Chesapeake Lodging Trust (CHSP) 10-K 15 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 09, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Chesapeake Lodging Trust
Entity Central Index Key	1,473,078
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		60,380,521
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,415,065,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Property and equipment, net	$ 1,823,217	$ 1,882,869
Intangible assets, net	35,256	35,835
Cash and cash equivalents	44,314	43,060
Restricted cash	30,602	36,128
Accounts receivable, net of allowance for doubtful accounts of $116 and $157, respectively	20,769	19,966
Prepaid expenses and other assets	21,202	17,516
Total assets	1,975,360	2,035,374
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	829,552	737,310
Accounts payable and accrued expenses	65,783	64,581
Other liabilities	31,597	44,808
Total liabilities	926,932	846,699
Commitments and contingencies (Note 15)
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; 59,941,088 shares and 59,671,964 shares issued and outstanding, respectively	599	597
Additional paid-in capital	1,190,250	1,304,364
Cumulative dividends in excess of net income	(144,734)	(116,297)
Accumulated other comprehensive income (loss)	2,313	(39)
Total shareholders’ equity	1,048,428	1,188,675
Total liabilities and shareholders’ equity	$ 1,975,360	$ 2,035,374

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Allowance for doubtful accounts	$ 116	$ 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)	59,941,088	59,671,964
Common shares, outstanding (in shares)	59,941,088	59,671,964

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues [Abstract]
Rooms	$ 450,812	$ 465,796	$ 441,141
Food and beverage	118,715	125,987	117,171
Other	28,740	27,916	24,312
Total revenue	598,267	619,699	582,624
Hotel operating expenses:
Rooms	107,183	108,292	100,245
Food and beverage	88,454	92,075	87,625
Other direct	5,457	6,275	7,109
Indirect	194,212	208,756	196,523
Total hotel operating expenses	395,306	415,398	391,502
Depreciation and amortization	76,230	74,661	69,743
Air rights contract amortization	520	520	520
Corporate general and administrative	19,050	19,167	18,046
Hotel acquisition costs	0	0	854
Total operating expenses	491,106	509,746	480,665
Operating income	107,161	109,953	101,959
Interest expense	(33,939)	(31,846)	(31,856)
Gain on sale of hotel	6,102	598	0
Income before income taxes	79,324	78,705	70,103
Income tax expense	(3,089)	(1,999)	(2,595)
Net income	76,235	76,706	67,508
Preferred share dividends	(5,274)	(9,688)	(9,688)
Write-off of issuance costs of redeemed preferred shares	(4,419)	0	0
Net income available to common shareholders	$ 66,542	$ 67,018	$ 57,820
Net income available per common share - basic	$ 1.12	$ 1.13	$ 1
Net income available per common share - diluted	$ 1.11	$ 1.13	$ 0.99

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 76,235	$ 76,706	$ 67,508
Other comprehensive income (loss):
Unrealized gains (losses) on cash flow hedge instruments	1,235	(331)	(1,065)
Reclassification of unrealized losses on cash flow hedge instruments to interest expense	1,117	584	773
Comprehensive income	$ 78,587	$ 76,959	$ 67,216

