Chesapeake Lodging Trust (CHSP) 10-Q 29 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 22, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Chesapeake Lodging Trust
Entity Central Index Key	1,473,078
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		60,101,531

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Property and equipment, net	$ 1,897,638	$ 1,926,944
Intangible assets, net	36,124	36,414
Cash and cash equivalents	55,512	50,544
Restricted cash	44,231	40,361
Accounts receivable, net of allowance for doubtful accounts of $138 and $172, respectively	25,307	15,603
Prepaid expenses and other assets	21,024	17,900
Total assets	2,079,836	2,087,766
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	766,667	769,748
Accounts payable and accrued expenses	67,896	62,683
Other liabilities	45,566	45,778
Total liabilities	880,129	878,209
Commitments and contingencies (Note 12)
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; 60,101,531 shares and 59,659,522 shares issued and outstanding, respectively	601	597
Additional paid-in capital	1,302,443	1,297,877
Cumulative dividends in excess of net income	(102,981)	(88,675)
Accumulated other comprehensive loss	(406)	(292)
Total shareholders’ equity	1,199,707	1,209,557
Total liabilities and shareholders’ equity	$ 2,079,836	$ 2,087,766

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Allowance for doubtful accounts	$ 138	$ 172
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)	60,101,531	59,659,522
Common shares, outstanding (in shares)	60,101,531	59,659,522

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues [Abstract]
Rooms	$ 126,967	$ 122,966	$ 230,739	$ 204,560
Food and beverage	35,664	33,014	66,219	56,412
Other	6,800	6,165	13,084	10,463
Total revenue	169,431	162,145	310,042	271,435
Hotel operating expenses:
Rooms	27,876	26,144	53,377	47,244
Food and beverage	24,111	23,495	46,877	41,961
Other direct	1,589	1,906	3,147	3,239
Indirect	53,103	51,024	103,683	94,029
Total hotel operating expenses	106,679	102,569	207,084	186,473
Depreciation and amortization	18,610	17,929	37,094	32,856
Air rights contract amortization	130	130	260	260
Corporate general and administrative	4,734	4,498	10,000	9,075
Hotel acquisition costs	0	466	0	835
Total operating expenses	130,153	125,592	254,438	229,499
Operating income	39,278	36,553	55,604	41,936
Interest expense	(7,560)	(8,168)	(15,770)	(15,347)
Gain on sale of hotel	598	0	598	0
Income before income taxes	32,316	28,385	40,432	26,589
Income tax expense	(3,774)	(4,340)	(1,820)	(992)
Net income	28,542	24,045	38,612	25,597
Preferred share dividends	(2,422)	(2,422)	(4,844)	(4,844)
Net income available to common shareholders	$ 26,120	$ 21,623	$ 33,768	$ 20,753
Net income available per common share - basic	$ 0.44	$ 0.37	$ 0.57	$ 0.36
Net income available per common share - diluted	$ 0.44	$ 0.36	$ 0.57	$ 0.36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 28,542	$ 24,045	$ 38,612	$ 25,597
Other comprehensive income (loss):
Unrealized losses on cash flow hedge instruments	(116)	(189)	(434)	(936)
Reclassification of unrealized losses on cash flow hedge instruments to interest expense	157	240	320	301
Comprehensive income	$ 28,583	$ 24,096	$ 38,498	$ 24,962

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - 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, 2015	5,000,000	5,000,000
Balance, beginning at Dec. 31, 2015	$ 1,209,557	$ 50	$ 597	$ 1,297,877	$ (88,675)	$ (292)
Beginning balance, common shares, shares outstanding at Dec. 31, 2015	59,659,522		59,659,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common shares (in shares)	(7,854)		(7,854)
Repurchase of common shares, value	$ (194)			(194)
Issuance of restricted common shares (in shares)	448,146		448,146
Issuance of restricted common shares, value	$ 0		$ 4	(4)
Issuance of unrestricted common shares (in shares)	1,717		1,717
Issuance of unrestricted common shares, value	$ 42			42
Amortization of deferred compensation	4,722			4,722
Declaration of dividends on common shares	(48,074)				(48,074)
Declaration of dividends on preferred shares	(4,844)				(4,844)
Net income	38,612				38,612
Other comprehensive loss	$ (114)					(114)
Ending balance, preferred shares, shares outstanding at Jun. 30, 2016	5,000,000	5,000,000
Balance, ending at Jun. 30, 2016	$ 1,199,707	$ 50	$ 601	$ 1,302,443	$ (102,981)	$ (406)
Ending balance, common shares, shares outstanding at Jun. 30, 2016	60,101,531		60,101,531

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 38,612	$ 25,597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,094	32,856
Air rights contract amortization	260	260
Deferred financing costs amortization	936	939
Gain on sale of hotel	(598)	0
Share-based compensation	4,764	3,743
Other	(442)	(392)
Changes in assets and liabilities:
Accounts receivable, net	(9,704)	(13,309)
Prepaid expenses and other assets	(3,126)	(6,584)
Accounts payable and accrued expenses	4,407	6,403
Other liabilities	(22)	5,981
Net cash provided by operating activities	72,181	55,494
Cash flows from investing activities:
Acquisition of hotels, net of cash acquired	0	(255,249)
Disposition of hotel, net of cash sold	2,028	0
Improvements and additions to hotels	(9,217)	(24,361)
Change in restricted cash	(3,870)	4,841
Net cash used in investing activities	(11,059)	(274,769)
Cash flows from financing activities:
Proceeds from sale of common shares, net of underwriting fees	0	153,962
Payment of offering costs related to sale of common shares	0	(254)
Borrowings under revolving credit facility	130,000	310,000
Repayments under revolving credit facility	(190,000)	(175,000)
Proceeds from issuance of mortgage debt	150,000	0
Principal prepayment on mortgage debt	(88,190)	0
Scheduled principal payments on mortgage debt	(4,877)	(5,103)
Payment of deferred financing costs	(844)	(2,302)
Payment of dividends to common shareholders	(47,205)	(36,906)
Payment of dividends to preferred shareholders	(4,844)	(4,844)
Repurchase of common shares	(194)	(1,690)
Net cash provided by (used in) financing activities	(56,154)	237,863
Net increase in cash	4,968	18,588
Cash and cash equivalents, beginning of period	50,544	29,326
Cash and cash equivalents, end of period	55,512	47,914
Supplemental disclosure of cash flow information:
Cash paid for interest	15,251	14,065
Cash paid for income taxes	1,605	2,140
Assumption of mortgage debt related to hotel acquisition	$ 0	$ 125,000

