIBOR plus 1.75% - 2.75% (the spread over LIBOR continues to be based on the Trust's consolidated leverage ratio), and (3) extending the maturity date to April 25, 2016 . On March 4, 2015, the Trust further amended the 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 December 31, 2015 , the borrowing base included 11 of the Trust's hotels providing borrowing availability of $300.0 million under the revolving credit facility, of which $190.0 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 December 31, 2015 , the Trust was in compliance with all financial covenants under its borrowing arrangements. As of December 31, 2015 , the Trust’s weighted-average interest rate on its long-term debt was 3.87% . Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of December 31, 2015 are as follows (in thousands): Year Amounts 2016 $ 131,909 2017 135,074 2018 10,493 2019 120,930 2020 132,393 Thereafter 245,266 $ 776,065

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	8. 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): Year Ended December 31, 2015 2014 2013 Numerator: Net income available to common shareholders $ 57,820 $ 51,266 $ 35,630 Less: Dividends declared on unvested time-based awards (560 ) (499 ) (361 ) Less: Undistributed earnings allocated to unvested time-based awards — — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 57,260 $ 50,767 $ 35,269 Denominator: Weighted-average number of common shares outstanding–basic 57,474,256 50,488,007 47,295,089 Effect of dilutive unvested performance-based awards 452,143 402,854 — Weighted-average number of common shares outstanding–diluted 57,926,399 50,890,861 47,295,089 Net income available per common share: Basic $ 1.00 $ 1.01 $ 0.75 Diluted $ 0.99 $ 1.00 $ 0.75 For the years ended December 31, 2015 and 2013, 193,426 unvested performance-based awards and 301,555 unvested performance-based awards, respectively, 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. For the year ended December 31, 2014, no unvested performance-based awards were excluded from diluted weighted-average common shares outstanding.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Shareholders' Equity	9. 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 February 6, 2013, the Trust completed an underwritten public offering of 8,337,500 common shares at a price of $20.75 per share, including 1,087,500 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 $165.9 million . 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”). For the period from September 6, 2013 through December 31, 2013, the Trust sold 1,012,058 common shares at an average price of $23.73 per share under the ATM program and generated net proceeds of $23.5 million after deducting sales commissions and offering costs. The Trust did not sell any common shares under the ATM program during the years ended December 31, 2015 and 2014. As of December 31, 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 . On September 29, 2015, the Trust's board of trustees authorized a share repurchase program pursuant to which the Trust may acquire up to $100.0 million of its common shares. The repurchase program authorizes the Trust to repurchase its common shares from time to time through open market purchases, negotiated transactions or other means, in accordance with applicable securities laws and other restrictions. The repurchase program expires in September 2018 , but may be suspended or discontinued at any time, and does not obligate the Trust to acquire any particular amount of its shares. As of December 31, 2015 , $100.0 million remained available for the repurchase of common shares. For the years ended December 31, 2015 , 2014 and 2013 , the Trust issued 2,926 , 2,662 and 3,475 unrestricted common shares, respectively, and 292,270 , 491,564 and 537,400 restricted common shares, respectively, to its trustees and employees. For the years ended December 31, 2015 , 2014 and 2013 , the Trust repurchased 47,804 , 79,417 and 76,358 common shares, respectively, from employees to satisfy the minimum statutory tax withholding requirements related to the vesting of their previously granted restricted common shares. As of December 31, 2015 , the Trust had 59,659,522 common shares outstanding. For the years ended December 31, 2015 , 2014 and 2013 , the Trust's board of trustees declared dividends per common share as follows: Year Ended December 31, 2015 2014 2013 First Quarter $ 0.35 $ 0.30 $ 0.24 Second Quarter 0.35 0.30 0.24 Third Quarter 0.40 0.30 0.26 Fourth Quarter 0.40 0.30 0.26 $ 1.50 $ 1.20 $ 1.00 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 December 31, 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 years ended December 31, 2015 , 2014 and 2013 , the Trust's board of trustees declared dividends per preferred share as follows: Year Ended December 31, 2015 2014 2013 First Quarter $ 0.484375 $ 0.484375 $ 0.484375 Second Quarter 0.484375 0.484375 0.484375 Third Quarter 0.484375 0.484375 0.484375 Fourth Quarter 0.484375 0.484375 0.484375 $ 1.937500 $ 1.937500 $ 1.937500 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	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Plan	10. 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 December 31, 2015 , subject to increases that may result in the case of any future forfeiture or termination of currently outstanding awards, 1,268,961 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 year ended December 31, 2013, the Trust granted 537,400 restricted common shares to certain employees and trustees, of which 192,500 shares were time-based awards and 344,900 shares were performance-based awards (the "2013 Performance-Based Awards"). The time-based awards are generally eligible to vest at the rate of one-fourth of the number of restricted shares granted commencing on the first anniversary of their issuance. The 2013 Performance-Based Awards are eligible to vest at the rate of one-fourth of the number of restricted shares granted commencing on December 31, 2013 and each year thereafter. Additional vesting of the 2013 Performance-Based Awards can also occur at December 31, 2016. Dividends on the 2013 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2013 Performance-Based Awards was $14.84 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 31.15% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 0.55% . For the year ended December 31, 2014, the Trust granted 491,564 restricted common shares to certain employees and trustees, of which 158,941 shares were time-based awards and 332,623 shares were performance-based awards (the “2014 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 2014 Performance-Based Awards are eligible to vest at December 31, 2016 . Dividends on the 2014 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2014 Performance-Based Awards was $8.98 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 29.34% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 0.72% . For the year ended December 31, 2015, the Trust granted 292,270 restricted common shares to certain employees and trustees, of which 117,918 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 2013 Performance-Based Awards that vest in a particular year will be based on the Trust’s annual total shareholder return (“TSR”), as defined in the restricted share agreements, relative to the annual total return generated by the SNL US Hotel REIT Index prepared by SNL Financial LC (the “Index”). Additional vesting of any previously unvested shares under the 2013 Performance-Based Awards can also occur based on the Trust’s TSR, measured over a four -year performance period ending December 31, 2016, relative to the total return generated by the Index. The actual number of shares under the 2014 Performance-Based Awards and the 2015 Performance-Based Awards that vest will be based on the Trust’s TSR, measured over a three -year performance period ending December 31, 2016 and December 31, 2017 , respectively, relative to the total return generated by the Index. The payout schedule for the 2013 Performance-Based Awards, the 2014 Performance-Based Awards and 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 a performance period, shares under the 2013 Performance-Based Awards will vest for that period if the Trust’s TSR equals or exceeds 133% of the Index’s total return, in which case 100% of the shares subject to vesting will vest, and no shares under the 2014 Performance-Based Awards and the 2015 Performance-Based Awards will vest. If the Trust’s TSR is positive for a performance period and the total return of the Index is negative, 100% of the shares subject to vesting under the 2013 Performance-Based Awards, the 2014 Performance-Based Awards and the 2015 Performance-Based Awards will vest. As of December 31, 2015 , there was approximately $9.6 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 1.5 years. The following is a summary of the Trust’s restricted common share activity for the years ended December 31, 2015 , 2014 and 2013 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2012 341,583 $ 19.59 Granted 537,400 $ 17.50 Vested (245,128 ) $ 18.20 Forfeited (4,000 ) $ 22.07 Restricted common shares as of December 31, 2013 629,855 $ 18.33 Granted 491,564 $ 13.83 Vested (193,117 ) $ 18.68 Forfeited (750 ) $ 23.58 Restricted common shares as of December 31, 2014 927,552 $ 15.87 Granted 292,270 $ 25.36 Vested (156,618 ) $ 22.76 Forfeited (5,934 ) $ 29.80 Restricted common shares as of December 31, 2015 1,057,270 $ 17.40