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-In Capital	Cumulative Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss
Beginning balance, preferred shares, shares outstanding at Dec. 31, 2014		5,000,000
Balance, beginning at Dec. 31, 2014	$ 1,081,982	$ 50	$ 548	$ 1,138,391	$ (57,007)	$ 0
Beginning balance, common shares, shares outstanding at Dec. 31, 2014			54,818,064
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of common shares, net of underwriting fees and offering costs (in shares)			4,600,000
Sale of common shares, net of underwriting fees and offering costs, value	153,678		$ 46	153,632
Repurchase of common shares, value	$ (1,787)		$ 0	(1,787)
Repurchase of common shares (in shares)	(47,804)		(47,804)
Issuance of restricted common shares (in shares)	292,270		292,270
Issuance of restricted common shares, value	$ 0		$ 3	(3)
Issuance of unrestricted common shares (in shares)	2,926		2,926
Issuance of unrestricted common shares, value	$ 83			83
Forfeiture of restricted common shares (in shares)			(5,934)
Forfeiture of restricted common shares, value			$ 0
Forfeiture of restricted common share dividends	0				0
Amortization of deferred compensation	7,561			7,561
Declaration of dividends on common shares	(89,488)				(89,488)
Declaration of dividends on preferred shares	(9,688)				(9,688)
Net income	67,508				67,508
Other comprehensive income (loss)	(292)					(292)
Ending balance, preferred shares, shares outstanding at Dec. 31, 2015		5,000,000
Balance, ending at Dec. 31, 2015	1,209,557	$ 50	$ 597	1,297,877	(88,675)	(292)
Ending balance, common shares, shares outstanding at Dec. 31, 2015			59,659,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common shares, value	$ (3,020)		$ (1)	(3,019)
Repurchase of common shares (in shares)	(117,129)		(117,129)
Issuance of restricted common shares (in shares)	448,146		448,146
Issuance of restricted common shares, value	$ 0		$ 4	(4)
Issuance of unrestricted common shares (in shares)	3,467		3,467
Issuance of unrestricted common shares, value	$ 85			85
Forfeiture of restricted common shares (in shares)			(322,042)
Forfeiture of restricted common shares, value			$ (3)	3
Forfeiture of restricted common share dividends	1,516				1,516
Amortization of deferred compensation	9,422			9,422
Declaration of dividends on common shares	(96,156)				(96,156)
Declaration of dividends on preferred shares	(9,688)				(9,688)
Net income	76,706				76,706
Other comprehensive income (loss)	$ 253					253
Ending balance, preferred shares, shares outstanding at Dec. 31, 2016	5,000,000	5,000,000
Balance, ending at Dec. 31, 2016	$ 1,188,675	$ 50	$ 597	1,304,364	(116,297)	(39)
Ending 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, value	$ (1,078)		$ 0	(1,078)
Repurchase of common shares (in shares)	(40,919)		(40,919)
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)	3,327		3,327
Issuance of unrestricted common shares, value	$ 85			85
Forfeiture of restricted common shares (in shares)			(174,352)