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Chesapeake Lodging Trust (the “Trust”) is a self-advised real estate investment trust (“REIT”) that was organized in the state of Maryland in June 2009. The Trust is focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States of America (“U.S.”). The Trust completed its initial public offering (“IPO”) in January 2010. The Trust owned no hotels nor had any operations prior to its IPO. As of June 30, 2016 , the Trust owned 22 hotels with an aggregate of 6,694 rooms in nine states and the District of Columbia. Substantially all of the Trust’s assets are held by, and all of its operations are conducted through, Chesapeake Lodging, L.P., a Delaware limited partnership, which is wholly owned by the Trust (the “Operating Partnership”). For the Trust to qualify as a REIT, it cannot operate hotels. Therefore, the Operating Partnership leases its hotels to taxable REIT subsidiaries (each, a “TRS”), which are wholly owned subsidiaries of the Operating Partnership and are treated as TRSs for federal income tax purposes. The TRSs then engage hotel management companies to operate the hotels pursuant to management agreements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation —The interim consolidated financial statements presented herein include all of the accounts of Chesapeake Lodging Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation as a result of adopting a new accounting pronouncement relating to debt issuance costs. See "Recent Accounting Pronouncements" for additional information. The information in these interim consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal, recurring nature unless disclosed otherwise. These interim consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Trust's Form 10-K for the year ended December 31, 2015 . Cash and Cash Equivalents —The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted Cash —Restricted cash includes reserves held in escrow for normal replacements of furniture, fixtures and equipment (“FF&E”), property improvement plans (each, a "PIP"), real estate taxes, and insurance pursuant to certain requirements in the Trust’s hotel management, franchise, and loan agreements. Investments in Hotels —The Trust allocates the purchase prices of hotels acquired based on the fair value of the property, FF&E, and identifiable intangible assets acquired and the fair value of the liabilities assumed. In making estimates of fair value for purposes of allocating the purchase price, the Trust utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel, including valuations performed by independent third parties and cost segregation studies. The Trust also considers information obtained about each hotel as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. Hotel acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed in the period incurred. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings and building improvements and three to ten years for FF&E. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Replacements and improvements at the hotels are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Trust’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Intangible assets and liabilities are recorded on non-market contracts, including air rights, lease, management, and franchise agreements, assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Trust’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. No value is allocated to market contracts. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. The Trust reviews its hotels for impairment whenever events or changes in circumstances indicate that the carrying values of the hotels may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the hotels due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. No impairment losses have been recognized related to any hotels for the three and six months ended June 30, 2016 and 2015 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust's operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of June 30, 2016 , 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, deposits on hotel acquisitions and loan applications, 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. Unamortized deferred financing costs are included as a direct deduction from long-term debt in the consolidated balance sheets. Derivative Instruments —From time to time, the Trust is a party to interest rate swaps, which are considered derivative instruments, in order to manage its interest rate exposure. The Trust’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows. The Trust records derivative instruments at fair value as either assets or liabilities and designates them as cash flow hedging instruments at inception. The Trust evaluates the hedge effectiveness of the designated cash flow hedging instruments on a quarterly basis and records the effective portion of the change in the fair value of the cash flow hedging instruments as other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedging instruments are reclassified to interest expense as interest payments are made on the variable-rate debt being hedged. The Trust does not enter into derivative instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties. Fair Value Measurements —The Trust accounts for certain assets and liabilities at fair value. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and the reporting entity’s own assumptions about market data (unobservable inputs). The three levels of the fair value hierarchy are as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 – Unobservable inputs reflect the reporting entity’s own assumptions about the pricing of an asset or liability when observable inputs are not available or when there is minimal, if any, market activity for an identical or similar asset or liability at the measurement date. Income Taxes —The Trust has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, the Trust generally will not be subject to federal income tax on that portion of its net income that does not relate to any of the Trust's TRSs, and that is currently distributed to its shareholders. Our TRSs, which lease the Trust’s hotels from the subsidiaries of the Operating Partnership owning them, are subject to federal and state income taxes. The Trust accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-Based Compensation —From time to time, the Trust grants restricted share awards to employees and trustees. To date, the Trust has granted two types of restricted share awards: (1) awards that vest solely on continued employment or service (time-based awards) and (2) awards that vest based on the Trust achieving specified levels of relative total shareholder return and continued employment (performance-based awards). The Trust measures share-based compensation expense for the restricted share awards based on the fair value of the awards on the date of grant. The fair value of time-based awards is determined based on the closing price of the Trust’s common shares on the measurement date, which is generally the date of grant. The fair value of performance-based awards is determined using a Monte Carlo simulation performed by an independent third party. For time-based awards, share-based compensation expense is recognized on a straight-line basis over the life of the entire award. For performance-based awards, share-based compensation expense is recognized over the requisite service period for each award. No share-based compensation expense is recognized for awards for which employees or trustees do not render the requisite service. Earnings Per Share —Basic earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period. Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership. Use of Estimates —The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements— In April 2015, the Financial Accounting Standards Board ("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 are 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 and is to be applied on a retrospective basis. The Trust adopted the new accounting guidance on January 1, 2016. As a result, $6.5 million of unamortized deferred financing costs, which was previously presented as an asset as of December 31, 2015, is now presented within long-term debt. This reclassification had no effect on previously reported results of operations or retained earnings. The Trust does not believe that the adoption of this guidance has a material impact on the consolidated financial statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2016
Acquisitions [Abstract]
Acquisition of hotels	3. Acquisitions The Trust has acquired the following hotels since January 1, 2015 (in thousands, except rooms data): Hotel Location Rooms Net Assets Acquired Acquisition Date Royal Palm South Beach Miami, a Tribute Portfolio Resort (1) 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 $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): 2015 Acquisitions Land and land improvements $ 64,462 Buildings 294,498 Furniture, fixtures and equipment 20,518 Cash 100 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

Disposition

Disposition	6 Months Ended
	Jun. 30, 2016
Hotel Disposition [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	4. Disposition On April 14, 2016 , the Trust sold the separate, five -room villa building and related land parcel at the Hyatt Centric Santa Barbara for $2.1 million , including sold working capital. Net proceeds from the sale were $2.0 million , which resulted in the recognition of a gain on sale of $0.6 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	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Land and land improvements $ 319,020 $ 319,702 Buildings and leasehold improvements 1,630,010 1,628,124 Furniture, fixtures and equipment 193,847 191,092 Construction-in-progress 7,010 3,276 2,149,887 2,142,194 Less: accumulated depreciation and amortization (252,249 ) (215,250 ) Property and equipment, net $ 1,897,638 $ 1,926,944

