Chesapeake Lodging Trust (CHSP) 10-Q 2 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		60,115,071

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Property and equipment, net	$ 1,828,303	$ 1,882,869
Intangible assets, net	35,401	35,835
Cash and cash equivalents	43,568	43,060
Restricted cash	34,168	36,128
Accounts receivable, net of allowance for doubtful accounts of $137 and $157, respectively	28,273	19,966
Prepaid expenses and other assets	19,005	17,516
Assets held for sale	40,179	0
Total assets	2,028,897	2,035,374
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	877,352	737,310
Accounts payable and accrued expenses	68,074	64,581
Other liabilities	42,075	44,808
Liabilities related to assets held for sale	1,451	0
Total liabilities	988,952	846,699
Commitments and contingencies (Note 12)
Preferred shares, $.01 par value; 100,000,000 shares authorized; Series A Cumulative Redeemable Preferred Shares; no shares and 5,000,000 shares issued and outstanding, respectively	0	50
Common shares, $.01 par value; 400,000,000 shares authorized; 60,115,071 and 59,671,964 shares issued and outstanding, respectively	601	597
Additional paid-in capital	1,188,435	1,304,364
Cumulative dividends in excess of net income	(149,110)	(116,297)
Accumulated other comprehensive income (loss)	19	(39)
Total shareholders’ equity	1,039,945	1,188,675
Total liabilities and shareholders’ equity	$ 2,028,897	$ 2,035,374

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Allowance for doubtful accounts	$ 137	$ 157
LIABILITIES AND SHAREHOLDERS’ EQUITY
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, liquidation preference, value
Preferred shares, authorized (in shares)	100,000,000	100,000,000
Preferred shares, issued (in shares)	0	5,000,000
Preferred shares, outstanding (in shares)	0	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)	60,115,071	59,671,964
Common shares, outstanding (in shares)	60,115,071	59,671,964

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues [Abstract]
Rooms	$ 123,241	$ 127,552	$ 344,410	$ 358,291
Food and beverage	27,172	29,633	89,620	95,852
Other	7,864	7,344	21,582	20,428
Total revenue	158,277	164,529	455,612	474,571
Hotel operating expenses:
Rooms	28,132	28,532	80,822	81,909
Food and beverage	21,306	22,536	66,694	69,413
Other direct	1,480	1,690	4,136	4,837
Indirect	54,081	54,633	157,428	158,316
Total hotel operating expenses	104,999	107,391	309,080	314,475
Depreciation and amortization	19,369	18,703	57,252	55,797
Air rights contract amortization	130	130	390	390
Corporate general and administrative	4,216	4,074	13,798	14,074
Total operating expenses	128,714	130,298	380,520	384,736
Operating income	29,563	34,231	75,092	89,835
Interest expense	(9,020)	(8,122)	(24,989)	(23,892)
Gain on sale of hotel	0	0	0	598
Income before income taxes	20,543	26,109	50,103	66,541
Income tax expense	(1,590)	(162)	(1,470)	(1,982)
Net income	18,953	25,947	48,633	64,559
Preferred share dividends	(430)	(2,422)	(5,274)	(7,266)
Write-off of issuance costs of redeemed preferred shares	(4,419)	0	(4,419)	0
Net income available to common shareholders	$ 14,104	$ 23,525	$ 38,940	$ 57,293
Net income available to common shareholders - basic and diluted	$ 0.24	$ 0.40	$ 0.65	$ 0.97

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 18,953	$ 25,947	$ 48,633	$ 64,559
Other comprehensive income (loss):
Unrealized gains (losses) on cash flow hedge instruments	(215)	77	(722)	(357)
Reclassification of unrealized losses on cash flow hedge instruments to interest expense	366	142	780	462
Comprehensive income	$ 19,104	$ 26,166	$ 48,691	$ 64,664

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-In Capital	Cumulative Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)
Beginning balance, preferred shares, shares outstanding at Dec. 31, 2016	5,000,000	5,000,000
Balance, beginning at Dec. 31, 2016	$ 1,188,675	$ 50	$ 597	$ 1,304,364	$ (116,297)	$ (39)
Beginning balance, common shares, shares outstanding at Dec. 31, 2016	59,671,964		59,671,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred shares, shares		(5,000,000)
Redemption of preferred shares, value	$ (125,000)	$ (50)		(120,531)	(4,419)
Repurchase of common shares (in shares)	(40,504)		(40,504)
Repurchase of common shares, value	$ (1,065)			(1,065)
Issuance of restricted common shares (in shares)	481,068		481,068
Issuance of restricted common shares, value	$ 0		$ 4	(4)
Issuance of unrestricted common shares (in shares)	2,543		2,543
Issuance of unrestricted common shares, value	$ 63			63
Amortization of deferred compensation	5,608			5,608
Declaration of dividends on common shares	(72,130)				(72,130)
Declaration of dividends on preferred shares	(4,897)				(4,897)
Net income	48,633				48,633
Other comprehensive income	$ 58					58
Ending balance, preferred shares, shares outstanding at Sep. 30, 2017	0	0
Balance, ending at Sep. 30, 2017	$ 1,039,945	$ 0	$ 601	$ 1,188,435	$ (149,110)	$ 19
Ending balance, common shares, shares outstanding at Sep. 30, 2017	60,115,071		60,115,071