Forfeiture of restricted common shares, value			$ (2)	2
Forfeiture of restricted common share dividends	820				820
Amortization of deferred compensation	7,412			7,412
Declaration of dividends on common shares	(96,176)				(96,176)
Declaration of dividends on preferred shares	(4,897)				(4,897)
Net income	76,235				76,235
Other comprehensive income (loss)	$ 2,352					2,352
Ending balance, preferred shares, shares outstanding at Dec. 31, 2017	0	0
Balance, ending at Dec. 31, 2017	$ 1,048,428	$ 0	$ 599	$ 1,190,250	$ (144,734)	$ 2,313
Ending balance, common shares, shares outstanding at Dec. 31, 2017	59,941,088		59,941,088

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 76,235	$ 76,706	$ 67,508
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	76,230	74,661	69,743
Air rights contract amortization	520	520	520
Write-off of unfavorable contract liability	(11,815)	0	0
Deferred financing costs amortization	1,682	1,850	1,882
Gain on sale of hotel	(6,102)	(598)	0
Share-based compensation	7,497	9,507	7,644
Other	(593)	(796)	(781)
Changes in assets and liabilities:
Accounts receivable, net	(1,093)	(4,363)	(679)
Prepaid expenses and other assets	(1,976)	329	(4,154)
Accounts payable and accrued expenses	1,283	1,801	4,069
Other liabilities	1,667	(47)	5,961
Net cash provided by operating activities	143,535	159,570	151,713
Cash flows from investing activities:
Acquisition of hotels, net of cash acquired	0	0	(255,249)
Disposition of hotels, net of cash sold	45,991	2,028	0
Improvements and additions to hotels	(55,051)	(32,015)	(36,782)
Change in restricted cash	5,526	4,233	3,026
Net cash used in investing activities	(3,534)	(25,754)	(289,005)
Cash flows from financing activities:
Proceeds from sale of common shares, net of underwriting fees	0	0	153,962
Payment of offering costs related to sale of common shares	0	0	(284)
Redemption of preferred shares	(125,000)	0	0
Borrowings under revolving credit facility	315,000	185,000	330,000
Repayments under revolving credit facility	(310,000)	(235,000)	(220,000)
Proceeds from issuance of unsecured term loan	225,000	0	0
Proceeds from issuance of mortgage debt	0	150,000	0
Principal prepayments on mortgage debt	0	(122,220)	0
Scheduled principal payments of mortgage debt	(137,657)	(10,940)	(10,271)
Payment of deferred financing costs	(1,783)	(952)	(2,311)
Payment of dividends to common shareholders	(95,909)	(94,480)	(81,111)
Payment of dividends to preferred shareholders	(7,320)	(9,688)	(9,688)
Repurchase of common shares	(1,078)	(3,020)	(1,787)
Net cash provided by (used in) financing activities	(138,747)	(141,300)	158,510
Net increase (decrease) in cash	1,254	(7,484)	21,218
Cash and cash equivalents, beginning of period	43,060	50,544	29,326
Cash and cash equivalents, end of period	44,314	43,060	50,544
Supplemental disclosure of cash flow information:
Cash paid for interest	31,828	30,620	29,668
Cash paid for income taxes	2,927	1,995	4,479
Assumption of mortgage debt related to hotel acquisition	$ 0	$ 0	$ 125,000