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instrument	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair value measurements and derivative instruments	11. 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 December 31, 2015 Total Level 1 Level 2 Level 3 Liabilities: Interest rate swap (included within other liabilities) $ 292 $ — $ 292 $ — $ 292 $ — $ 292 $ — 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 December 31, 2015 , the carrying value reported in the consolidated balance sheet for the Trust's long-term debt approximated its fair value.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	12. Income Taxes The components of income tax expense for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 3,366 $ 685 $ 1,330 State 580 141 314 3,946 826 1,644 Deferred: Federal (1,158 ) (243 ) 12 State (193 ) (48 ) (1 ) (1,351 ) (291 ) 11 Income tax expense $ 2,595 $ 535 $ 1,655 A reconciliation of the statutory federal income tax expense to the Trust’s income tax expense is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal income tax expense $ 23,833 $ 20,906 $ 15,971 Effect of non-taxable REIT income (21,441 ) (20,764 ) (14,445 ) State income tax expense, net of federal taxes 252 60 209 Other (49 ) 333 (80 ) Income tax expense $ 2,595 $ 535 $ 1,655 The tax effect of each type of temporary difference and carryforward that gives rise to the deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows (in thousands): December 31, 2015 2014 Deferred tax asset: Deferred income–key money $ 2,425 $ 278 Net operating loss carryforwards 331 — Employee-related compensation 285 108 Other 18 — 3,059 386 Deferred tax liability: Other 30 18 30 18 Net deferred tax asset $ 3,029 $ 368 As of December 31, 2015 , the Trust had a net deferred tax asset of $3.0 million , of which $0.3 million related to net operating loss carryforwards. These net operating loss carryforwards will begin to expire in 2031 if not utilized by then. The Trust believes that it is more likely than not that its TRSs will generate sufficient taxable income to realize in full this deferred tax asset. Accordingly, no valuation allowance has been recorded as of December 31, 2015 . As of December 31, 2015, the tax years that remain subject to examination by major tax jurisdictions generally include 2012 through 2015.

Quarterly Operating Results (un

Quarterly Operating Results (unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	13. Quarterly Operating Results (unaudited) Quarter Ended - 2015 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 109,290 $ 162,145 $ 165,009 $ 146,180 Total operating expenses 103,907 125,592 129,241 121,925 Operating income 5,383 36,553 35,768 24,255 Net income 1,552 24,045 27,180 14,731 Net income (loss) available to common shareholders, excluding amounts attributable to unvested time-based awards (1) (1,007 ) 21,480 24,597 12,175 Net income (loss) available per common share (2) : Basic (0.02 ) 0.37 0.42 0.21 Diluted (0.02 ) 0.36 0.42 0.21 Quarter Ended - 2014 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 94,774 $ 128,865 $ 130,840 $ 123,501 Total operating expenses 89,307 98,232 101,070 107,539 Operating income 5,467 30,633 29,770 15,962 Net income 2,178 21,249 28,688 8,839 Net income (loss) available to common shareholders, excluding amounts attributable to unvested time-based awards (1) (373 ) 18,664 26,054 6,303 Net income (loss) available per common share (2) : Basic (0.01 ) 0.38 0.52 0.12 Diluted (0.01 ) 0.38 0.52 0.12 (1) The sum of amounts for the four quarters may differ from the annual amount due to the required method of computing the two-class method in the respective periods. (2) The sum of per share amounts for the four quarters may differ from the annual per share amount due to the required method of computing weighted-average number of common shares outstanding in the respective periods.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	14. 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 December 31, 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.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Disclosure [Text Block]	Description Encumbrances Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount at End of Year Accumulated Depreciation Year of Acquisition Depreciation Life Land Buildings and Improvements Land Buildings and Improvements Total Hyatt Regency Boston Boston, Massachusetts $ 88,601 $ — $ 71,462 $ 10,890 $ 75 $ 82,277 $ 82,352 $ 12,094 2010 40 years Hilton Checkers Los Angeles Los Angeles, California 30,480 9,010 32,710 2,164 9,030 34,854 43,884 4,942 2010 40 years Boston Marriott Newton Newton, Massachusetts 56,221 11,800 56,450 2,112 11,998 58,364 70,362 7,816 2010 40 years Le Meridien San Francisco San Francisco, California 86,979 28,737 100,734 5,003 28,768 105,706 134,474 13,528 2010 40 years Homewood Suites Seattle Convention Center Seattle, Washington — 6,266 44,004 783 6,267 44,786 51,053 5,276 2011 40 years W Chicago – City Center Chicago, Illinois 88,008 29,800 93,464 6,714 29,800 100,178 129,978 12,156 2011 40 years Hotel Indigo San Diego Gaslamp Quarter San Diego, California — 8,300 43,000 707 8,308 43,699 52,007 4,967 2011 40 years Courtyard Washington Capitol Hill/Navy Yard Washington, DC 34,491 9,661 57,930 1,483 9,661 59,413 69,074 6,740 2011 40 years Hotel Adagio San Francisco, Autograph Collection San Francisco, California — 7,900 33,973 5,812 7,914 39,771 47,685 5,053 2011 40 years Denver Marriott City Center Denver, Colorado 66,285 3,500 118,209 5,295 4,076 122,928 127,004 13,090 2011 40 years Hyatt Herald Square New York New York, New York (1 ) 14,350 36,325 6,007 14,365 42,317 56,682 4,145 2011 40 years W Chicago – Lakeshore Chicago, Illinois — 40,000 80,800 26,729 40,134 107,395 147,529 9,776 2012 40 years Hyatt Regency Mission Bay Spa and Marina San Diego, California — — 57,633 1,773 — 59,406 59,406 4,950 2012 40 years The Hotel Minneapolis, Autograph Collection Minneapolis, Minnesota — 2,350 39,988 363 2,350 40,351 42,701 3,204 2012 40 years Hyatt Place New York Midtown South New York, New York (1 ) 18,470 55,002 243 18,477 55,238 73,715 3,917 2013 40 years W New Orleans – French Quarter New Orleans, Louisiana — 4,092 19,468 71 4,097 19,534 23,631 1,347 2013 40 years Le Meridien New Orleans New Orleans, Louisiana — 4,700 54,875 16,262 4,700 71,137 75,837 4,813 2013 40 years Hyatt Fisherman's Wharf San Francisco, California — 24,200 74,400 4,795 24,200 79,195 103,395 5,043 2013 40 years Hyatt Santa Barbara Santa Barbara, California — 31,000 24,604 2,773 31,010 27,367 58,377 1,661 2013 40 years JW Marriott San Francisco Union Square San Francisco, California — — 139,150 81 — 139,231 139,231 4,353 2014 40 years Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, Florida 125,000 40,100 222,230 155 40,110 222,375 262,485 4,635 2015 40 years Ace Hotel and Theater Downtown Los Angeles Los Angeles, California — 24,362 72,268 10 24,362 72,278 96,640 1,205 2015 40 years Totals $ 666,065 $ 318,598 $ 1,528,679 $ 100,225 $ 319,702 $ 1,627,800 $ 1,947,502 $ 134,711 (1) This hotel secures a mortgage loan issued in July 2014 , which had an outstanding principal balance of $90,000 as of December 31, 2015 . Notes: (a) The change in total cost of real estate assets for the years ended December 31, 2015 , 2014 and 2013 is as follows: Balance as of December 31, 2012 $ 1,077,185 Acquisitions 310,811 Capital expenditures and transfers from construction-in-progress 10,810 Balance as of December 31, 2013 1,398,806 Acquisition 139,150 Capital expenditures and transfers from construction-in-progress 53,710 Disposition (24,424 ) Balance as of December 31, 2014 1,567,242 Acquisitions 358,960 Capital expenditures and transfers from construction-in-progress 21,300 Balance as of December 31, 2015 $ 1,947,502 (b) The change in accumulated depreciation and amortization of real estate assets for the years ended December 31, 2015 , 2014 and 2013 is as follows: Balance as of December 31, 2012 $ 34,066 Depreciation and amortization 27,391 Balance as of December 31, 2013 61,457 Depreciation and amortization 32,012 Disposition (1,728 ) Balance as of December 31, 2014 91,741 Depreciation and amortization 42,970 Balance as of December 31, 2015 $ 134,711