Intangible Assets and Liability

Intangible Assets and Liability	6 Months Ended
	Jun. 30, 2016
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	6. Intangible Assets and Liability Intangible assets and liability as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 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 (3,549 ) (3,259 ) Intangible assets, net $ 36,124 $ 36,414 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (1,865 ) (1,668 ) Intangible liability, net (included within other liabilities) $ 12,371 $ 12,568 (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 at the time. 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. The Trust is amortizing the remaining favorable ground lease asset over the life of the respective lease and including within indirect hotel operating expenses in the interim consolidated statements of operations. Also in conjunction with the acquisition of the Denver Marriott City Center, the Trust assumed a management contract with a non-cancelable term ending December 2047 . The Trust concluded that the management agreement terms were above market terms and recorded a $14.2 million unfavorable contract liability, which the Trust is amortizing over the remaining non-cancelable term and including within indirect hotel operating expenses in the interim consolidated statements of operations.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	7. Long-Term Debt Long-term debt as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period June 30, December 31, Maturity 2016 2015 Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 50,000 $ 110,000 Term loan: Royal Palm South Beach Miami, a Tribute Portfolio Resort (2) March 2015 $125,000 March 2017 Floating n/a 125,000 125,000 Other mortgage loans: Hyatt Regency Boston (3) June 2011 $95,000 July 2016 5.01% 30 — 88,601 Courtyard Washington Capitol Hill/Navy Yard (4) June 2011 $37,497 November 2016 5.90% 30 34,099 34,491 Boston Marriott Newton May 2013 $60,000 June 2020 3.63% 25 55,425 56,221 Le Meridien San Francisco July 2013 $92,500 August 2020 3.50% 25 85,738 86,979 Denver Marriott City Center (5) July 2012 $70,000 August 2022 4.90% 30 65,674 66,285 Hilton Checkers Los Angeles February 2013 $32,000 March 2023 4.11% 30 30,185 30,480 W Chicago – City Center July 2013 $93,000 August 2023 4.25% 25 86,877 88,008 Hyatt Herald Square New York/Hyatt Place New York Midtown South (6) July 2014 $90,000 July 2024 4.30% 30 90,000 90,000 Hyatt Regency Boston June 2016 $150,000 July 2026 4.25% 30 150,000 — 772,998 776,065 Unamortized premium (4) 70 176 Unamortized deferred financing costs (6,401 ) (6,493 ) Long-term debt $ 766,667 $ 769,748 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of June 30, 2016 , the interest rate in effect was 2.01% . 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 April 6, 2016, the Trust prepaid without penalty this mortgage loan. (4) On June 30, 2011, in connection with the acquisition of the Courtyard Washington Capitol Hill/Navy Yard, the Trust assumed an existing loan agreement with an outstanding principal balance of $37.5 million . Based on interest rates on similar types of debt instruments at the time of assumption, the Trust recorded the loan at its estimated fair value of $38.6 million , which included a premium on mortgage loan of $1.1 million . Amortization of premium on mortgage loan is computed using a method that approximates the effective interest method over the term of the loan agreement and is included in interest expense in the interim consolidated statements of operations. (5) 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. (6) The loan requires interest-only payments for the first two years and principal and interest payments thereafter. Revolving credit facility On March 4, 2015, the Trust entered into an amended credit agreement to (1) convert its revolving credit facility from a secured to an unsecured revolving credit facility, (2) increase the maximum borrowing availability under the revolving credit facility from $250.0 million to $300.0 million , (3) lower the interest rate to LIBOR plus 1.55% - 2.30% (the spread over LIBOR continues to be based on the Trust's consolidated leverage ratio), and (4) extend the maturity date to March 2019 . The amended credit agreement provides for the possibility of further future increases, up to a maximum of $450.0 million , in accordance with the terms of the amended credit agreement. The amended credit agreement also provides for an extension of the maturity date by one year, subject to satisfaction of certain customary conditions. The amount that the Trust can borrow under the revolving credit facility is based on the value of the Trust's hotels included in the borrowing base, as defined in the amended credit agreement. As of June 30, 2016 , the borrowing base included 11 of the Trust's hotels providing borrowing availability of $300.0 million under the revolving credit facility, of which $250.0 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, and normal replacements of FF&E. As of June 30, 2016 , the Trust was in compliance with all financial covenants under its borrowing arrangements. As of June 30, 2016 , the Trust’s weighted-average interest rate on its long-term debt was 3.96% . Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of June 30, 2016 are as follows (in thousands): Year Amounts 2016 $ 39,883 2017 137,648 2018 13,178 2019 63,732 2020 135,316 Thereafter 383,241 $ 772,998