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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. 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.”). As of December 31, 2017 , the Trust owned 21 hotels with an aggregate of 6,479 rooms in eight states and the District of Columbia. Substantially all of the Trust’s assets are held by, and all of its operations are conducted through, Chesapeake Lodging, L.P., a Delaware limited partnership, which is wholly owned by the Trust (the “Operating Partnership”). For the Trust to qualify as a REIT, it cannot operate hotels. Therefore, the Operating Partnership leases its hotels to taxable REIT subsidiaries (each, a “TRS”), which are wholly owned subsidiaries of the Operating Partnership and are treated as TRSs for federal income tax purposes. The TRSs then engage hotel management companies to operate the hotels pursuant to management agreements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation —The consolidated financial statements presented herein include all of the accounts of Chesapeake Lodging Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents —The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted Cash —Restricted cash includes reserves held in escrow for normal replacements of furniture, fixtures and equipment (“FF&E”), property improvement plans (each, a “PIP”), real estate taxes, and 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 years ended December 31, 2017 , 2016 and 2015 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust's operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of December 31, 2017 and 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, U.S. generally accepted accounting principles ("GAAP") outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and the reporting entity’s own assumptions about market data (unobservable inputs). The three levels of the fair value hierarchy are as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 – Unobservable inputs reflect the reporting entity’s own assumptions about the pricing of an asset or liability when observable inputs are not available or when there is minimal, if any, market activity for an identical or similar asset or liability at the measurement date. Income Taxes —The Trust has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, the Trust generally will not be subject to federal income tax on that portion of its net income that does not relate to any of the Trust’s TRSs, and that is currently distributed to its shareholders. The Trust's TRSs, which lease the Trust’s hotels from the subsidiaries of the Operating Partnership owning them, are subject to federal and state income taxes. The Trust accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Share-Based Compensation —From time to time, the Trust grants restricted share awards to employees and trustees. To date, the Trust has granted two types of restricted share awards: (1) awards that vest solely on continued employment or service (time-based awards) and (2) awards that vest based on the Trust achieving specified levels of relative total shareholder return and continued employment (performance-based awards). The Trust measures share-based compensation expense for the restricted share awards based on the fair value of the awards on the date of grant. The fair value of time-based awards is determined based on the closing price of the Trust’s common shares on the measurement date, which is generally the date of grant. The fair value of performance-based awards is determined using a Monte Carlo simulation performed by an independent third party. For time-based awards, share-based compensation expense is recognized on a straight-line basis over the life of the entire award. For performance-based awards, share-based compensation expense is recognized over the requisite service period for each award. No share-based compensation expense is recognized for awards for which employees or trustees do not render the requisite service. Earnings Per Share —Basic earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period. Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership. Use of Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements— In May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for recognition of revenue from contracts with customers. The comprehensive new accounting guidance supersedes previous revenue recognition guidance and requires 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 adopted the new accounting guidance on January 1, 2018 on a modified retrospective basis. Based on the Trust’s completed assessment of this updated accounting guidance, it does not 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 and the Trust did not recognize any cumulative-effect adjustment as a result of adopting this new accounting guidance. Furthermore, the Trust does not expect the updated accounting guidance to materially 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. In November 2016, the FASB issued updated accounting guidance which requires the consolidated statements of cash flows to explain the change during the period in the total of cash, cash equivalents and restricted cash. Therefore, restricted cash should be included within cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the consolidated statements of cash flows. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2017 and is to be applied on a retrospective basis. The Trust adopted the new accounting guidance on January 1, 2018. The adoption of this guidance will change the presentation of restricted cash in the consolidated statements of cash flows; however, the Trust does not believe that the adoption of this guidance will have a material impact on the consolidated financial statements. In January 2017, the FASB issued updated accounting guidance to clarify the definition of a business. The new accounting guidance adds further guidance that assists entities in evaluating whether a transaction should be accounted for as an acquisition of (or disposal of) an asset or a business. Under the new accounting guidance, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not a business. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2017 (early adoption is permitted) and is to be applied prospectively. The Trust adopted the new accounting guidance on January 1, 2018. The adoption of this guidance would result in the capitalization of hotel acquisition costs to the extent the Trust completes a future acquisition that is determined to be an acquisition of an asset rather than a business, which may have a material impact on its results of operations. In February 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases. This new accounting guidance is effective for annual periods beginning after December 15, 2018 (early adoption is permitted) and is to be applied on a modified retrospective approach. The Trust is in the process of creating an inventory of its leases and analyzing its current ground lease agreements. The Trust expects to record assets and liabilities on its consolidated balance sheets associated with the ground lease agreements under the new accounting guidance; however, the Trust is still evaluating the impact that this guidance will have on its consolidated financial statements.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisition of Hotels	3. Acquisitions The Trust has acquired the following hotels since January 1, 2015 (in thousands, except rooms data): Hotel Location Rooms Net Assets Acquired Acquisition Date Royal Palm South Beach Miami, a Tribute Portfolio Resort (1) Miami Beach, FL 393 $ 153,662 March 9, 2015 Ace Hotel and Theater Downtown Los Angeles Los Angeles, CA 182 101,687 April 30, 2015 575 $ 255,349 (1) As part of the acquisition, the Trust assumed a $125.0 million term loan with a carrying value that approximated its fair value at the date of acquisition. The Trust repaid the term loan at maturity on March 9, 2017. See Note 7, "Long-Term Debt," for additional information. The allocation of the purchase prices to the assets acquired and liabilities assumed based on their fair values for the year ended December 31, 2015 was as follows (in thousands): Land and land improvements $ 64,462 Buildings and leasehold improvements 294,498 Furniture, fixtures and equipment 20,518 Cash 100 Accounts receivable, net 1,823 Prepaid expenses and other assets 3,162 Accounts payable and accrued expenses (4,089 ) Other liabilities (125 ) Mortgage loan (125,000 ) Net assets acquired $ 255,349