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 48,633	$ 64,559
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	57,252	55,797
Air rights contract amortization	390	390
Deferred financing costs amortization	1,248	1,409
Gain on sale of hotel	0	(598)
Share-based compensation	5,671	7,150
Other	(465)	(642)
Changes in assets and liabilities:
Accounts receivable, net	(8,825)	(11,209)
Prepaid expenses and other assets	(1,907)	585
Accounts payable and accrued expenses	5,089	4,605
Other liabilities	173	(33)
Net cash provided by operating activities	107,259	122,013
Cash flows from investing activities:
Disposition of hotel	0	2,028
Improvements and additions to hotels	(41,952)	(17,562)
Change in restricted cash	1,960	(810)
Net cash used in investing activities	(39,992)	(16,344)
Cash flows from financing activities:
Redemption of preferred shares	125,000	0
Borrowings under revolving credit facility	300,000	175,000
Repayments under revolving credit facility	(250,000)	(215,000)
Proceeds from issuance of unsecured term loan	225,000	0
Proceeds from issuance of mortgage debt	0	150,000
Principal prepayments on mortgage debt	0	(122,220)
Scheduled principal payments on mortgage debt	134,435	7,847
Payment of deferred financing costs	(1,771)	(935)
Payment of dividends to common shareholders	(72,168)	(70,842)
Payment of dividends to preferred shareholders	(7,320)	(7,266)
Repurchase of common shares	(1,065)	(194)
Net cash used in financing activities	(66,759)	(99,304)
Net increase in cash	508	6,365
Cash and cash equivalents, beginning of period	43,060	50,544
Cash and cash equivalents, end of period	43,568	56,909
Supplemental disclosure of cash flow information:
Cash paid for interest	23,340	23,157
Cash paid for income taxes	$ 1,650	$ 1,895

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 , 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	9 Months Ended
	Sep. 30, 2017
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. These reclassifications had no effect on previously reported results of operations or retained earnings. 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, 2016 . 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 property 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 nine months ended September 30, 2017 and 2016 . 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 September 30, 2017 , the Trust classified The Hotel Minneapolis, Autograph Collection as held for sale (see Note 3, “Dispositions,” for additional information). As of December 31, 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 goods and 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 May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for recognition of revenue from contracts with customers. The comprehensive new accounting guidance will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB delayed the effective date of the new accounting guidance to be for interim and annual periods beginning on or after December 15, 2017. The new accounting guidance is to be applied on a retrospective or a modified retrospective basis. The Trust will adopt the new accounting guidance on January 1, 2018 on a modified retrospective basis. Based on the Trust’s preliminary assessment of this updated accounting guidance, it does not expect the updated accounting guidance to materially affect the amount or timing of revenue recognition for room sales, food and beverage sales, or other hotel departmental revenues because of the short-term, day-to-day nature of those revenues. Furthermore, the Trust does not expect the updated accounting guidance to significantly impact the recognition of or accounting for disposition of hotels, since the Trust primarily disposes of hotels to third parties in exchange for cash with few contingencies.

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Dispositions	3. Dispositions 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. On September 20, 2017 , the Trust entered into a definitive agreement to sell the 222 -room The Hotel Minneapolis, Autograph Collection for a sale price of $46.0 million , subject to customary working capital pro-rations at closing. Completion of the proposed sale is expected in the fourth quarter of 2017, subject to customary closing requirements and conditions. As of September 30, 2017, the Trust classified The Hotel Minneapolis, Autograph Collection as held for sale in the consolidated balance sheet. The Trust does not believe the proposed sale represents a strategic shift that will have a major effect on the Trust's operations and financial results, and therefore, does not qualify to be reported as discontinued operations. The $40.2 million of assets held for sale as of September 30, 2017 consisted of $39.3 million of property and equipment and $0.9 million of accounts receivable, prepaid expenses, and other assets and the $1.5 million of liabilities related to assets held for sale consisted of accounts payable and accrued expenses.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands): September 30, 2017 December 31, 2016 Land and land improvements $ 316,760 $ 319,039 Buildings and leasehold improvements 1,615,859 1,634,432 Furniture, fixtures and equipment 213,030 197,815 Construction-in-progress 21,366 21,399 2,167,015 2,172,685 Less: accumulated depreciation and amortization (338,712 ) (289,816 ) Property and equipment, net $ 1,828,303 $ 1,882,869