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The 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.
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 years ended December 31, 2015 , 2014 and 2013 . 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 December 31, 2015 and 2014 , 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, U.S. generally accepted accounting principles ("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 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 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 May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for recognition of revenue from contracts with customers. The comprehensive new accounting guidance will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB delayed the effective date of the new accounting guidance to be for interim and annual periods beginning on or after December 15, 2017. The new accounting guidance is to be applied prospectively. The Trust will adopt the new accounting guidance on January 1, 2018. The Trust does not believe that the adoption of this guidance will have a material impact on the consolidated financial statements. In April 2015, 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 adopted 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)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Hotels Acquired by the Trust	Hotel Location Rooms Net Assets Acquired Acquisition Date 2013 Acquisitions: Hyatt Place New York Midtown South New York, NY 185 76,362 March 14, 2013 W New Orleans – French Quarter New Orleans, LA 97 25,595 March 28, 2013 Le Meridien New Orleans New Orleans, LA 410 65,786 April 25, 2013 Hyatt Fisherman's Wharf San Francisco, CA 316 102,485 May 31, 2013 Hyatt Santa Barbara Santa Barbara, CA 205 60,972 June 27, 2013 1,213 331,200 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 393 153,662 March 9, 2015 Ace Hotel and Theater Downtown Los Angeles Los Angeles, CA 182 101,687 April 30, 2015 575 255,349 (1) As part of the acquisition, the Trust assumed a ground lease, which has a term ending January 2083 . See Note 14, "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 7, "Long-Term Debt," for additional information related to the term loan.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the purchase prices to the assets acquired and liabilities assumed based on their fair values was as follows (in thousands): Acquisitions 2015 2014 2013 Land and land improvements $ 64,462 $ — $ 82,462 Buildings and leasehold improvements 294,498 139,150 228,349 Furniture, fixtures and equipment 20,518 8,000 20,140 Cash 100 1,851 142 Restricted cash — 6,937 — Accounts receivable, net 1,823 1,513 2,084 Prepaid expenses and other assets 3,162 132 1,633 Accounts payable and accrued expenses (4,089 ) (3,440 ) (3,610 ) Other liabilities (125 ) — — Mortgage loan (125,000 ) — — Net assets acquired $ 255,349 $ 154,143 $ 331,200
Business Acquisition, Pro Forma Information	Year Ended December 31, 2015 2014 Total revenue $ 602,911 $ 578,292 Total hotel operating expenses 404,946 396,966 Total operating expenses 495,423 478,385 Operating income 107,488 99,907 Net income available to common shareholders 61,771 64,082 Net income available per common share: Basic $ 1.05 $ 1.09 Diluted $ 1.04 $ 1.08

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	December 31, 2015 2014 Land and land improvements $ 319,702 $ 255,037 Buildings and leasehold improvements 1,628,124 1,312,529 Furniture, fixtures and equipment 191,092 138,163 Construction-in-progress 3,276 20,205 2,142,194 1,725,934 Less: accumulated depreciation and amortization (215,250 ) (145,507 ) Property and equipment, net $ 1,926,944 $ 1,580,427

Intangible Assets and Liabili26

Intangible Assets and Liability (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	December 31, 2015 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 (3,259 ) (2,681 ) Intangible assets, net $ 36,414 $ 36,992 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (1,668 ) (1,276 ) Intangible liability, net (included within other liabilities) $ 12,568 $ 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 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 is included within indirect hotel operating expenses in the consolidated statement 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 consolidated statements of operations.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Origination Original Principal Amount Interest Rate Principal Amortization Period December 31, Maturity 2015 2014 Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 110,000 $ — 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 88,601 90,184 Courtyard Washington Capitol Hill/Navy Yard (3) June 2011 $37,497 November 2016 5.90% 30 34,491 35,245 Boston Marriott Newton May 2013 $60,000 June 2020 3.63% 25 56,221 57,776 Le Meridien San Francisco July 2013 $92,500 August 2020 3.50% 25 86,979 89,402 Denver Marriott City Center (4) July 2012 $70,000 August 2022 4.90% 30 66,285 67,464 Hilton Checkers Los Angeles February 2013 $32,000 March 2023 4.11% 30 30,480 31,054 W Chicago – City Center July 2013 $93,000 August 2023 4.25% 25 88,008 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 90,000 776,065 551,336 Unamortized premium (3) 176 387 Long-term debt $ 776,241 $ 551,723 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of December 31, 2015 , the interest rate in effect was 1.98% . 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 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 2016 $ 131,909 2017 135,074 2018 10,493 2019 120,930 2020 132,393 Thereafter 245,266 $ 776,065