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2017
Hotel Disposition [Abstract]
Dispositions	4. 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 November 8, 2017 , the Trust sold the 222 -room The Hotel Minneapolis, Autograph Collection for $46.3 million , including sold working capital. Net proceeds from the sale were $46.0 million , which resulted in the recognition of a gain on sale of $6.1 million . This sale did not represent a strategic shift that had (or will have) a major effect on the Trust's operations and financial results, and therefore, did not qualify to be reported as discontinued operations.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment as of December 31, 2017 and 2016 consisted of the following (in thousands): December 31, 2017 2016 Land and land improvements $ 316,815 $ 319,039 Buildings and leasehold improvements 1,628,945 1,634,432 Furniture, fixtures and equipment 228,492 197,815 Construction-in-progress 6,640 21,399 2,180,892 2,172,685 Less: accumulated depreciation and amortization (357,675 ) (289,816 ) Property and equipment, net $ 1,823,217 $ 1,882,869

Intangible Assets and Liability

Intangible Assets and Liability	12 Months Ended
	Dec. 31, 2017
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	6. Intangible Assets and Liability Intangible assets and liability as of December 31, 2017 and 2016 consisted of the following (in thousands): December 31, 2017 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 (4,417 ) (3,838 ) Intangible assets, net $ 35,256 $ 35,835 Intangible liability: Unfavorable contract liability (2) $ — $ 14,236 Less: accumulated amortization — (2,061 ) Intangible liability, net (included within other liabilities) $ — $ 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 Hilton Denver City Center (formerly 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 consolidated statements of operations. Also in conjunction with the acquisition of the Hilton Denver City Center, the Trust assumed a management agreement 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 at the time, which the Trust amortized over the remaining non-cancelable term and included within indirect hotel operating expenses in the consolidated statements of operations. The Trust recognized an $11.8 million write-off of unfavorable contract liability in connection with the change in management at the Hilton Denver City Center on December 1, 2017, which is also included within indirect hotel operating expenses in the consolidated statement of operations for the year ended December 31, 2017.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2017
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	7. Long-Term Debt Long-term debt as of December 31, 2017 and 2016 consisted of the following (in thousands): Original Principal Amount Interest Rate Principal Amortization Period December 31, Origination Maturity 2017 2016 Unsecured: Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 65,000 $ 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 52,941 54,614 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 81,875 84,476 Hilton Denver City Center (4) July 2012 $ 70,000 August 2022 4.90% 30 63,748 65,048 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 29,260 29,884 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 83,320 85,720 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 87,938 89,414 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 146,166 148,749 835,248 742,905 Unamortized deferred financing costs (5,696 ) (5,595 ) Long-term debt $ 829,552 $ 737,310 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of December 31, 2017 , the interest rate in effect was 3.14% . 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 December 31, 2017 , the effective interest rate on the term loan was 3.46% ). 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 with a syndicate of banks 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 from a syndicate of banks. 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 December 31, 2017 , the borrowing base included 12 of the Trust's hotels providing borrowing availability of $300.0 million under the revolving credit facility, of which $235.0 million 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, property insurance premiums, and normal replacements of FF&E. As of December 31, 2017 , the Trust was in compliance with all financial covenants under its borrowing arrangements. As of December 31, 2017 , the Trust’s weighted-average interest rate on its long-term debt was 3.89% . Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of December 31, 2017 are as follows (in thousands): Year Amounts 2018 $ 12,959 2019 78,732 2020 135,316 2021 10,233 2022 291,635 Thereafter 306,373 $ 835,248

Indirect Expenses

Indirect Expenses	12 Months Ended
	Dec. 31, 2017
Indirect Expenses [Abstract]
Indirect Expenses	8. Indirect Expenses Indirect hotel operating expenses for the years ended December 31, 2017, 2016 and 2015 consisted of the following (in thousands): Year Ended December 31, 2017 2016 2015 Administrative and general $ 51,436 $ 52,509 $ 47,145 Advertising and sales 43,017 43,457 41,501 Repairs and maintenance 20,956 20,905 19,801 Utilities 15,601 15,695 15,283 Franchise fees 10,141 10,212 9,362 Management fees (1) 7,975 24,460 21,959 Property and other taxes 32,922 29,456 28,781 Insurance, leases and other 12,164 12,062 12,691 Indirect hotel operating expenses $ 194,212 $ 208,756 $ 196,523 (1) For the year ended December 31, 2017, includes $14.3 million related to a write-off of an unfavorable contract liability and a settlement gain resulting from the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center).