Intangible Assets and Liability

Intangible Assets and Liability	9 Months Ended
	Sep. 30, 2017
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	5. Intangible Assets and Liability Intangible assets and liability as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands): September 30, 2017 December 31, 2016 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 (4,272 ) (3,838 ) Intangible assets, net $ 35,401 $ 35,835 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (2,356 ) (2,061 ) Intangible liability, net (included within other liabilities) $ 11,880 $ 12,175 (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	9 Months Ended
	Sep. 30, 2017
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	6 . Long-Term Debt Long-term debt as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period September 30, December 31, Maturity 2017 2016 Unsecured: Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 110,000 $ 60,000 Term loan (2) April 2017 $ 225,000 April 2022 Floating n/a 225,000 — Secured: Royal Palm South Beach Miami, a Tribute Portfolio Resort (3) March 2015 $ 125,000 March 2017 Floating n/a — 125,000 Boston Marriott Newton May 2013 $ 60,000 June 2020 3.63% 25 53,366 54,614 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 82,536 84,476 Denver Marriott City Center (4) July 2012 $ 70,000 August 2022 4.90% 30 64,079 65,048 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 29,419 29,884 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 83,932 85,720 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 88,316 89,414 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 146,822 148,749 883,470 742,905 Unamortized deferred financing costs (6,118 ) (5,595 ) Long-term debt $ 877,352 $ 737,310 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of September 30, 2017 , the interest rate in effect was 2.79% . See below for additional information related to the revolving credit facility. (2) The term loan bears interest equal to LIBOR plus 1.45% - 2.20% (the spread over LIBOR based on the Trust’s consolidated leverage ratio). Contemporaneous with the closing of the term loan, the Trust entered into an interest rate swap to fix LIBOR at 1.86% for the five -year term (as of September 30, 2017 , the effective interest rate on the unsecured term loan was 3.31% ). Under the terms of this interest rate swap, the Trust pays fixed interest of 1.86% per annum on a notional amount of $225.0 million and receives floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap was April 21, 2017 and it will mature on April 21, 2022 . (3) 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 provided for a new two -year term. The term loan bore 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 paid fixed interest of 0.94% per annum on a notional amount of $125.0 million and received floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap was March 9, 2015 and it matured on March 9, 2017 . The Trust repaid the term loan at maturity on March 9, 2017 . (4) The loan has a term of 30 years, but is callable by the lender after 10 years, and the Trust expects the lender to call the loan at that time. The indicated maturity is based on the date the loan is callable by the lender. Unsecured revolving credit facility and term loan 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. On April 21, 2017, the Trust obtained a $225.0 million , five -year, unsecured term loan. The term loan provides for the possibility of future increases, up to a maximum amount borrowed of $375.0 million , in accordance with the terms of the term loan agreement. In connection with obtaining the unsecured term loan, the Trust further amended certain provisions of its amended credit agreement to make conforming changes to the term loan agreement. The amount that the Trust can borrow in the aggregate under the revolving credit facility and the term loan is based on the value of the Trust’s hotels included in the borrowing base, as defined in the amended credit agreement and the term loan agreement. As of September 30, 2017 , the borrowing base included 13 of the Trust’s hotels providing borrowing availability of $300.0 million under the revolving credit facility, all of which remained available. The amended credit agreement and the term loan agreement contain financial covenants, including a leverage ratio and a minimum tangible net worth requirement, and has additional financial covenants typically found in similar unsecured revolving credit facilities and term loans, 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 September 30, 2017 , the Trust was in compliance with all financial covenants under its borrowing arrangements. As of September 30, 2017 , the Trust’s weighted-average interest rate on its long-term debt was 3.77% . Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of September 30, 2017 are as follows (in thousands): Year Amounts 2017 $ 3,003 2018 13,178 2019 123,732 2020 135,316 2021 10,233 Thereafter 598,008 $ 883,470

Indirect Expenses

Indirect Expenses	9 Months Ended
	Sep. 30, 2017
Indirect Expenses [Abstract]
Indirect Expenses	7. Indirect Expenses Indirect hotel operating expenses for the three and nine months ended September 30, 2017 and 2016 consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Administrative and general $ 13,004 $ 13,421 $ 38,843 $ 39,897 Advertising and sales 10,914 11,155 32,240 32,582 Repairs and maintenance 5,226 5,102 15,763 15,525 Utilities 4,352 4,321 12,026 11,876 Franchise fees 2,799 2,804 7,664 7,778 Management fees 6,634 7,128 17,361 18,818 Property and other taxes 8,108 7,358 24,656 22,162 Insurance, leases and other 3,044 3,344 8,875 9,678 Indirect hotel operating expenses $ 54,081 $ 54,633 $ 157,428 $ 158,316