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
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): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net income available to common shareholders $ 26,120 $ 21,623 $ 33,768 $ 20,753 Less: Dividends declared on unvested time-based awards (146 ) (136 ) (289 ) (273 ) Less: Undistributed earnings allocated to unvested time- based awards (15 ) (7 ) — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 25,959 $ 21,480 $ 33,479 $ 20,480 Denominator: Weighted-average number of common shares outstanding–basic 58,722,104 58,544,392 58,701,815 56,373,504 Effect of dilutive unvested performance-based awards 141,946 412,091 134,931 410,368 Weighted-average number of common shares outstanding–diluted 58,864,050 58,956,483 58,836,746 56,783,872 Net income available per common share: Basic $ 0.44 $ 0.37 $ 0.57 $ 0.36 Diluted $ 0.44 $ 0.36 $ 0.57 $ 0.36 For the three and six months ended June 30, 2016 and 2015 , 829,025 unvested performance-based awards and 227,213 unvested performance-based awards, respectively, were excluded from diluted weighted-average common shares outstanding as the awards either had not achieved the specific levels of relative total shareholder return required for vesting at each period end or their effect would have been anti-dilutive.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
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 September 6, 2013, the Trust entered into sales agreements with two sales agents, pursuant to which the Trust may issue and sell up to $100.0 million in the aggregate of its common shares through a continuous at-the-market offering or other methods (the “ATM program”). The Trust did not sell any common shares under the ATM program during the six months ended June 30, 2016 . As of June 30, 2016 , $76.0 million of common shares remained available for issuance under the ATM program. 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 underwriter's exercise of its 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 June 30, 2016 , $100.0 million remained available for the repurchase of common shares. For the six months ended June 30, 2016 , the Trust issued 1,717 unrestricted common shares and 448,146 restricted common shares to its trustees and employees. For the six months ended June 30, 2016 , the Trust repurchased 7,854 common shares from employees to satisfy the minimum statutory tax withholding requirements related to the vesting of their previously granted restricted common shares. As of June 30, 2016 , the Trust had 60,101,531 common shares outstanding. For the six months ended June 30, 2016 , the Trust paid or its board of trustees declared the following dividends per common share: Record Date Payment Date Dividend Per Common Share Fourth Quarter 2015 December 31, 2015 January 15, 2016 $ 0.40 First Quarter 2016 March 31, 2016 April 15, 2016 $ 0.40 Second Quarter 2016 June 30, 2016 July 15, 2016 $ 0.40 Preferred Shares —The Trust is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. The Trust’s board of trustees is required to set for each class or series of preferred shares the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of June 30, 2016 , the Trust had 5,000,000 shares of its 7.75% Series A Cumulative Redeemable Preferred Shares outstanding. Holders of Series A Cumulative Redeemable Preferred Shares are entitled to receive, when and as authorized by the Trust's board of trustees, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 7.75% per annum of the $25.00 per share liquidation preference, equivalent to $1.9375 per annum per share. Dividends on the Series A Cumulative Redeemable Preferred Shares are cumulative from the date of original issuance and are payable quarterly in arrears on or about the 15th day of each of January, April, July and October. The Series A Cumulative Redeemable Preferred Shares rank senior to the Trust's common shares with respect to the payment of dividends; the Trust will not declare or pay any dividends, or set aside any funds for the payment of dividends, on its common shares unless the Trust also has declared and either paid or set aside for payment the full cumulative dividends on the Series A Cumulative Redeemable Preferred Shares. For the six months ended June 30, 2016 , the Trust paid or its board of trustees declared the following dividends per preferred share: Record Date Payment Date Dividend Per Series A Cumulative Redeemable Preferred Share Fourth Quarter 2015 December 31, 2015 January 15, 2016 $ 0.484375 First Quarter 2016 March 31, 2016 April 15, 2016 $ 0.484375 Second Quarter 2016 June 30, 2016 July 15, 2016 $ 0.484375 The Trust cannot redeem the Series A Cumulative Redeemable Preferred Shares prior to July 17, 2017, except as described below and in certain limited circumstances related to the ownership limitation necessary to preserve the Trust's qualification as a REIT. On and after July 17, 2017, the Trust, at its option, can redeem the Series A Cumulative Redeemable Preferred Shares, in whole or from time to time in part, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends. The holders of Series A Cumulative Redeemable Preferred Shares have no voting rights, except in certain limited circumstances. Upon the occurrence of a change of control, as defined in the articles supplementary designating the Series A Cumulative Redeemable Preferred Shares, as a result of which the Trust's common shares and the common securities of the acquiring or surviving entity are not listed or quoted on the New York Stock Exchange, the NYSE MKT or the NASDAQ Stock Market, or any successor exchanges, the Trust may, at its option, redeem the Series A Cumulative Redeemable Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid dividends through the date of redemption. If the Trust does not exercise its right to redeem the Series A Cumulative Redeemable Preferred Shares upon a change of control, the holders of the Series A Cumulative Redeemable Preferred Shares have the right to convert some or all of their shares into a number of the Trust's common shares based on a defined formula subject to a share cap. The share cap on each Series A Cumulative Redeemable Preferred Share is 2.9189 common shares.

Equity Plan

Equity Plan	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 , subject to increases that may result in the case of any future forfeiture or termination of currently outstanding awards, 819,098 common shares were reserved and available for future issuances under the Plan. The Trust will make appropriate adjustments to outstanding awards and the number of shares available for issuance under the Plan, including the individual limitations on awards, to reflect share dividends, share splits, spin-offs and other similar events. While the compensation committee can terminate or amend the Plan at any time, no amendment can adversely impair the rights of grantees with respect to outstanding awards. In addition, an amendment will be contingent on approval of the Trust’s common shareholders to the extent required by law or if the amendment would materially increase the benefits accruing to participants under the Plan, materially increase the aggregate number of shares that can be issued under the Plan, or materially modify the requirements as to eligibility for participation in the Plan. Unless terminated earlier, the Plan will terminate in January 2020, but will continue to govern unexpired awards. For the six months ended June 30, 2016 , the Trust granted 448,146 restricted common shares to certain employees and trustees, of which 162,229 shares were time-based awards and 285,917 shares were performance-based awards (the “2016 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 2016 Performance-Based Awards are eligible to vest at December 31, 2018 . Dividends on the 2016 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2016 Performance-Based Awards was $10.54 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 21.04% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 1.38% . The actual number of shares under the 2016 Performance-Based Awards that vest will be based on the Trust’s total shareholder return (“TSR”), as defined in the restricted share agreements, measured over a three -year performance period ending December 31, 2018 , relative to the total return generated by the SNL US Hotel REIT Index prepared by SNL Financial LC (the “Index”). The payout schedule for the 2016 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the Index: Trust TSR as % of Index Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100% If the Trust’s TSR is negative for the performance period, no shares under the 2016 Performance-Based Awards will vest. If the Trust’s TSR is positive for the performance period and the total return of the Index is negative, 100% of the shares subject to vesting under the 2016 Performance-Based Awards will vest. As of June 30, 2016 , there was approximately $11.8 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 1.8 years. The following is a summary of the Trust’s restricted common share activity for the six months ended June 30, 2016 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2015 1,057,270 $ 17.40 Granted 448,146 $ 15.58 Vested (133,213 ) $ 27.58 Forfeited — $ — Restricted common shares as of June 30, 2016 1,372,203 $ 15.81