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings Per Share The following is a reconciliation of the amounts used in calculating basic and diluted earnings per share (in thousands, except share and per share data): Year Ended December 31, 2017 2016 2015 Numerator: Net income available to common shareholders $ 66,542 $ 67,018 $ 57,820 Less: Dividends declared on unvested time-based awards (494 ) (561 ) (560 ) Less: Undistributed earnings allocated to unvested time-based awards — — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 66,048 $ 66,457 $ 57,260 Denominator: Weighted-average number of common shares outstanding–basic 59,029,490 58,717,647 57,474,256 Effect of dilutive unvested performance-based awards 225,754 — 452,143 Weighted-average number of common shares outstanding–diluted 59,255,244 58,717,647 57,926,399 Net income available per common share: Basic $ 1.12 $ 1.13 $ 1.00 Diluted $ 1.11 $ 1.13 $ 0.99 For the years ended December 31, 2017 , 2016 and 2015 , 207,121 , 460,269 and 193,426 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	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Shareholders' Equity	10. 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 March 27, 2015, the Trust completed an underwritten public offering of 4,600,000 common shares at a price of $33.47 per share, including 600,000 shares sold pursuant to the underwriters' exercise of their option to purchase additional shares. After deducting underwriting fees and offering costs, the Trust generated net proceeds of $153.7 million . On September 29, 2015, the Trust's board of trustees authorized a share repurchase program pursuant to which the Trust may acquire up to $100.0 million of its common shares. The repurchase program authorizes the Trust to repurchase its common shares from time to time through open market purchases, negotiated transactions or other means, in accordance with applicable securities laws and other restrictions. The repurchase program expires in September 2018 , but may be suspended or discontinued at any time, and does not obligate the Trust to acquire any particular amount of its shares. As of December 31, 2017 , $100.0 million remained available for the repurchase of common shares. For the years ended December 31, 2017 , 2016 and 2015 , the Trust issued 3,327 , 3,467 and 2,926 unrestricted common shares, respectively, and 481,068 , 448,146 and 292,270 restricted common shares, respectively, to its trustees and employees. For the years ended December 31, 2017 , 2016 and 2015 , the Trust repurchased 40,919 , 117,129 and 47,804 common shares, respectively, from employees to satisfy the minimum statutory tax withholding requirements related to the vesting of their previously granted restricted common shares. As of December 31, 2017 , the Trust had 59,941,088 common shares outstanding. For the years ended December 31, 2017 , 2016 and 2015 , the Trust's board of trustees declared dividends per common share as follows: Year Ended December 31, 2017 2016 2015 First Quarter $ 0.40 $ 0.40 $ 0.35 Second Quarter 0.40 0.40 0.35 Third Quarter 0.40 0.40 0.40 Fourth Quarter 0.40 0.40 0.40 $ 1.60 $ 1.60 $ 1.50 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 December 31, 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 years ended December 31, 2017 , 2016 and 2015 , the Trust's board of trustees declared dividends per preferred share as follows: Year Ended December 31, 2017 2016 2015 First Quarter $ 0.484375 $ 0.484375 $ 0.484375 Second Quarter 0.484375 0.484375 0.484375 Third Quarter 0.010764 0.484375 0.484375 Fourth Quarter — 0.484375 0.484375 $ 0.979514 $ 1.937500 $ 1.937500