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income available to common shareholders $ 14,104 $ 23,525 $ 38,940 $ 57,293 Less: Dividends declared on unvested time-based awards (124 ) (146 ) (371 ) (435 ) Less: Undistributed earnings allocated to unvested time-based awards — — — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 13,980 $ 23,379 $ 38,569 $ 56,858 Denominator: Weighted-average number of common shares outstanding–basic 59,043,425 58,729,338 59,024,497 58,711,056 Effect of dilutive unvested performance-based awards 244,387 199,095 220,306 183,473 Weighted-average number of common shares outstanding–diluted 59,287,812 58,928,433 59,244,803 58,894,529 Net income available per common share—basic and diluted $ 0.24 $ 0.40 $ 0.65 $ 0.97 For the three and nine months ended September 30, 2017 and 2016 , 371,352 unvested performance-based awards and 788,291 unvested performance-based awards, respectively, were excluded from diluted weighted-average common shares outstanding as the awards had not achieved the specific levels of relative total shareholder return required for vesting at each period end.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2017
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 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 September 30, 2017 , $100.0 million remained available for the repurchase of common shares. For the nine months ended September 30, 2017 , the Trust issued 2,543 unrestricted common shares and 481,068 restricted common shares to its trustees and employees. For the nine months ended September 30, 2017 , the Trust repurchased 40,504 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 September 30, 2017 , the Trust had 60,115,071 common shares outstanding. For the nine months ended September 30, 2017 , 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 2016 December 30, 2016 January 13, 2017 $ 0.40 First Quarter 2017 March 31, 2017 April 14, 2017 $ 0.40 Second Quarter 2017 June 30, 2017 July 14, 2017 $ 0.40 Third Quarter 2017 September 29, 2017 October 13, 2017 $ 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. On July 17, 2017, the Trust redeemed all 5,000,000 shares of its issued and outstanding 7.75% Series A Cumulative Redeemable Preferred Shares at a redemption amount of $25.00 per share, plus accrued and unpaid dividends. No preferred shares were outstanding as of September 30, 2017. Holders of Series A Cumulative Redeemable Preferred Shares were 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 were cumulative from the date of original issuance and were payable quarterly in arrears on or about the 15th day of each January, April, July and October. The Series A Cumulative Redeemable Preferred Shares ranked senior to the Trust’s common shares with respect to the payment of dividends. For the nine months ended September 30, 2017 , 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 2016 December 30, 2016 January 13, 2017 $ 0.484375 First Quarter 2017 March 31, 2017 April 14, 2017 $ 0.484375 Second Quarter 2017 June 30, 2017 July 14, 2017 $ 0.484375

Equity Plan

Equity Plan	9 Months Ended
	Sep. 30, 2017
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. Shares that are issued under the Plan to any person pursuant to an award are counted against the aggregate number of shares available for issuance under the Plan 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 September 30, 2017 , subject to increases that may result in the case of any future forfeiture or termination of currently outstanding awards, 655,779 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 nine months ended September 30, 2017 , the Trust granted 481,068 restricted common shares to certain employees and trustees, of which 179,403 shares were time-based awards and 301,665 shares were performance-based awards (the “2017 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 2017 Performance-Based Awards are eligible to vest at December 31, 2019 . Dividends on the 2017 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2017 Performance-Based Awards was $9.99 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 24.16% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 1.57% . The actual number of shares under the 2017 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, 2019 , relative to the total return generated by a market-cap weighted index that includes nine lodging REITs (the "Performance Peer Group"). The payout schedule for the 2017 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the Performance Peer Group: Trust TSR as % of Performance Peer Group 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 2017 Performance-Based Awards will vest. If the Trust’s TSR is positive for the performance period and the total return of the Performance Peer Group is negative, 100% of the shares subject to vesting under the 2017 Performance-Based Awards will vest. As of September 30, 2017 , there was approximately $9.2 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 1.9 years. The following is a summary of the Trust’s restricted common share activity for the nine months ended September 30, 2017 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2016 775,984 $ 18.71 Granted 481,068 $ 15.89 Vested (186,185 ) $ 26.21 Forfeited — $ — Restricted common shares as of September 30, 2017 1,070,867 $ 16.13

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instrument	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included within prepaid expenses and other assets) $ 19 $ — $ 19 $ — $ 19 $ — $ 19 $ — 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 September 30, 2017 , 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	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 , 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)	9 Months Ended
	Sep. 30, 2017
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. These reclassifications had no effect on previously reported results of operations or retained earnings. 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, 2016 .
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 property 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 nine months ended September 30, 2017 and 2016 . 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 September 30, 2017 , the Trust classified The Hotel Minneapolis, Autograph Collection as held for sale (see Note 3, “Dispositions,” for additional information). As of December 31, 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 goods and 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 May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for recognition of revenue from contracts with customers. The comprehensive new accounting guidance will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB delayed the effective date of the new accounting guidance to be for interim and annual periods beginning on or after December 15, 2017. The new accounting guidance is to be applied on a retrospective or a modified retrospective basis. The Trust will adopt the new accounting guidance on January 1, 2018 on a modified retrospective basis. Based on the Trust’s preliminary assessment of this updated accounting guidance, it does not expect the updated accounting guidance to materially affect the amount or timing of revenue recognition for room sales, food and beverage sales, or other hotel departmental revenues because of the short-term, day-to-day nature of those revenues. Furthermore, the Trust does not expect the updated accounting guidance to significantly impact the recognition of or accounting for disposition of hotels, since the Trust primarily disposes of hotels to third parties in exchange for cash with few contingencies.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands): September 30, 2017 December 31, 2016 Land and land improvements $ 316,760 $ 319,039 Buildings and leasehold improvements 1,615,859 1,634,432 Furniture, fixtures and equipment 213,030 197,815 Construction-in-progress 21,366 21,399 2,167,015 2,172,685 Less: accumulated depreciation and amortization (338,712 ) (289,816 ) Property and equipment, net $ 1,828,303 $ 1,882,869