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	Year Ended December 31, 2015 2014 2013 Numerator: Net income available to common shareholders $ 57,820 $ 51,266 $ 35,630 Less: Dividends declared on unvested time-based awards (560 ) (499 ) (361 ) Less: Undistributed earnings allocated to unvested time-based awards — — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 57,260 $ 50,767 $ 35,269 Denominator: Weighted-average number of common shares outstanding–basic 57,474,256 50,488,007 47,295,089 Effect of dilutive unvested performance-based awards 452,143 402,854 — Weighted-average number of common shares outstanding–diluted 57,926,399 50,890,861 47,295,089 Net income available per common share: Basic $ 1.00 $ 1.01 $ 0.75 Diluted $ 0.99 $ 1.00 $ 0.75

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Common Stock [Member]
Dividends Payable [Line Items]
Dividends declared or paid	Year Ended December 31, 2015 2014 2013 First Quarter $ 0.35 $ 0.30 $ 0.24 Second Quarter 0.35 0.30 0.24 Third Quarter 0.40 0.30 0.26 Fourth Quarter 0.40 0.30 0.26 $ 1.50 $ 1.20 $ 1.00
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends declared or paid	Year Ended December 31, 2015 2014 2013 First Quarter $ 0.484375 $ 0.484375 $ 0.484375 Second Quarter 0.484375 0.484375 0.484375 Third Quarter 0.484375 0.484375 0.484375 Fourth Quarter 0.484375 0.484375 0.484375 $ 1.937500 $ 1.937500 $ 1.937500

Equity Plan (Tables)

Equity Plan (Tables)	12 Months Ended
	Dec. 31, 2015
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%
Restricted Common Shares	Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2012 341,583 $ 19.59 Granted 537,400 $ 17.50 Vested (245,128 ) $ 18.20 Forfeited (4,000 ) $ 22.07 Restricted common shares as of December 31, 2013 629,855 $ 18.33 Granted 491,564 $ 13.83 Vested (193,117 ) $ 18.68 Forfeited (750 ) $ 23.58 Restricted common shares as of December 31, 2014 927,552 $ 15.87 Granted 292,270 $ 25.36 Vested (156,618 ) $ 22.76 Forfeited (5,934 ) $ 29.80 Restricted common shares as of December 31, 2015 1,057,270 $ 17.40

Fair Value Measurements and D31

Fair Value Measurements and Derivative Instrument (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Financial Liabilities Measures at Fair Value	Fair Value at December 31, 2015 Total Level 1 Level 2 Level 3 Liabilities: Interest rate swap (included within other liabilities) $ 292 $ — $ 292 $ — $ 292 $ — $ 292 $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense [Table Text Block]	Year Ended December 31, 2015 2014 2013 Current: Federal $ 3,366 $ 685 $ 1,330 State 580 141 314 3,946 826 1,644 Deferred: Federal (1,158 ) (243 ) 12 State (193 ) (48 ) (1 ) (1,351 ) (291 ) 11 Income tax expense $ 2,595 $ 535 $ 1,655
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2015 2014 2013 Statutory federal income tax expense $ 23,833 $ 20,906 $ 15,971 Effect of non-taxable REIT income (21,441 ) (20,764 ) (14,445 ) State income tax expense, net of federal taxes 252 60 209 Other (49 ) 333 (80 ) Income tax expense $ 2,595 $ 535 $ 1,655
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2015 2014 Deferred tax asset: Deferred income–key money $ 2,425 $ 278 Net operating loss carryforwards 331 — Employee-related compensation 285 108 Other 18 — 3,059 386 Deferred tax liability: Other 30 18 30 18 Net deferred tax asset $ 3,029 $ 368

Quarterly Operating Results (33

Quarterly Operating Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	Quarter Ended - 2015 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 109,290 $ 162,145 $ 165,009 $ 146,180 Total operating expenses 103,907 125,592 129,241 121,925 Operating income 5,383 36,553 35,768 24,255 Net income 1,552 24,045 27,180 14,731 Net income (loss) available to common shareholders, excluding amounts attributable to unvested time-based awards (1) (1,007 ) 21,480 24,597 12,175 Net income (loss) available per common share (2) : Basic (0.02 ) 0.37 0.42 0.21 Diluted (0.02 ) 0.36 0.42 0.21 Quarter Ended - 2014 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 94,774 $ 128,865 $ 130,840 $ 123,501 Total operating expenses 89,307 98,232 101,070 107,539 Operating income 5,467 30,633 29,770 15,962 Net income 2,178 21,249 28,688 8,839 Net income (loss) available to common shareholders, excluding amounts attributable to unvested time-based awards (1) (373 ) 18,664 26,054 6,303 Net income (loss) available per common share (2) : Basic (0.01 ) 0.38 0.52 0.12 Diluted (0.01 ) 0.38 0.52 0.12 (1) The sum of amounts for the four quarters may differ from the annual amount due to the required method of computing the two-class method in the respective periods. (2) The sum of per share amounts for the four quarters may differ from the annual per share amount due to the required method of computing weighted-average number of common shares outstanding in the respective periods.

Organization and Description 34

Organization and Description of Business (Details) - Chesapeake Lodging Trust [Member]	Dec. 31, 2015roomstatehotel
Organization and Description of Business (Textual) [Abstract]
Number of hotels owned | hotel	22
Number of hotel rooms | room	6,699
Number of states in which hotels located | state	9

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015segment
Accounting Policies [Abstract]
Number of reportable segments	1
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

Acquisitions (Details 1)

Acquisitions (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)room	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Hyatt Place New York Midtown South [Member]
Business Acquisition [Line Items]
Location	New York, NY
Number of hotel rooms | room	185
Net assets acquired	$ 76,362
Acquisition date	Mar. 14, 2013
W New Orleans - French Quarter [Member]
Business Acquisition [Line Items]
Location	New Orleans, LA
Number of hotel rooms | room	97
Net assets acquired	$ 25,595
Acquisition date	Mar. 28, 2013
Le Meridien New Orleans [Member]
Business Acquisition [Line Items]
Location	New Orleans, LA
Number of hotel rooms | room	410
Net assets acquired	$ 65,786
Acquisition date	Apr. 25, 2013
Hyatt Fisherman's Wharf [Member]
Business Acquisition [Line Items]
Location	San Francisco, CA
Number of hotel rooms | room	316
Net assets acquired	$ 102,485
Acquisition date	May 31, 2013
Hyatt Santa Barbara [Member]
Business Acquisition [Line Items]
Location	Santa Barbara, CA
Number of hotel rooms | room	205
Net assets acquired	$ 60,972
Acquisition date	Jun. 27, 2013
JW Marriott San Francisco Union Square [Member]
Business Acquisition [Line Items]
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]
Business Acquisition [Line Items]
Ground lease agreement expiration month year	January 2,083
Royal Palm South Beach Miami, a Tribute Portfolio Resort [Member]
Business Acquisition [Line Items]
Location	Miami Beach, FL
Number of hotel rooms | room	393
Net assets acquired	$ 153,662
Acquisition date	Mar. 9, 2015
Assumed mortgage loan	$ 125,000
Ace Hotel and Theater Downtown Los Angeles [Member]
Business Acquisition [Line Items]
Location	Los Angeles, CA
Number of hotel rooms | room	182
Net assets acquired	$ 101,687
Acquisition date	Apr. 30, 2015
2013 Acquisitions [Member]
Business Acquisition [Line Items]
Number of hotel rooms | room	1,213
Net assets acquired	$ 331,200		$ 331,200
Assumed mortgage loan			$ 0
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Number of hotel rooms | room	337
Net assets acquired	$ 154,143	$ 154,143
Assumed mortgage loan		$ 0
2015 Acquisitions [Member]
Business Acquisition [Line Items]
Number of hotel rooms | room	575
Net assets acquired	$ 255,349
Assumed mortgage loan	$ 125,000