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instrument	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 June 30, 2016 Total Level 1 Level 2 Level 3 Liabilities: Interest rate swap (included within other liabilities) $ 406 $ — $ 406 $ — $ 406 $ — $ 406 $ — Derivative instruments are classified within Level 2 of the fair value hierarchy as they are valued using third-party pricing models which contain inputs that are derived from observable market data. Where possible, the values produced by the pricing models are verified to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility, and correlations of such inputs. The Trust’s financial instruments in addition to those disclosed in the table above include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and long-term debt. The carrying values reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximate fair value. The Trust estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles. These inputs are classified as Level 3 within the fair value hierarchy. As of June 30, 2016 , the carrying value reported in the consolidated balance sheet for the Trust's long-term debt approximated its fair value.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies Management Agreements —The Trust’s hotels operate pursuant to management agreements with various third-party management companies. Each management company receives a base management fee generally between 2% and 4% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Trust has received a priority return on its investment in the hotel. Franchise Agreements —As of June 30, 2016 , 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 $2.3 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 2019. 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.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The interim consolidated financial statements presented herein include all of the accounts of Chesapeake Lodging Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation as a result of adopting a new accounting pronouncement relating to debt issuance costs. See "Recent Accounting Pronouncements" for additional information. The information in these interim consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal, recurring nature unless disclosed otherwise. These interim consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Trust's Form 10-K for the year ended December 31, 2015 .
Cash and Cash Equivalents	Cash and Cash Equivalents —The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash —Restricted cash includes reserves held in escrow for normal replacements of furniture, fixtures and equipment (“FF&E”), property improvement plans (each, a "PIP"), real estate taxes, and insurance pursuant to certain requirements in the Trust’s hotel management, franchise, and loan agreements.
Investments in Hotels	Investments in Hotels —The Trust allocates the purchase prices of hotels acquired based on the fair value of the property, FF&E, and identifiable intangible assets acquired and the fair value of the liabilities assumed. In making estimates of fair value for purposes of allocating the purchase price, the Trust utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel, including valuations performed by independent third parties and cost segregation studies. The Trust also considers information obtained about each hotel as a result of its pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and liabilities assumed. Hotel acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees, are expensed in the period incurred. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings and building improvements and three to ten years for FF&E. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Replacements and improvements at the hotels are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Trust’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. Intangible assets and liabilities are recorded on non-market contracts, including air rights, lease, management, and franchise agreements, assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Trust’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. No value is allocated to market contracts. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. The Trust reviews its hotels for impairment whenever events or changes in circumstances indicate that the carrying values of the hotels may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the hotels due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. No impairment losses have been recognized related to any hotels for the three and six months ended June 30, 2016 and 2015 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust's operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of June 30, 2016 , 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, deposits on hotel acquisitions and loan applications, 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. Unamortized deferred financing costs are included as a direct deduction from long-term debt in the consolidated balance sheets.
Derivative Instruments	Derivative Instruments —From time to time, the Trust is a party to interest rate swaps, which are considered derivative instruments, in order to manage its interest rate exposure. The Trust’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows. The Trust records derivative instruments at fair value as either assets or liabilities and designates them as cash flow hedging instruments at inception. The Trust evaluates the hedge effectiveness of the designated cash flow hedging instruments on a quarterly basis and records the effective portion of the change in the fair value of the cash flow hedging instruments as other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedging instruments are reclassified to interest expense as interest payments are made on the variable-rate debt being hedged. The Trust does not enter into derivative instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties
Fair Value Measurements	Fair Value Measurements —The Trust accounts for certain assets and liabilities at fair value. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and the reporting entity’s own assumptions about market data (unobservable inputs). The three levels of the fair value hierarchy are as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 – Unobservable inputs reflect the reporting entity’s own assumptions about the pricing of an asset or liability when observable inputs are not available or when there is minimal, if any, market activity for an identical or similar asset or liability at the measurement date.
Income Taxes	Income Taxes —The Trust has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, the Trust generally will not be subject to federal income tax on that portion of its net income that does not relate to any of the Trust's TRSs, and that is currently distributed to its shareholders. Our TRSs, which lease the Trust’s hotels from the subsidiaries of the Operating Partnership owning them, are subject to federal and state income taxes. The Trust accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-Based Compensation	Share-Based Compensation —From time to time, the Trust grants restricted share awards to employees and trustees. To date, the Trust has granted two types of restricted share awards: (1) awards that vest solely on continued employment or service (time-based awards) and (2) awards that vest based on the Trust achieving specified levels of relative total shareholder return and continued employment (performance-based awards). The Trust measures share-based compensation expense for the restricted share awards based on the fair value of the awards on the date of grant. The fair value of time-based awards is determined based on the closing price of the Trust’s common shares on the measurement date, which is generally the date of grant. The fair value of performance-based awards is determined using a Monte Carlo simulation performed by an independent third party. For time-based awards, share-based compensation expense is recognized on a straight-line basis over the life of the entire award. For performance-based awards, share-based compensation expense is recognized over the requisite service period for each award. No share-based compensation expense is recognized for awards for which employees or trustees do not render the requisite service.
Earnings Per Share	Earnings Per Share —Basic earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period.
Segment Information	Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership.
Use of Estimates	Use of Estimates —The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements— In April 2015, the Financial Accounting Standards Board ("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 are 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 and is to be applied on a retrospective basis. The Trust adopted the new accounting guidance on January 1, 2016. As a result, $6.5 million of unamortized deferred financing costs, which was previously presented as an asset as of December 31, 2015, is now presented within long-term debt. This reclassification had no effect on previously reported results of operations or retained earnings. The Trust does not believe that the adoption of this guidance has a material impact on the consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2016
Acquisitions
Hotels acquired by the Trust	The Trust has acquired the following hotels since January 1, 2015 (in thousands, except rooms data): Hotel Location Rooms Net Assets Acquired Acquisition Date Royal Palm South Beach Miami, a Tribute Portfolio Resort (1) 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 $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): 2015 Acquisitions Land and land improvements $ 64,462 Buildings 294,498 Furniture, fixtures and equipment 20,518 Cash 100 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

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Land and land improvements $ 319,020 $ 319,702 Buildings and leasehold improvements 1,630,010 1,628,124 Furniture, fixtures and equipment 193,847 191,092 Construction-in-progress 7,010 3,276 2,149,887 2,142,194 Less: accumulated depreciation and amortization (252,249 ) (215,250 ) Property and equipment, net $ 1,897,638 $ 1,926,944

Intangible Assets and Liabili23

Intangible Assets and Liability (Tables)	6 Months Ended
	Jun. 30, 2016
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	Intangible assets and liability as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 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 (3,549 ) (3,259 ) Intangible assets, net $ 36,124 $ 36,414 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (1,865 ) (1,668 ) Intangible liability, net (included within other liabilities) $ 12,371 $ 12,568 (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 at the time. 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. The Trust is amortizing the remaining favorable ground lease asset over the life of the respective lease and including within indirect hotel operating expenses in the interim consolidated statements of operations. Also in conjunction with the acquisition of the Denver Marriott City Center, the Trust assumed a management contract with a non-cancelable term ending December 2047 . The Trust concluded that the management agreement terms were above market terms and recorded a $14.2 million unfavorable contract liability, which the Trust is amortizing over the remaining non-cancelable term and including within indirect hotel operating expenses in the interim consolidated statements of operations.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Long-term debt as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period June 30, December 31, Maturity 2016 2015 Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 50,000 $ 110,000 Term loan: Royal Palm South Beach Miami, a Tribute Portfolio Resort (2) March 2015 $125,000 March 2017 Floating n/a 125,000 125,000 Other mortgage loans: Hyatt Regency Boston (3) June 2011 $95,000 July 2016 5.01% 30 — 88,601 Courtyard Washington Capitol Hill/Navy Yard (4) June 2011 $37,497 November 2016 5.90% 30 34,099 34,491 Boston Marriott Newton May 2013 $60,000 June 2020 3.63% 25 55,425 56,221 Le Meridien San Francisco July 2013 $92,500 August 2020 3.50% 25 85,738 86,979 Denver Marriott City Center (5) July 2012 $70,000 August 2022 4.90% 30 65,674 66,285 Hilton Checkers Los Angeles February 2013 $32,000 March 2023 4.11% 30 30,185 30,480 W Chicago – City Center July 2013 $93,000 August 2023 4.25% 25 86,877 88,008 Hyatt Herald Square New York/Hyatt Place New York Midtown South (6) July 2014 $90,000 July 2024 4.30% 30 90,000 90,000 Hyatt Regency Boston June 2016 $150,000 July 2026 4.25% 30 150,000 — 772,998 776,065 Unamortized premium (4) 70 176 Unamortized deferred financing costs (6,401 ) (6,493 ) Long-term debt $ 766,667 $ 769,748 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of June 30, 2016 , the interest rate in effect was 2.01% . 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 April 6, 2016, the Trust prepaid without penalty this mortgage loan. (4) On June 30, 2011, in connection with the acquisition of the Courtyard Washington Capitol Hill/Navy Yard, the Trust assumed an existing loan agreement with an outstanding principal balance of $37.5 million . Based on interest rates on similar types of debt instruments at the time of assumption, the Trust recorded the loan at its estimated fair value of $38.6 million , which included a premium on mortgage loan of $1.1 million . Amortization of premium on mortgage loan is computed using a method that approximates the effective interest method over the term of the loan agreement and is included in interest expense in the interim consolidated statements of operations. (5) 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. (6) The loan requires interest-only payments for the first two years and principal and interest payments thereafter.
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of June 30, 2016 are as follows (in thousands): Year Amounts 2016 $ 39,883 2017 137,648 2018 13,178 2019 63,732 2020 135,316 Thereafter 383,241 $ 772,998