Intangible Assets and Liabili22

Intangible Assets and Liability (Tables)	9 Months Ended
	Sep. 30, 2017
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	Intangible assets and liability as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands): September 30, 2017 December 31, 2016 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 (4,272 ) (3,838 ) Intangible assets, net $ 35,401 $ 35,835 Intangible liability: Unfavorable contract liability (2) $ 14,236 $ 14,236 Less: accumulated amortization (2,356 ) (2,061 ) Intangible liability, net (included within other liabilities) $ 11,880 $ 12,175 (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)	9 Months Ended
	Sep. 30, 2017
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Long-term debt as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period September 30, December 31, Maturity 2017 2016 Unsecured: Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 110,000 $ 60,000 Term loan (2) April 2017 $ 225,000 April 2022 Floating n/a 225,000 — Secured: Royal Palm South Beach Miami, a Tribute Portfolio Resort (3) March 2015 $ 125,000 March 2017 Floating n/a — 125,000 Boston Marriott Newton May 2013 $ 60,000 June 2020 3.63% 25 53,366 54,614 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 82,536 84,476 Denver Marriott City Center (4) July 2012 $ 70,000 August 2022 4.90% 30 64,079 65,048 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 29,419 29,884 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 83,932 85,720 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 88,316 89,414 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 146,822 148,749 883,470 742,905 Unamortized deferred financing costs (6,118 ) (5,595 ) Long-term debt $ 877,352 $ 737,310 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of September 30, 2017 , the interest rate in effect was 2.79% . See below for additional information related to the revolving credit facility. (2) The term loan bears interest equal to LIBOR plus 1.45% - 2.20% (the spread over LIBOR based on the Trust’s consolidated leverage ratio). Contemporaneous with the closing of the term loan, the Trust entered into an interest rate swap to fix LIBOR at 1.86% for the five -year term (as of September 30, 2017 , the effective interest rate on the unsecured term loan was 3.31% ). Under the terms of this interest rate swap, the Trust pays fixed interest of 1.86% per annum on a notional amount of $225.0 million and receives floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap was April 21, 2017 and it will mature on April 21, 2022 . (3) 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 provided for a new two -year term. The term loan bore 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 paid fixed interest of 0.94% per annum on a notional amount of $125.0 million and received floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap was March 9, 2015 and it matured on March 9, 2017 . The Trust repaid the term loan at maturity on March 9, 2017 . (4) The loan has a term of 30 years, but is callable by the lender after 10 years, and the Trust expects the lender to call the loan at that time. The indicated maturity is based on the date the loan is callable by the lender.
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of September 30, 2017 are as follows (in thousands): Year Amounts 2017 $ 3,003 2018 13,178 2019 123,732 2020 135,316 2021 10,233 Thereafter 598,008 $ 883,470

Indirect Expenses (Tables)

Indirect Expenses (Tables)	9 Months Ended
	Sep. 30, 2017
Indirect Expenses [Abstract]
Schedule of Indirect Hotel Operating Expenses [Table Text Block]	Indirect hotel operating expenses for the three and nine months ended September 30, 2017 and 2016 consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Administrative and general $ 13,004 $ 13,421 $ 38,843 $ 39,897 Advertising and sales 10,914 11,155 32,240 32,582 Repairs and maintenance 5,226 5,102 15,763 15,525 Utilities 4,352 4,321 12,026 11,876 Franchise fees 2,799 2,804 7,664 7,778 Management fees 6,634 7,128 17,361 18,818 Property and other taxes 8,108 7,358 24,656 22,162 Insurance, leases and other 3,044 3,344 8,875 9,678 Indirect hotel operating expenses $ 54,081 $ 54,633 $ 157,428 $ 158,316

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income available to common shareholders $ 14,104 $ 23,525 $ 38,940 $ 57,293 Less: Dividends declared on unvested time-based awards (124 ) (146 ) (371 ) (435 ) Less: Undistributed earnings allocated to unvested time-based awards — — — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 13,980 $ 23,379 $ 38,569 $ 56,858 Denominator: Weighted-average number of common shares outstanding–basic 59,043,425 58,729,338 59,024,497 58,711,056 Effect of dilutive unvested performance-based awards 244,387 199,095 220,306 183,473 Weighted-average number of common shares outstanding–diluted 59,287,812 58,928,433 59,244,803 58,894,529 Net income available per common share—basic and diluted $ 0.24 $ 0.40 $ 0.65 $ 0.97