Acquisitions (Details 2)

Acquisitions (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
2015 Acquisitions [Member]
Acquisitions
Land and land improvements	$ 64,462
Buildings and leasehold improvements	294,498
Furniture, fixtures and equipment	20,518
Cash	100
Restricted cash	0
Accounts Receivable, net	1,823
Prepaid expenses and other assets	3,162
Accounts payable and accrued expenses	(4,089)
Other liabilities	(125)
Mortgage loan	(125,000)
Net assets acquired	255,349
2014 Acquisitions [Member]
Acquisitions
Land and land improvements		$ 0
Buildings and leasehold improvements		139,150
Furniture, fixtures and equipment		8,000
Cash		1,851
Restricted cash		6,937
Accounts Receivable, net		1,513
Prepaid expenses and other assets		132
Accounts payable and accrued expenses		(3,440)
Other liabilities		0
Mortgage loan		0
Net assets acquired	154,143	$ 154,143
2013 Acquisitions [Member]
Acquisitions
Land and land improvements			$ 82,462
Buildings and leasehold improvements			228,349
Furniture, fixtures and equipment			20,140
Cash			142
Restricted cash			0
Accounts Receivable, net			2,084
Prepaid expenses and other assets			1,633
Accounts payable and accrued expenses			(3,610)
Other liabilities			0
Mortgage loan			0
Net assets acquired	$ 331,200		$ 331,200

Acquisitions (Details 3)

Acquisitions (Details 3) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Acquisition of Hotels [Abstract]
Total revenue	$ 602,911	$ 578,292
Total hotel operating expenses	404,946	396,966
Total operating expenses	495,423	478,385
Operating income	107,488	99,907
Net income available to common shareholders	$ 61,771	$ 64,082
Net income available per common share - basic	$ 1.05	$ 1.09
Net income available per common share - diluted	$ 1.04	$ 1.08

Aquisitions (Details Texual)

Aquisitions (Details Texual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)hotel
Business Combinations [Abstract]
Business combinations, revenue of acquirees since acquisition date, actual	$ 52
Business combinations, hotel operating expenses of acquirees since acquisition date, actual	$ 33.2
Number of hotels acquired | hotel	2

Disposition (Details)

Disposition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)room	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Hotel Disposition [Line Items]
Net proceeds from sale of hotel	$ 0	$ 31,822	$ 0
Gain on sale of hotel	$ 0	$ 7,006	$ 0
Courtyard Anaheim at Disneyland Resort [Member]
Hotel Disposition [Line Items]
Disposal date	Sep. 30, 2014
Number of hotel rooms | room	153
Hotel sale price including working capital	$ 32,500
Net proceeds from sale of hotel	31,800
Gain on sale of hotel	$ 7,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property and Equipment
Land and land improvements	$ 319,702	$ 255,037
Buildings and leasehold improvements	1,628,124	1,312,529
Furniture, fixtures and equipment	191,092	138,163
Construction-in-progress	3,276	20,205
Property and equipment, gross	2,142,194	1,725,934
Less: accumulated depreciation and amortization	(215,250)	(145,507)
Property and equipment, net	$ 1,926,944	$ 1,580,427

Intangible Assets and Liabili42

Intangible Assets and Liability, Table 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 39,673	$ 39,673
Less: accumulated amortization	(3,259)	(2,681)
Intangible assets, net	36,414	36,992
Unfavorable contract liability	14,236	14,236
Less: accumulated amortization	(1,668)	(1,276)
Intangible liability, net (included within other liabilities)	12,568	12,960
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

Intangible Assets and Liabili43

Intangible Assets and Liability (Details Textual) $ in Thousands	Oct. 03, 2011USD ($)	Mar. 18, 2010USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Jul. 29, 2014
Intangible Assets and Liabilities
Intangible assets gross			$ 39,673	$ 39,673
Unfavorable contract liability			14,236	14,236
Ground Lease Agreement [Member]
Intangible Assets and Liabilities
Intangible assets gross			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]
Intangible Assets and Liabilities
Intangible assets gross	$ 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]
Intangible Assets and Liabilities
Ground lease agreement expiration month year	July 2,068
Denver Marriott City Center - Lease 2 [Member] | Ground Lease Agreement [Member]
Intangible Assets and Liabilities
Ground lease agreement expiration month year	February 2,072
Denver Marriott City Center - Lease 3 [Member] | Ground Lease Agreement [Member]
Intangible Assets and Liabilities
Ground lease agreement expiration month year	April 2,072

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($) $ in Thousands	Mar. 09, 2015	Mar. 04, 2015	Jul. 03, 2014	Jul. 27, 2012	Dec. 31, 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					March 2,019
Revolving credit facility					$ 110,000	$ 0
Long-term debt, carrying amount					776,065	551,336
Unamortized premium					176	387
Long-term debt					$ 776,241	551,723
Debt instrument maturity extension period		1 year
Interest rate in effect for borrowings under revolving credit facility					1.98%
Royal Palm South Beach Miami, a Tribute Portfolio Resort Term Loan [Member]
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, 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, carrying amount					$ 88,601	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, carrying amount					$ 34,491	35,245
Unamortized premium							1,100
Debt instrument estimated fair value at assumption							$ 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, carrying amount					$ 56,221	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, carrying amount					$ 86,979	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, carrying amount					$ 66,285	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, carrying amount					$ 30,480	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, carrying amount					$ 88,008	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, carrying amount					$ 90,000	$ 90,000
Mortgage loans on real estate interest only period			2 years
Interest Rate Swap [Member]
Debt Instrument [Line Items]
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 2 Textu