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the amounts used in calculating basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net income available to common shareholders $ 26,120 $ 21,623 $ 33,768 $ 20,753 Less: Dividends declared on unvested time-based awards (146 ) (136 ) (289 ) (273 ) Less: Undistributed earnings allocated to unvested time- based awards (15 ) (7 ) — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 25,959 $ 21,480 $ 33,479 $ 20,480 Denominator: Weighted-average number of common shares outstanding–basic 58,722,104 58,544,392 58,701,815 56,373,504 Effect of dilutive unvested performance-based awards 141,946 412,091 134,931 410,368 Weighted-average number of common shares outstanding–diluted 58,864,050 58,956,483 58,836,746 56,783,872 Net income available per common share: Basic $ 0.44 $ 0.37 $ 0.57 $ 0.36 Diluted $ 0.44 $ 0.36 $ 0.57 $ 0.36

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Common Stock [Member]
Dividends payable
Dividends declared or paid	For the six months ended June 30, 2016 , the Trust paid or its board of trustees declared the following dividends per common share: Record Date Payment Date Dividend Per Common Share Fourth Quarter 2015 December 31, 2015 January 15, 2016 $ 0.40 First Quarter 2016 March 31, 2016 April 15, 2016 $ 0.40 Second Quarter 2016 June 30, 2016 July 15, 2016 $ 0.40
Series A Preferred Stock [Member]
Dividends payable
Dividends declared or paid	For the six months ended June 30, 2016 , the Trust paid or its board of trustees declared the following dividends per preferred share: Record Date Payment Date Dividend Per Series A Cumulative Redeemable Preferred Share Fourth Quarter 2015 December 31, 2015 January 15, 2016 $ 0.484375 First Quarter 2016 March 31, 2016 April 15, 2016 $ 0.484375 Second Quarter 2016 June 30, 2016 July 15, 2016 $ 0.484375

Equity Plan (Tables)

Equity Plan (Tables)	6 Months Ended
	Jun. 30, 2016
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Restricted Common Shares	The following is a summary of the Trust’s restricted common share activity for the six months ended June 30, 2016 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2015 1,057,270 $ 17.40 Granted 448,146 $ 15.58 Vested (133,213 ) $ 27.58 Forfeited — $ — Restricted common shares as of June 30, 2016 1,372,203 $ 15.81
2016 Performance-based Awards [Member]
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Payout as a percentage of maximum award	The actual number of shares under the 2016 Performance-Based Awards that vest will be based on the Trust’s total shareholder return (“TSR”), as defined in the restricted share agreements, measured over a three -year performance period ending December 31, 2018 , relative to the total return generated by the SNL US Hotel REIT Index prepared by SNL Financial LC (the “Index”). The payout schedule for the 2016 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%

Fair Value Measurements and D28

Fair Value Measurements and Derivative Instrument (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Financial Liabilities Measures at Fair Value	The following table sets forth the Trust’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at June 30, 2016 Total Level 1 Level 2 Level 3 Liabilities: Interest rate swap (included within other liabilities) $ 406 $ — $ 406 $ — $ 406 $ — $ 406 $ —

Organization and Description 29

Organization and Description of Business (Details) - Chesapeake Lodging Trust [Member]	Jun. 30, 2016roomstatehotel
Organization and Description of Business (Textual) [Abstract]
Number of hotels owned | hotel	22
Number of hotel rooms | room	6,694
Number of states in which hotels located | state	9

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2016
Buildings and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	40 years
Buildings and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	15 years
FF&E [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	10 years
FF&E [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details 2)	6 Months Ended
	Jun. 30, 2016segment
Summary of Significant Accounting Policies [Line Items]
Number of reportable segments	1

Summary of SIgnificant Accoun32

Summary of SIgnificant Accounting Policies (Details 3) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Unamortized deferred financing costs	$ 6,401	$ 6,493

Acquisitions Table (Details 1)

Acquisitions Table (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)room
2015 Acquisitions [Member]
Acquisitions
Number of hotel rooms | room	575
Net assets acquired	$ 255,349
Assumed mortgage loan	$ 125,000
Royal Palm South Beach Miami, a Tribute Portfolio Resort [Member]
Acquisitions
Location	Miami Beach, FL
Number of hotel rooms | room	393
Net assets acquired	$ 153,662
Acquisition date	Mar. 9, 2015
Assumed mortgage loan	$ 125,000
Ace Hotel and Theater Downtown Los Angeles [Member]
Acquisitions
Location	Los Angeles, CA
Number of hotel rooms | room	182
Net assets acquired	$ 101,687
Acquisition date	Apr. 30, 2015

Acquisitions Table (Details 2)

Acquisitions Table (Details 2) - 2015 Acquisitions [Member] $ in Thousands	Dec. 31, 2015USD ($)
Acquisitions
Land and land improvements	$ 64,462
Buildings	294,498
Furniture, fixtures and equipment	20,518
Cash	100
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

Disposition (Details)

Disposition (Details) $ in Thousands	Apr. 14, 2016USD ($)hotel	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Hotel Disposition [Line Items]
Net proceeds from sale of hotel				$ 2,028	$ 0
Gain on sale of hotel		$ 598	$ 0	$ 598	$ 0
Hyatt Centric Santa Barbara Villas [Member]
Hotel Disposition [Line Items]
Disposal Date	Apr. 14, 2016
Number of hotel rooms | hotel	5
Hotel sale price including working capital	$ 2,100
Net proceeds from sale of hotel	2,000
Gain on sale of hotel	$ 600