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Common Shares [Member]
Dividends payable
Dividends declared or paid	For the nine months ended September 30, 2017 , 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 2016 December 30, 2016 January 13, 2017 $ 0.40 First Quarter 2017 March 31, 2017 April 14, 2017 $ 0.40 Second Quarter 2017 June 30, 2017 July 14, 2017 $ 0.40 Third Quarter 2017 September 29, 2017 October 13, 2017 $ 0.40
Series A Preferred Shares [Member]
Dividends payable
Dividends declared or paid	For the nine months ended September 30, 2017 , 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 2016 December 30, 2016 January 13, 2017 $ 0.484375 First Quarter 2017 March 31, 2017 April 14, 2017 $ 0.484375 Second Quarter 2017 June 30, 2017 July 14, 2017 $ 0.484375

Equity Plan (Tables)

Equity Plan (Tables)	9 Months Ended
	Sep. 30, 2017
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 nine months ended September 30, 2017 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2016 775,984 $ 18.71 Granted 481,068 $ 15.89 Vested (186,185 ) $ 26.21 Forfeited — $ — Restricted common shares as of September 30, 2017 1,070,867 $ 16.13
2017 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 2017 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, 2019 , relative to the total return generated by a market-cap weighted index that includes nine lodging REITs (the "Performance Peer Group"). The payout schedule for the 2017 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the Performance Peer Group: Trust TSR as % of Performance Peer Group 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)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured 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 September 30, 2017 Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included within prepaid expenses and other assets) $ 19 $ — $ 19 $ — $ 19 $ — $ 19 $ —

Organization and Description 29

Organization and Description of Business (Details) - Chesapeake Lodging Trust [Member]	Sep. 30, 2017roomstatehotel
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)	9 Months Ended
	Sep. 30, 2017
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)	9 Months Ended
	Sep. 30, 2017segment
Summary of Significant Accounting Policies [Line Items]
Number of reportable segments	1

Dispositions (Details)

Dispositions (Details) $ in Thousands	Sep. 20, 2017USD ($)hotel	Apr. 14, 2016hotel	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Hotel Disposition [Line Items]
Net proceeds from sale of hotel					$ 0	$ 2,028
Gain on sale of hotel			$ 0	$ 0	0	598
Assets held for sale			40,179		40,179		$ 0
Liabilities related to assets held for sale, accounts payable and accrued expenses			1,451		1,451		$ 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
The Hotel Minneapolis, Autograph Collection [Member]
Hotel Disposition [Line Items]
Number of hotel rooms | hotel	222
Hotel sale price	$ 46,000
Assets held for sale			40,200		40,200
Assets held for sale, property and equipment			39,300		39,300
Assets held for sale, accounts receivable, prepaid expenses and other assets			900		900
Liabilities related to assets held for sale, accounts payable and accrued expenses			$ 1,500		$ 1,500

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Property and Equipment
Land and land improvements	$ 316,760	$ 319,039
Buildings and leasehold improvements	1,615,859	1,634,432
Furniture, fixtures and equipment	213,030	197,815
Construction-in-progress	21,366	21,399
Property and equipment, gross	2,167,015	2,172,685
Less: accumulated depreciation and amortization	(338,712)	(289,816)
Property and equipment, net	$ 1,828,303	$ 1,882,869