Equity Plan

Equity Plan	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Plan	11. 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 December 31, 2017 , subject to increases that may result in the case of any future forfeiture or termination of currently outstanding awards, 829,347 common shares were reserved and available for future issuances under the Plan. The Trust will make appropriate adjustments to outstanding awards and the number of shares available for issuance under the Plan, including the individual limitations on awards, to reflect share dividends, share splits, spin-offs and other similar events. While the compensation committee can terminate or amend the Plan at any time, no amendment can adversely impair the rights of grantees with respect to outstanding awards. In addition, an amendment will be contingent on approval of the Trust’s common shareholders to the extent required by law or if the amendment would materially increase the benefits accruing to participants under the Plan, materially increase the aggregate number of shares that can be issued under the Plan, or materially modify the requirements as to eligibility for participation in the Plan. Unless terminated earlier, the Plan will terminate in January 2020, but will continue to govern unexpired awards. For the year ended December 31, 2015, the Trust granted 292,270 restricted common shares to certain employees and trustees, of which 117,918 shares were time-based awards and 174,352 shares were performance-based awards (the “2015 Performance-Based Awards”). The time-based awards are generally eligible to vest at the annual rate of one-third of the number of restricted shares granted commencing on the first anniversary of their issuance. The 2015 Performance-Based Awards were eligible to vest at December 31, 2017 . Dividends on the 2015 Performance-Based Awards were not paid unless the related shares vested. The fair value of the 2015 Performance-Based Awards was $17.13 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 19.90% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 0.85% . At December 31, 2017 , based on the Trust’s total shareholder return (“TSR”), as defined in the restricted share agreements, measured over the three -year performance period ended December 31, 2017, relative to the total return generated by the SNL US Hotel REIT Index prepared by SNL Financial LC (the “Index”), no shares vested and 174,352 shares were forfeited under the 2015 Performance-Based Awards. For the year ended December 31, 2016, the Trust granted 448,146 restricted common shares to certain employees and trustees, of which 162,229 shares were time-based awards and 285,917 shares were performance-based awards (the “2016 Performance-Based Awards”). The time-based awards are generally eligible to vest at the annual rate of one-third of the number of restricted shares granted commencing on the first anniversary of their issuance. The 2016 Performance-Based Awards are eligible to vest at December 31, 2018 . The actual number of shares under the 2016 Performance-Based Awards that vest will be based on the Trust’s TSR, measured over the three-year performance period ending December 31, 2018, relative to the total return generated by the Index. Dividends on the 2016 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2016 Performance-Based Awards was $10.54 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 21.04% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 1.38% . For the year ended December 31, 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 . The actual number of shares under the 2017 Performance-Based Awards that vest will be based on the Trust’s TSR, measured over the 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 “2017 Performance Peer Group”). 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 payout schedule for the 2016 Performance-Based Awards and the 2017 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the Index and the 2017 Performance Peer Group, respectively: Trust TSR as % of Index or 2017 Performance Peer Group Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100% If the Trust’s TSR is negative for a performance period, no shares under the 2016 Performance-Based Awards and the 2017 Performance-Based Awards will vest. If the Trust’s TSR is positive for a performance period and the total return of the Index or the 2017 Performance Peer Group is negative, as the case may be, 100% of the shares subject to vesting under the 2016 Performance-Based Awards and the 2017 Performance-Based Awards will vest. As of December 31, 2017 , there was approximately $7.3 million of unrecognized share-based compensation expense related to restricted common shares. The unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 1.8 years. The following is a summary of the Trust’s restricted common share activity for the years ended December 31, 2017 , 2016 and 2015 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2014 927,552 $ 15.87 Granted 292,270 $ 25.36 Vested (156,618 ) $ 22.76 Forfeited (5,934 ) $ 29.80 Restricted common shares as of December 31, 2015 1,057,270 $ 17.40 Granted 448,146 $ 15.58 Vested (407,390 ) $ 17.66 Forfeited (322,042 ) $ 11.39 Restricted common shares as of December 31, 2016 775,984 $ 18.71 Granted 481,068 $ 15.89 Vested (187,185 ) $ 26.21 Forfeited (174,352 ) $ 17.13 Restricted common shares as of December 31, 2017 895,515 $ 15.93