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property and Equipment
Land and land improvements	$ 319,020	$ 319,702
Buildings and leasehold improvements	1,630,010	1,628,124
Furniture, fixtures and equipment	193,847	191,092
Construction-in-progress	7,010	3,276
Property and equipment, gross	2,149,887	2,142,194
Less: accumulated depreciation and amortization	(252,249)	(215,250)
Property and equipment, net	$ 1,897,638	$ 1,926,944

Intangible Assets and Liabili37

Intangible Assets and Liability, Table 1 (Details) $ in Thousands	Oct. 03, 2011USD ($)	Mar. 18, 2010USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 29, 2014
Indefinite-lived Intangible Assets [Line Items]
Intangible assets gross			$ 39,673	$ 39,673
Less: accumulated amortization			(3,549)	(3,259)
Intangible assets, net			36,124	36,414
Unfavorable contract liability			14,236	14,236
Less: accumulated amortization			(1,865)	(1,668)
Intangible liability, net (included within other liabilities)			12,371	12,568
Air Rights Contract [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets gross			36,105	36,105
Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
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]
Indefinite-lived Intangible Assets [Line Items]
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
Unfavorable management contract expiration month year	December 2,047
Denver Marriott City Center - Lease 1 [Member] | Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Ground lease agreement expiration month year	July 2,068
Denver Marriott City Center - Lease 2 [Member] | Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Ground lease agreement expiration month year	February 2,072
Denver Marriott City Center - Lease 3 [Member] | Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Ground lease agreement expiration month year	April 2,072

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 09, 2015	Mar. 04, 2015	Jul. 03, 2014	Jul. 27, 2012	Jun. 30, 2016	Dec. 31, 2015	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
Long-Term Debt
Revolving credit facility					$ 50,000	$ 110,000
Long-term debt, carrying amount					772,998	776,065
Unamortized premium					70	176
Unamortized deferred financing costs					(6,401)	(6,493)
Long-term debt					$ 766,667	769,748
Debt instrument maturity extension period		1 year
Line of credit facility, interest rate at period end					2.01%
Royal Palm South Beach Miami, a Tribute Portfolio Resort Term Loan
Debt Instrument [Line Items]
Debt instrument, issuance month year					March 2,015
Mortgage loans on real estate, face amount of mortgages	$ 125,000				$ 125,000
Debt instrument maturity month year					March 2,017
Long-Term Debt
Long-term debt, carrying amount					$ 125,000	125,000
Debt instrument maturity extension period	1 year
Debt instrument, term	2 years
Debt instrument, basis spread on variable rate	2.40%
Debt instrument effectively fixed term	2 years
Debt instrument effectively fixed rate	3.34%
Hyatt Regency Boston Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					June 2,011
Mortgage loans on real estate, face amount of mortgages					$ 95,000
Debt instrument maturity month year					July 2,016
Debt instrument, interest rate, stated percentage					5.01%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 0	88,601
Courtyard Washington Capitol Hill Navy Yard Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					June 2,011
Mortgage loans on real estate, face amount of mortgages					$ 37,497		$ 37,500
Debt instrument maturity month year					November 2,016
Debt instrument, interest rate, stated percentage					5.90%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 34,099	34,491
Unamortized premium							1,100
Debt instrument, fair value disclosure							$ 38,600
Boston Marriott Newton Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					May 2,013
Mortgage loans on real estate, face amount of mortgages					$ 60,000
Debt instrument maturity month year					June 2,020
Debt instrument, interest rate, stated percentage					3.63%
Mortgage loans on real estate amortization period					25 years
Long-Term Debt
Long-term debt, carrying amount					$ 55,425	56,221
Le Meridien San Francisco Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,013
Mortgage loans on real estate, face amount of mortgages					$ 92,500
Debt instrument maturity month year					August 2,020
Debt instrument, interest rate, stated percentage					3.50%
Mortgage loans on real estate amortization period					25 years
Long-Term Debt
Long-term debt, carrying amount					$ 85,738	86,979
Denver Marriott City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,012
Mortgage loans on real estate, face amount of mortgages					$ 70,000
Debt instrument maturity month year					August 2,022
Debt instrument, interest rate, stated percentage					4.90%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 65,674	66,285
Debt instrument, term				30 years
Debt instrument call term				10 years
Hilton Checkers Los Angeles Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					February 2,013
Mortgage loans on real estate, face amount of mortgages					$ 32,000
Debt instrument maturity month year					March 2,023
Debt instrument, interest rate, stated percentage					4.11%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 30,185	30,480
W Chicago - City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,013
Mortgage loans on real estate, face amount of mortgages					$ 93,000
Debt instrument maturity month year					August 2,023
Debt instrument, interest rate, stated percentage					4.25%
Mortgage loans on real estate amortization period					25 years
Long-Term Debt
Long-term debt, carrying amount					$ 86,877	88,008
Hyatt Herald Square New York and Hyatt Place New York Midtown South Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					July 2,014
Mortgage loans on real estate, face amount of mortgages					$ 90,000
Debt instrument maturity month year					July 2,024
Debt instrument, interest rate, stated percentage					4.30%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 90,000	90,000
Mortgage loans on real estate interest only period			2 years
Hyatt Regency Boston Mortgage Loan 2016 [Member]
Debt Instrument [Line Items]
Debt instrument, issuance month year					June 2,016
Mortgage loans on real estate, face amount of mortgages					$ 150,000
Debt instrument maturity month year					July 2,026
Debt instrument, interest rate, stated percentage					4.25%
Mortgage loans on real estate amortization period					30 years
Long-Term Debt
Long-term debt, carrying amount					$ 150,000	$ 0
Interest Rate Swap [Member]
Long-Term Debt
Fixed interest rate on interest rate swap	0.94%
Derivative, notional amount	$ 125,000
Derivative effective date	Mar. 9, 2015
Derivative, maturity date	Mar. 9, 2017

Long-Term Debt Details Textual

Long-Term Debt Details Textual (Details) $ in Millions	Mar. 04, 2015USD ($)	Jun. 30, 2016USD ($)hotel	Oct. 25, 2012USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 300		$ 250
Line of credit facility, expiration date month year		March 2,019
Potential maximum borrowing capacity under revolving credit facility	$ 450
Debt instrument maturity extension period	1 year
Number of borrowing base hotels supporting revolving credit facility | hotel		11
Current borrowing capacity under revolving credit facility		$ 300
Line of credit facility, remaining borrowing capacity		$ 250
Weighted-average interest rate on long-term debt		3.96%
Minimum [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	1.55%
Maximum [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	2.30%