Intangible Assets and Liabili34

Intangible Assets and Liability, Table 1 (Details) $ in Thousands	Oct. 03, 2011USD ($)	Mar. 18, 2010USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 29, 2014
Indefinite-lived Intangible Assets [Line Items]
Intangible assets gross			$ 39,673	$ 39,673
Less: accumulated amortization			(4,272)	(3,838)
Intangible assets, net			35,401	35,835
Unfavorable contract liability			14,236	14,236
Less: accumulated amortization			(2,356)	(2,061)
Intangible liability, net (included within other liabilities)			11,880	12,175
Air Rights Contract [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets gross			36,105	36,105
Favorable Ground Leases [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	Apr. 21, 2017	Mar. 09, 2015	Mar. 04, 2015	Jul. 27, 2012	Sep. 30, 2017	Dec. 31, 2016
Long-Term Debt
Long-term debt, carrying amount					$ 883,470	$ 742,905
Unamortized deferred financing costs					(6,118)	(5,595)
Long-term debt					$ 877,352	737,310
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, issuance month year					July 2,010
Revolving credit facility, maturity date month year					March 2,019
Debt instrument maturity extension period			1 year
Interest rate in effect for borrowings under revolving credit facility					2.79%
Long-Term Debt
Revolving credit facility					$ 110,000	60,000
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					April 2,017
Unsecured term loan, maturity month year					April 2,022
Unsecured term loan					$ 225,000
Debt instrument effectively fixed term	5 years
Debt instrument effectively fixed rate					3.31%
Long-Term Debt
Unsecured term loan					$ 225,000	0
Royal Palm South Beach Miami, a Tribute Portfolio Resort Term Loan
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					March 2,015
Unsecured term loan, maturity month year					March 2,017
Mortgage loans on real estate, face amount of mortgages		$ 125,000			$ 125,000
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%
Long-Term Debt
Long-term debt, carrying amount					$ 0	125,000
Boston Marriott Newton Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					May 2,013
Unsecured term loan, maturity month year					June 2,020
Mortgage loans on real estate, face amount of mortgages					$ 60,000
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					$ 53,366	54,614
Le Meridien San Francisco Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					July 2,013
Unsecured term loan, maturity month year					August 2,020
Mortgage loans on real estate, face amount of mortgages					$ 92,500
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					$ 82,536	84,476
Denver Marriott City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					July 2,012
Unsecured term loan, maturity month year					August 2,022
Mortgage loans on real estate, face amount of mortgages					$ 70,000
Debt instrument, interest rate, stated percentage					4.90%
Mortgage loans on real estate amortization period					30 years
Debt instrument, term				30 years
Debt instrument call term				10 years
Long-Term Debt
Long-term debt, carrying amount					$ 64,079	65,048
Hilton Checkers Los Angeles Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					February 2,013
Unsecured term loan, maturity month year					March 2,023
Mortgage loans on real estate, face amount of mortgages					$ 32,000
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					$ 29,419	29,884
W Chicago - City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					July 2,013
Unsecured term loan, maturity month year					August 2,023
Mortgage loans on real estate, face amount of mortgages					$ 93,000
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					$ 83,932	85,720
Hyatt Herald Square New York and Hyatt Place New York Midtown South Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					July 2,014
Unsecured term loan, maturity month year					July 2,024
Mortgage loans on real estate, face amount of mortgages					$ 90,000
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					$ 88,316	89,414
Hyatt Regency Boston Mortgage Loan [Member]
Debt Instrument [Line Items]
Unsecured term loan, issuance month year					June 2,016
Unsecured term loan, maturity month year					July 2,026
Mortgage loans on real estate, face amount of mortgages					$ 150,000
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					$ 146,822	$ 148,749
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Fixed interest rate on interest rate swap	1.86%	0.94%
Derivative, notional amount	$ 225,000	$ 125,000
Derivative effective date	Apr. 21, 2017	Mar. 9, 2015
Derivative, maturity date	Apr. 21, 2022	Mar. 9, 2017

Long-Term Debt Details Textual

Long-Term Debt Details Textual (Details) $ in Millions	Apr. 21, 2017USD ($)	Mar. 09, 2015USD ($)	Mar. 04, 2015USD ($)	Sep. 30, 2017USD ($)hotel	Oct. 25, 2012USD ($)
Debt Instrument [Line Items]
Number of borrowing base hotels supporting revolving credit facility | hotel				13
Current borrowing capacity under revolving credit facility				$ 300
Weighted-average interest rate on long-term debt				3.77%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility			$ 300		$ 250
Revolving credit facility, maturity date month year				March 2,019
Potential maximum borrowing capacity under revolving credit facility			$ 450
Debt instrument maturity extension period			1 year
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument effectively fixed term	5 years
Unsecured term loan potential maximum borrowing capacity	$ 375
Debt instrument effectively fixed rate				3.31%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Swaption Interest Rate	1.86%	0.94%
Derivative, Notional Amount	$ 225	$ 125
Derivative, Effective Date	Apr. 21, 2017	Mar. 9, 2015
Derivative, Maturity Date	Apr. 21, 2022	Mar. 9, 2017
Minimum [Member] | Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	1.45%
Maximum [Member] | Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR	2.20%
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Rate spread over LIBOR			1.55%
Revolving Credit Facility [Member] | 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	Sep. 30, 2017	Dec. 31, 2016
Future Principal Payments of Debt Obligations
2,017	$ 3,003
2,018	13,178
2,019	123,732
2,020	135,316
2,021	10,233
Thereafter	598,008
Long-term debt, carrying amount	$ 883,470	$ 742,905

Indirect Expenses (Details)

Indirect Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Indirect Expenses [Abstract]
Administrative and general	$ 13,004	$ 13,421	$ 38,843	$ 39,897
Advertising and sales	10,914	11,155	32,240	32,582
Repairs and maintenance	5,226	5,102	15,763	15,525
Utilities	4,352	4,321	12,026	11,876
Franchise fees	2,799	2,804	7,664	7,778
Management fees	6,634	7,128	17,361	18,818
Property and other taxes	8,108	7,358	24,656	22,162
Insurance, leases and other	3,044	3,344	8,875	9,678
Indirect hotel operating expenses	$ 54,081	$ 54,633	$ 157,428	$ 158,316

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income available to common shareholders	$ 14,104	$ 23,525	$ 38,940	$ 57,293
Less: Dividends declared on unvested time-based awards	(124)	(146)	(371)	(435)
Less: Undistributed earnings allocated to unvested time-based awards	0	0	0	0
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 13,980	$ 23,379	$ 38,569	$ 56,858
Denominator:
Weighted-average number of common shares outstanding - basic	59,043,425	58,729,338	59,024,497	58,711,056
Effect of dilutive unvested performance-based awards	244,387	199,095	220,306	183,473
Weighted-average number of shares outstanding - diluted	59,287,812	58,928,433	59,244,803	58,894,529
Net income available to common shareholders - basic and diluted	$ 0.24	$ 0.40	$ 0.65	$ 0.97
Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share, amount	371,352	788,291	371,352	788,291