Long-Term Debt (Details 2 Textual) $ in Millions	Mar. 04, 2015USD ($)	Oct. 25, 2012USD ($)	Oct. 25, 2012USD ($)	Oct. 14, 2011USD ($)	Jul. 30, 2010USD ($)	Dec. 31, 2015USD ($)hotel	Jan. 21, 2011USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 300	$ 250	$ 250	$ 200	$ 115		$ 150
Line of credit facility maturity term, in years					2 years
Line of credit facility, expiration date month year						March 2,019
Line of credit facility maturity date		Apr. 25, 2016		Oct. 14, 2014
Line of credit facility potential maximum borrowing capacity	$ 450
Debt instrument maturity extension period	1 year
Line of credit facility borrowing base hotels supporting revolving credit facility | hotel						11
Current borrowing capacity under revolving credit facility						$ 300
Line of credit facility, remaining borrowing capacity						$ 190
Weighted-average interest rate on long-term debt						3.87%
Minimum [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	1.55%		1.75%	2.75%
Debt instrument variable rate floor					2.00%
Maximum [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	2.30%		2.75%	3.75%	3.75%

Long-Term Debt (Details 3)

Long-Term Debt (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Future Principal Payments of Debt Obligations
2,016	$ 131,909
2,017	135,074
2,018	10,493
2,019	120,930
2,020	132,393
Thereafter	245,266
Long-term debt, carrying amount	$ 776,065	$ 551,336

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income available to common shareholders									$ 57,820	$ 51,266	$ 35,630
Less: Dividends declared on unvested time-based awards									(560)	(499)	(361)
Less: Undistributed earnings allocated to unvested time-based awards									0	0	0
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 12,175	$ 24,597	$ 21,480	$ (1,007)	$ 6,303	$ 26,054	$ 18,664	$ (373)	$ 57,260	$ 50,767	$ 35,269
Denominator:
Weighted average number of shares outstanding-basic									57,474,256	50,488,007	47,295,089
Effect of dilutive unvested performance-based awards									452,143	402,854	0
Weighted-average number of shares outstanding-diluted									57,926,399	50,890,861	47,295,089
Net income available per common share - basic	$ 0.21	$ 0.42	$ 0.37	$ (0.02)	$ 0.12	$ 0.52	$ 0.38	$ (0.01)	$ 1	$ 1.01	$ 0.75
Net income available per common share - diluted	$ 0.21	$ 0.42	$ 0.36	$ (0.02)	$ 0.12	$ 0.52	$ 0.38	$ (0.01)	$ 0.99	$ 1	$ 0.75
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount									193,426	0	301,555

Shareholders' Equity (Details)

Shareholders' Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Share Dividend Declared
Dividend per common share	$ 1.50	$ 1.20	$ 1
Preferred Share Dividend Declared
Dividend per preferred share	1.9375	1.9375	1.9375
First Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.35	0.30	0.24
Preferred Share Dividend Declared
Dividend per preferred share	0.484375	0.484375	0.484375
Second Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.35	0.30	0.24
Preferred Share Dividend Declared
Dividend per preferred share	0.484375	0.484375	0.484375
Third Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.30	0.26
Preferred Share Dividend Declared
Dividend per preferred share	0.484375	0.484375	0.484375
Fourth Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.30	0.26
Preferred Share Dividend Declared
Dividend per preferred share	$ 0.484375	$ 0.484375	$ 0.484375

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) $ / shares in Units, $ in Millions	Sep. 29, 2015USD ($)	Mar. 27, 2015USD ($)$ / sharesshares	Sep. 09, 2014USD ($)$ / sharesshares	Feb. 06, 2013USD ($)$ / sharesshares	Jul. 17, 2012	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares	Dec. 31, 2013USD ($)$ / 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
Common shares sold during period		4,600,000	4,830,000	8,337,500
Common shares, outstanding (in shares)						59,659,522	54,818,064
Price per share of common shares sold during period | $ / shares		$ 33.47	$ 29.88	$ 20.75
Common shares sold pursuant to underwriters option		600,000	630,000	1,087,500
Proceeds From Issuance Of Common Shares Net Of Underwriting Fees And Offering Costs | $		$ 153.7	$ 143.9	$ 165.9
Issuance of unrestricted common shares (in shares)						2,926	2,662	3,475
Issuance of restricted common shares (in shares)						292,270	491,564	537,400
Repurchase of common shares (in shares)						47,804	79,417	76,358
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, issued						5,000,000	5,000,000
Preferred shares, outstanding (in shares)						5,000,000	5,000,000
Preferred shares, liquidation preference per share | $ / shares						$ 25
Preferred shares, annual dividend per share | $ / shares						$ 1.9375
Preferred shares, share cap per share						2.9189
Sept 2013 ATM Program [Member]
Shareholders' Equity (Textual) [Abstract]
Common shares sold during period								1,012,058
Price per share of common shares sold during period | $ / shares								$ 23.73
Proceeds From Issuance Of Common Shares Net Of Underwriting Fees And Offering Costs | $								$ 23.5
ATM maximum aggregate amount of common shares | $									$ 100
Amount available for issuance under the ATM program | $						$ 76
Series A Cumulative Redeemable Preferred Shares [Member]
Shareholders' Equity (Textual) [Abstract]
Preferred shares, dividend rate, percentage					7.75%
Stock Repurchase Program [Member]
Shareholders' Equity (Textual) [Abstract]
Stock repurchase program, authorized amount | $	$ 100
Stock repurchase program, expiration month year	September 2,018
Stock repurchase program, remaining authorized repurchase amount | $						$ 100

Equity Plan (Details Textual 1)

Equity Plan (Details Textual 1) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May. 31, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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)		1,268,961
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		292,270	491,564	537,400
Share-based compensation arrangement by share-based payment award, time-based		117,918	158,941	192,500
Share-based compensation arrangement by share-based payment award, performance-based		174,352	332,623	344,900
Unrecognized share-based compensation expense		$ 9.6
Unrecognized share-based compensation expense, weighted-average period (in years)		1 year 6 months

Equity Plan (Details Textual 2)

Equity Plan (Details Textual 2) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Grant date fair value per share	$ 25.36	$ 13.83	$ 17.50
2013 Performance-Based Awards [Member]
Grant date fair value per share			$ 14.84
Expected volatility rate			31.15%
Risk free interest rate			0.55%
Performance period			4 years
No payout as a percentage of 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 TSR greater than or equal to			133.00%
2014 Performance-Based Awards [Member]
Grant date fair value per share		$ 8.98
Expected volatility rate		29.34%
Risk free interest rate		0.72%
Performance period		3 years
No payout as a percentage of 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 TSR greater than or equal to		133.00%
2015 Performance-based Awards [Member]
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 of 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 TSR greater than or equal to	133.00%

Equity Plan, Table 1 (Details)