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Future Principal Payments of Debt Obligations
2,016	$ 39,883
2,017	137,648
2,018	13,178
2,019	63,732
2,020	135,316
Thereafter	383,241
Long-term debt, carrying amount	$ 772,998	$ 776,065

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income available to common shareholders	$ 26,120	$ 21,623	$ 33,768	$ 20,753
Less: Dividends declared on unvested time-based awards	(146)	(136)	(289)	(273)
Less: Undistributed earnings allocated to unvested time-based awards	(15)	(7)	0	0
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 25,959	$ 21,480	$ 33,479	$ 20,480
Denominator:
Weighted-average number of common shares outstanding - basic	58,722,104	58,544,392	58,701,815	56,373,504
Effect of dilutive unvested performance-based awards	141,946	412,091	134,931	410,368
Weighted-average number of shares outstanding - diluted	58,864,050	58,956,483	58,836,746	56,783,872
Net income available per common share - basic	$ 0.44	$ 0.37	$ 0.57	$ 0.36
Net income available per common share - diluted	$ 0.44	$ 0.36	$ 0.57	$ 0.36
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	829,025	227,213	829,025	227,213

Shareholders' Equity (Details)

Shareholders' Equity (Details)	6 Months Ended
	Jun. 30, 2016$ / shares
Common Stock [Member] | Fourth Quarter 2015 [Member]
Dividends Declared or Paid
Record date	Dec. 31, 2015
Payment date	Jan. 15, 2016
Common share, dividend per share, cash paid	$ 0.40
Common Stock [Member] | First Quarter 2016 [Member]
Dividends Declared or Paid
Record date	Mar. 31, 2016
Payment date	Apr. 15, 2016
Common share, dividend per share, declared	$ 0.40
Common Stock [Member] | Second Quarter 2016 [Member]
Dividends Declared or Paid
Record date	Jun. 30, 2016
Payment date	Jul. 15, 2016
Common share, dividend per share, declared	$ 0.40
Series A Preferred Stock [Member] | Fourth Quarter 2015 [Member]
Dividends Declared or Paid
Record date	Dec. 31, 2015
Payment date	Jan. 15, 2016
Preferred share, dividend per share, cash paid	$ 0.484375
Series A Preferred Stock [Member] | First Quarter 2016 [Member]
Dividends Declared or Paid
Record date	Mar. 31, 2016
Payment date	Apr. 15, 2016
Preferred share, dividend per share, declared	$ 0.484375
Series A Preferred Stock [Member] | Second Quarter 2016 [Member]
Dividends Declared or Paid
Record date	Jun. 30, 2016
Payment date	Jul. 15, 2016
Preferred share, dividend per share, declared	$ 0.484375

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) $ / shares in Units, $ in Millions	Sep. 29, 2015USD ($)	Mar. 27, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Dec. 31, 2015$ / 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
Price per share of common shares sold during period | $ / shares		$ 33.47
Common shares sold during period pursuant to underwriters' option		600,000
Proceeds from issuance of common shares, net of underwriting fees and offering costs | $		$ 153.7
Issuance of unrestricted common shares (in shares)			1,717
Issuance of restricted common shares (in shares)			448,146
Repurchase of common shares (in shares)			7,854
Common shares, outstanding (in shares)			60,101,531	59,659,522
Preferred shares, authorized (in shares)			100,000,000	100,000,000
Preferred shares, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Preferred shares, outstanding (in shares)			5,000,000	5,000,000
Preferred shares, issued			5,000,000	5,000,000
Preferred shares, dividend rate, percentage			7.75%
Preferred shares, annual dividend per share | $ / shares			$ 1.9375
Preferred shares, liquidation preference per share | $ / shares			$ 25
Preferred shares, share cap per share			2.9189
ATM Program [Member]
Shareholders' Equity (Textual) [Abstract]
Maximum proceeds under ATM program | $					$ 100
Amount available for issuance under the ATM program | $			$ 76
Share Repurchase Program [Member]
Shareholders' Equity (Textual) [Abstract]
Share repurchase program, authorized amount | $	$ 100
Share repurchase program, expiration month year	September 2,018
Share repurchase program, remaining authorized | $			$ 100

Equity Plan (Details Textual)

Equity Plan (Details Textual) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2012	Jun. 30, 2016
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)		819,098
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		448,146
Share-based compensation arrangement by share-based payment award, time-based, grants in period		162,229
Share-based compensation arrangement by share-based payment award, performance-based, grants in period		285,917
Unrecognized share-based compensation expense		$ 11.8
Unrecognized share-based compensation expense, weighted-average period (in years)		1 year 9 months 18 days

Equity Plan (Details Textual 2)

Equity Plan (Details Textual 2)	6 Months Ended
	Jun. 30, 2016$ / shares
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 15.58
2016 Performance-based Awards [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 10.54
Expected volatility rate	21.04%
Risk free interest rate	1.38%
Performance period	3 years
No payout as a percentage maximum	0.00%
Threshold payout as a percentage of maximum	25.00%
Target payout as a percentage of maximum	50.00%
Maximum payout	100.00%
No payout if relative TSR less than	67.00%
Threshold payout if relative TSR equal to	67.00%
Target payout if relative TSR equal to	100.00%
Maximum payout if relative TRS greater than or equal to	133.00%

Equity Plan, Table 1 (Details)

Equity Plan, Table 1 (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Restricted Common Shares
Number of restricted shares, beginning balance (in shares) | shares	1,057,270
Weighted-average grant-date fair value, beginning (in dollars per share) | $ / shares	$ 17.40
Number of restricted shares, granted (in shares) | shares	448,146
Weighted-average grant-date fair value, granted (in dollars per share) | $ / shares	$ 15.58
Number of restricted shares, vested (in shares) | shares	(133,213)
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares	$ 27.58
Number of restricted shares, forfeited (in shares) | shares	0
Weighted-average grant-date fair value, forfeited (in dollars per share) | $ / shares	$ 0
Number of restricted shares, ending balance (in shares) | shares	1,372,203
Weighted-average grant-date fair value, ending (in dollars per share) | $ / shares	$ 15.81

Fair Value Measurements and D47

Fair Value Measurements and Derivative Instrument (Details) $ in Thousands	Jun. 30, 2016USD ($)
Liabilities
Derivative liability	$ 406
Interest Rate Swap [Member]
Liabilities
Derivative liability	406
Fair Value, Inputs, Level 1 [Member]
Liabilities
Derivative liability	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Liabilities
Derivative liability	0
Fair Value, Inputs, Level 2 [Member]
Liabilities
Derivative liability	406
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Liabilities
Derivative liability	406
Fair Value, Inputs, Level 3 [Member]
Liabilities
Derivative liability	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Liabilities
Derivative liability	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)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 | $	$ 2.3
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%