Shareholders' Equity (Details)

Shareholders' Equity (Details)	9 Months Ended
	Sep. 30, 2017$ / shares
Common Shares [Member] | Fourth Quarter 2016 [Member]
Dividends Declared or Paid
Record date	Dec. 30, 2016
Payment date	Jan. 13, 2017
Common share, dividend per share, cash paid	$ 0.40
Common Shares [Member] | First Quarter 2017 [Member]
Dividends Declared or Paid
Record date	Mar. 31, 2017
Payment date	Apr. 14, 2017
Common share, dividend per share, declared	$ 0.40
Common Shares [Member] | Second Quarter 2017 [Member]
Dividends Declared or Paid
Record date	Jun. 30, 2017
Payment date	Jul. 14, 2017
Common share, dividend per share, declared	$ 0.40
Common Shares [Member] | Third Quarter 2017 [Member]
Dividends Declared or Paid
Record date	Sep. 29, 2017
Payment date	Oct. 13, 2017
Common share, dividend per share, declared	$ 0.40
Series A Preferred Shares [Member] | Fourth Quarter 2016 [Member]
Dividends Declared or Paid
Record date	Dec. 30, 2016
Payment date	Jan. 13, 2017
Preferred share, dividend per share, cash paid	$ 0.484375
Series A Preferred Shares [Member] | First Quarter 2017 [Member]
Dividends Declared or Paid
Record date	Mar. 31, 2017
Payment date	Apr. 14, 2017
Preferred share, dividend per share, declared	$ 0.484375
Series A Preferred Shares [Member] | Second Quarter 2017 [Member]
Dividends Declared or Paid
Record date	Jun. 30, 2017
Payment date	Jul. 14, 2017
Preferred share, dividend per share, declared	$ 0.484375

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jul. 17, 2017	Sep. 29, 2015	Sep. 30, 2017	Dec. 31, 2016
Shareholders' Equity (Textual) [Abstract]
Common shares, authorized (in shares)			400,000,000	400,000,000
Common shares, par value (in dollars per share)			$ 0.01	$ 0.01
Common shares, voting rights			one
Issuance of unrestricted common shares (in shares)			2,543
Issuance of restricted common shares (in shares)			481,068
Repurchase of common shares (in shares)			40,504
Common shares, outstanding (in shares)			60,115,071	59,671,964
Preferred shares, authorized (in shares)			100,000,000	100,000,000
Preferred shares, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred shares, outstanding (in shares)			0	5,000,000
Preferred shares, issued			0	5,000,000
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
7.75% Series A Cumulative Redeemable Preferred Shares [Member]
Shareholders' Equity (Textual) [Abstract]
Shares redeemed during period, shares	5,000,000
Preferred shares redemption price per share	$ 25

Equity Plan (Details Textual)

Equity Plan (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)shares
Equity Plan (Textual) [Abstract]
Common shares reserved and available for future issuance (in shares)	655,779
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	481,068
Share-based compensation arrangement by share-based payment award, time-based, grants in period	179,403
Share-based compensation arrangement by share-based payment award, performance-based, grants in period	301,665
Unrecognized share-based compensation expense | $	$ 9.2
Unrecognized share-based compensation expense, weighted-average period (in years)	1 year 11 months

Equity Plan (Details Textual 2)

Equity Plan (Details Textual 2)	9 Months Ended
	Sep. 30, 2017$ / shares
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 15.89
2017 Performance-based Awards [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 9.99
Expected volatility rate	24.16%
Risk free interest rate	1.57%
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)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Restricted Common Shares
Number of restricted shares, beginning balance (in shares) | shares	775,984
Weighted-average grant-date fair value, beginning (in dollars per share) | $ / shares	$ 18.71
Number of restricted shares, granted (in shares) | shares	481,068
Weighted-average grant-date fair value, granted (in dollars per share) | $ / shares	$ 15.89
Number of restricted shares, vested (in shares) | shares	(186,185)
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares	$ 26.21
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	1,070,867
Weighted-average grant-date fair value, ending (in dollars per share) | $ / shares	$ 16.13

Fair Value Measurements and D45

Fair Value Measurements and Derivative Instrument (Details) $ in Thousands	Sep. 30, 2017USD ($)
Assets
Interest rate swap	$ 19
Interest Rate Swap [Member]
Assets
Interest rate swap	19
Fair Value, Inputs, Level 1 [Member]
Assets
Interest rate swap	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Assets
Interest rate swap	0
Fair Value, Inputs, Level 2 [Member]
Assets
Interest rate swap	19
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Assets
Interest rate swap	19
Fair Value, Inputs, Level 3 [Member]
Assets
Interest rate swap	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Assets
Interest rate swap	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)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%