Equity Plan, Table 1 (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Common Shares
Number of restricted shares, beginning balance (in shares)	927,552	629,855	341,583
Weighted-average grant-date fair value, beginning (in dollars per share)	$ 15.87	$ 18.33	$ 19.59
Number of restricted shares, granted (in shares)	292,270	491,564	537,400
Weighted-average grant-date fair value, granted (in dollars per share)	$ 25.36	$ 13.83	$ 17.50
Number of restricted shares, vested (in shares)	(156,618)	(193,117)	(245,128)
Weighted-average grant-date fair value, vested (in dollars per share)	$ 22.76	$ 18.68	$ 18.20
Number of restricted shares, forfeited (in shares)	(5,934)	(750)	(4,000)
Weighted-average grant-date fair value, forfeited (in dollars per share)	$ 29.80	$ 23.58	$ 22.07
Number of restricted shares, ending balance (in shares)	1,057,270	927,552	629,855
Weighted-average grant-date fair value, ending (in dollars per share)	$ 17.40	$ 15.87	$ 18.33

Fair Value Measurements and D53

Fair Value Measurements and Derivative Instrument (Details) $ in Thousands	Dec. 31, 2015USD ($)
Liability
Derivative Liability	$ 292
Interest Rate Swap [Member]
Liability
Derivative Liability	292
Fair Value, Inputs, Level 1 [Member]
Liability
Derivative Liability	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Liability
Derivative Liability	0
Fair Value, Inputs, Level 2 [Member]
Liability
Derivative Liability	292
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Liability
Derivative Liability	292
Fair Value, Inputs, Level 3 [Member]
Liability
Derivative Liability	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Liability
Derivative Liability	$ 0

Income Taxes, Table 1 (Details)

Income Taxes, Table 1 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 3,366	$ 685	$ 1,330
State	580	141	314
Current income tax expense	3,946	826	1,644
Deferred:
Federal	(1,158)	(243)	12
State	(193)	(48)	(1)
Deferred income tax expense	(1,351)	(291)	11
Income tax expense	$ 2,595	$ 535	$ 1,655

Income Taxes, Table 2 (Details)

Income Taxes, Table 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes, Table 2 [Abstract]
Statutory federal income tax expense	$ 23,833	$ 20,906	$ 15,971
Effect of non-taxable REIT income	(21,441)	(20,764)	(14,445)
State income tax expense, net of federal taxes	252	60	209
Other	(49)	333	(80)
Income tax expense	$ 2,595	$ 535	$ 1,655

Income Taxes, Table 3 (Details)

Income Taxes, Table 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset:
Deferred income - key money	$ 2,425	$ 278
Net operating loss carryforwards	331	0
Employee-related compensation	285	108
Other	18	0
Deferred tax assets, net of valuation allowance	3,059	386
Deferred tax liability:
Other	30	18
Deferred tax liabilities, net	30	18
Net deferred tax asset	$ 3,029	$ 368

Income Taxes, Textual (Details)

Income Taxes, Textual (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 331	$ 0
Deferred tax asset	$ 3,000

Quarterly Operating Results (58

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 146,180	$ 165,009	$ 162,145	$ 109,290	$ 123,501	$ 130,840	$ 128,865	$ 94,774	$ 582,624	$ 477,980	$ 420,177
Total operating expenses	121,925	129,241	125,592	103,907	107,539	101,070	98,232	89,307	480,665	396,148	347,299
Operating income	24,255	35,768	36,553	5,383	15,962	29,770	30,633	5,467	101,959	81,832	72,878
Net income	14,731	27,180	24,045	1,552	8,839	28,688	21,249	2,178	67,508	60,954	45,318
Net income (loss) available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 12,175	$ 24,597	$ 21,480	$ (1,007)	$ 6,303	$ 26,054	$ 18,664	$ (373)	$ 57,260	$ 50,767	$ 35,269
Net income (loss) available per common share - basic	$ 0.21	$ 0.42	$ 0.37	$ (0.02)	$ 0.12	$ 0.52	$ 0.38	$ (0.01)	$ 1	$ 1.01	$ 0.75
Net income (loss) available per common share - diluted	$ 0.21	$ 0.42	$ 0.36	$ (0.02)	$ 0.12	$ 0.52	$ 0.38	$ (0.01)	$ 0.99	$ 1	$ 0.75

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)hotel
Commitments and Contingencies (Textual) [Abstract]
Number of hotels operating pursuant to franchise agreements with hotel brand companies | hotel	12
Number of hotels operating pursuant to management agreements allowing them to operate under brand | hotel	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%

Schedule III-Real Estate and 60

Schedule III-Real Estate and Accumulated Depreciation, Table 1 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 666,065
Initial cost of land	318,598
Initial cost of buildings and improvements	1,528,679
Costs capitalized subsequent to acquisition	100,225
Carrying amount of land	319,702
Carrying amount of buildings and improvements	1,627,800
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	1,947,502	$ 1,567,242	$ 1,398,806	$ 1,077,185
Accumulated depreciation	134,711	$ 91,741	$ 61,457	$ 34,066
Hyatt Regency Boston Boston, Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	88,601
Initial cost of land	0
Initial cost of buildings and improvements	71,462
Costs capitalized subsequent to acquisition	10,890
Carrying amount of land	75
Carrying amount of buildings and improvements	82,277
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	82,352
Accumulated depreciation	$ 12,094
Year of acquisition	2,010
Depreciation life	40 years
Hilton Checkers Los Angeles Los Angeles, California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30,480
Initial cost of land	9,010
Initial cost of buildings and improvements	32,710
Costs capitalized subsequent to acquisition	2,164
Carrying amount of land	9,030
Carrying amount of buildings and improvements	34,854
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	43,884
Accumulated depreciation	$ 4,942
Year of acquisition	2,010
Depreciation life	40 years
Boston Marriott Newton Newton, Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 56,221
Initial cost of land	11,800
Initial cost of buildings and improvements	56,450
Costs capitalized subsequent to acquisition	2,112
Carrying amount of land	11,998
Carrying amount of buildings and improvements	58,364
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	70,362
Accumulated depreciation	$ 7,816
Year of acquisition	2,010
Depreciation life	40 years
Le Meridien San Francisco San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 86,979
Initial cost of land	28,737
Initial cost of buildings and improvements	100,734
Costs capitalized subsequent to acquisition	5,003
Carrying amount of land	28,768
Carrying amount of buildings and improvements	105,706
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	134,474
Accumulated depreciation	$ 13,528
Year of acquisition	2,010
Depreciation life	40 years
Homewood Suites Seattle Convention Center Seattle, Washington
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 6,266
Initial cost of buildings and improvements	44,004
Costs capitalized subsequent to acquisition	783
Carrying amount of land	6,267
Carrying amount of buildings and improvements	44,786
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	51,053
Accumulated depreciation	$ 5,276
Year of acquisition	2,011
Depreciation life	40 years
W Chicago – City Center Chicago, Illinois
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 88,008
Initial cost of land	29,800
Initial cost of buildings and improvements	93,464
Costs capitalized subsequent to acquisition	6,714
Carrying amount of land	29,800
Carrying amount of buildings and improvements	100,178
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	129,978
Accumulated depreciation	$ 12,156
Year of acquisition	2,011
Depreciation life	40 years
Hotel Indigo San Diego Gaslamp Quarter San Diego, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 8,300
Initial cost of buildings and improvements	43,000
Costs capitalized subsequent to acquisition	707
Carrying amount of land	8,308
Carrying amount of buildings and improvements	43,699
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	52,007
Accumulated depreciation	$ 4,967
Year of acquisition	2,011
Depreciation life	40 years
Courtyard Washington Capitol Hill/Navy Yard Washington, DC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 34,491
Initial cost of land	9,661
Initial cost of buildings and improvements	57,930
Costs capitalized subsequent to acquisition	1,483
Carrying amount of land	9,661
Carrying amount of buildings and improvements	59,413
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	69,074
Accumulated depreciation	$ 6,740
Year of acquisition	2,011
Depreciation life	40 years
Hotel Adagio San Francisco, Autograph Collection San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 7,900
Initial cost of buildings and improvements	33,973
Costs capitalized subsequent to acquisition	5,812
Carrying amount of land	7,914
Carrying amount of buildings and improvements	39,771
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	47,685
Accumulated depreciation	$ 5,053
Year of acquisition	2,011
Depreciation life	40 years
Denver Marriott City Center Denver, Colorado
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 66,285
Initial cost of land	3,500
Initial cost of buildings and improvements	118,209
Costs capitalized subsequent to acquisition	5,295
Carrying amount of land	4,076
Carrying amount of buildings and improvements	122,928
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	127,004
Accumulated depreciation	$ 13,090
Year of acquisition	2,011
Depreciation life	40 years
Hyatt Herald Square New York New York, New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 90,000
Initial cost of land	14,350
Initial cost of buildings and improvements	36,325
Costs capitalized subsequent to acquisition	6,007
Carrying amount of land	14,365
Carrying amount of buildings and improvements	42,317
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	56,682
Accumulated depreciation	$ 4,145
Year of acquisition	2,011
Depreciation life	40 years
W Chicago – Lakeshore Chicago, Illinois
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 40,000
Initial cost of buildings and improvements	80,800
Costs capitalized subsequent to acquisition	26,729
Carrying amount of land	40,134
Carrying amount of buildings and improvements	107,395
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	147,529
Accumulated depreciation	$ 9,776
Year of acquisition	2,012
Depreciation life	40 years
Hyatt Regency Mission Bay Spa and Marina San Diego, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 0
Initial cost of buildings and improvements	57,633
Costs capitalized subsequent to acquisition	1,773
Carrying amount of land	0
Carrying amount of buildings and improvements	59,406
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	59,406
Accumulated depreciation	$ 4,950
Year of acquisition	2,012
Depreciation life	40 years
The Hotel Minneapolis, Autograph Collection Minneapolis, Minnesota
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 2,350
Initial cost of buildings and improvements	39,988
Costs capitalized subsequent to acquisition	363
Carrying amount of land	2,350
Carrying amount of buildings and improvements	40,351
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	42,701
Accumulated depreciation	$ 3,204
Year of acquisition	2,012
Depreciation life	40 years
Hyatt Place New York Midtown South New York, New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 90,000
Initial cost of land	18,470
Initial cost of buildings and improvements	55,002
Costs capitalized subsequent to acquisition	243
Carrying amount of land	18,477
Carrying amount of buildings and improvements	55,238
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	73,715
Accumulated depreciation	$ 3,917
Year of acquisition	2,013
Depreciation life	40 years
W New Orleans – French Quarter New Orleans, Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 4,092
Initial cost of buildings and improvements	19,468
Costs capitalized subsequent to acquisition	71
Carrying amount of land	4,097
Carrying amount of buildings and improvements	19,534
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	23,631
Accumulated depreciation	$ 1,347
Year of acquisition	2,013
Depreciation life	40 years
Le Meridien New Orleans New Orleans, Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 4,700
Initial cost of buildings and improvements	54,875
Costs capitalized subsequent to acquisition	16,262
Carrying amount of land	4,700
Carrying amount of buildings and improvements	71,137
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	75,837
Accumulated depreciation	$ 4,813
Year of acquisition	2,013
Depreciation life	40 years
Hyatt Fisherman's Wharf San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 24,200
Initial cost of buildings and improvements	74,400
Costs capitalized subsequent to acquisition	4,795
Carrying amount of land	24,200
Carrying amount of buildings and improvements	79,195
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	103,395
Accumulated depreciation	$ 5,043
Year of acquisition	2,013
Depreciation life	40 years
Hyatt Santa Barbara Santa Barbara, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 31,000
Initial cost of buildings and improvements	24,604
Costs capitalized subsequent to acquisition	2,773
Carrying amount of land	31,010
Carrying amount of buildings and improvements	27,367
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	58,377
Accumulated depreciation	$ 1,661
Year of acquisition	2,013
Depreciation life	40 years
JW Marriott San Francisco Union Square San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 0
Initial cost of buildings and improvements	139,150
Costs capitalized subsequent to acquisition	81
Carrying amount of land	0
Carrying amount of buildings and improvements	139,231
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	139,231
Accumulated depreciation	$ 4,353
Year of acquisition	2,014
Depreciation life	40 years
Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, Florida [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 125,000
Initial cost of land	40,100
Initial cost of buildings and improvements	222,230
Costs capitalized subsequent to acquisition	155
Carrying amount of land	40,110
Carrying amount of buildings and improvements	222,375
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	262,485
Accumulated depreciation	$ 4,635
Year of acquisition	2,015
Depreciation life	40 years
Ace Hotel and Theater Downtown Los Angeles Los Angeles, California [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 24,362
Initial cost of buildings and improvements	72,268
Costs capitalized subsequent to acquisition	10
Carrying amount of land	24,362
Carrying amount of buildings and improvements	72,278
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	96,640
Accumulated depreciation	$ 1,205
Year of acquisition	2,015
Depreciation life	40 years
Hyatt Herald Square New York and Hyatt Place New York Midtown South Term Loan [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 90,000

Schedule III-Real Estate and 61

Schedule III-Real Estate and Accumulated Depreciation, Table 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule III-Real Estate and Accumulated Depreciation, Table 2 [Abstract]
Real estate, gross, beginning	$ 1,567,242	$ 1,398,806	$ 1,077,185
Acquisitions	358,960	139,150	310,811
Capital expenditures and transfers from construction-in-progress	21,300	53,710	10,810
Disposition		(24,424)
Real estate, gross, ending	$ 1,947,502	$ 1,567,242	$ 1,398,806

Schedule III-Real Estate and 62

Schedule III-Real Estate and Accumulated Depreciation, Table 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Real estate accumulated depreciation, beginning	$ 91,741	$ 61,457	$ 34,066
Depreciation expense	42,970	32,012	27,391
Disposition		(1,728)
Real estate accumulated depreciation, ending	$ 134,711	$ 91,741	$ 61,457