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instrument	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair value measurements and derivative instruments	12. Fair Value Measurements and Derivative Instrument The following table sets forth the Trust’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included within prepaid expenses and other assets) $ 2,313 $ — $ 2,313 $ — $ 2,313 $ — $ 2,313 $ — Derivative instruments are classified within Level 2 of the fair value hierarchy as they are valued using third-party pricing models which contain inputs that are derived from observable market data. Where possible, the values produced by the pricing models are verified to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility, and correlations of such inputs. The Trust’s financial instruments in addition to those disclosed in the table above include cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and long-term debt. The carrying values reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximate fair value. The Trust estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument using estimated market rates of debt instruments with similar maturities and credit profiles. These inputs are classified as Level 3 within the fair value hierarchy. As of December 31, 2017 , the carrying value reported in the consolidated balance sheet for the Trust's long-term debt approximated its fair value.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	13. Income Taxes The components of income tax expense for the years ended December 31, 2017 , 2016 and 2015 are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Current: Federal $ 1,454 $ 1,472 $ 3,366 State 1,074 274 580 2,528 1,746 3,946 Deferred: Federal 654 220 (1,158 ) State (93 ) 33 (193 ) 561 253 (1,351 ) Income tax expense $ 3,089 $ 1,999 $ 2,595 A reconciliation of the statutory federal income tax expense to the Trust’s income tax expense is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Statutory federal income tax expense $ 26,970 $ 26,760 $ 23,833 Effect of non-taxable REIT income (21,496 ) (24,902 ) (21,441 ) Write-off of unfavorable contract liability (4,017 ) — — Tax Cuts and Jobs Act income tax adjustment 1,057 — — State income tax expense, net of federal taxes 648 206 252 Other (73 ) (65 ) (49 ) Income tax expense $ 3,089 $ 1,999 $ 2,595 The tax effect of each type of temporary difference and carryforward that gives rise to the deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows (in thousands): December 31, 2017 2016 Deferred tax asset: Deferred income–key money $ 1,858 $ 2,299 Net operating loss carryforwards 133 282 Employee-related compensation 255 270 2,246 2,851 Deferred tax liability: Other 30 75 30 75 Net deferred tax asset $ 2,216 $ 2,776 On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Tax Cuts and Jobs Act") was enacted. The Tax Cuts and Jobs Act includes numerous changes to existing U.S. tax law, including lowering the statutory U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. The Trust has completed its assessment of these changes, and as a result of the reduction of U.S. federal corporate income tax rates, the Trust decreased the value of its deferred tax assets and liabilities during the year ended December 31, 2017. As of December 31, 2017 , the Trust had a net deferred tax asset of $2.2 million , of which $0.1 million related to net operating loss carryforwards. These net operating loss carryforwards will begin to expire in 2031 if not utilized by then. The Trust believes that it is more likely than not that its TRSs will generate sufficient taxable income to realize in full this deferred tax asset. Accordingly, no valuation allowance has been recorded as of December 31, 2017 . As of December 31, 2017 , the tax years that remain subject to examination by major tax jurisdictions generally include 2014 through 2017.

Quarterly Operating Results (un

Quarterly Operating Results (unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	14. Quarterly Operating Results (unaudited) Quarter Ended - 2017 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 134,874 $ 162,461 $ 158,277 $ 142,655 Total operating expenses 122,584 129,222 128,714 110,586 Operating income 12,290 33,239 29,563 32,069 Net income 8,019 21,661 18,953 27,602 Net income available to common shareholders, excluding amounts attributable to unvested time-based awards (1) 5,473 19,116 13,980 27,459 Net income available per common share: (2) Basic 0.09 0.32 0.24 0.47 Diluted 0.09 0.32 0.24 0.46 Quarter Ended - 2016 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 140,611 $ 169,431 $ 164,529 $ 145,128 Total operating expenses 124,285 130,153 130,298 125,010 Operating income 16,326 39,278 34,231 20,118 Net income 10,070 28,542 25,947 12,147 Net income available to common shareholders, excluding amounts attributable to unvested time-based awards (1) 7,504 25,959 23,379 9,599 Net income available per common share—basic and diluted (2) 0.13 0.44 0.40 0.16 (1) The sum of amounts for the four quarters may differ from the annual amount due to the required method of computing the two-class method in the respective periods. (2) The sum of per share amounts for the four quarters may differ from the annual per share amount due to the required method of computing weighted-average number of common shares outstanding in the respective periods.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	15. Commitments and Contingencies Management Agreements —The Trust’s hotels operate pursuant to management agreements with various third-party management companies. Each management company receives a base management fee generally between 2% and 4% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Trust has received a priority return on its investment in the hotel. Franchise Agreements —As of December 31, 2017 , 11 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 11 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.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Disclosure [Text Block]	Description Encumbrances Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amount at End of Year Accumulated Depreciation Year of Acquisition Depreciation Life Land Buildings and Improvements Land Buildings and Improvements Total Hyatt Regency Boston Boston, Massachusetts $ 146,166 $ — $ 71,462 $ 11,691 $ 75 $ 83,078 $ 83,153 $ 17,195 2010 40 years Hilton Checkers Los Angeles Los Angeles, California 29,260 9,010 32,710 2,443 9,036 35,127 44,163 6,918 2010 40 years Boston Marriott Newton Newton, Massachusetts 52,941 11,800 56,450 9,352 12,014 65,588 77,602 11,229 2010 40 years Le Meridien San Francisco San Francisco, California 81,875 28,737 100,734 5,765 28,770 106,466 135,236 19,267 2010 40 years Homewood Suites Seattle Convention Center Seattle, Washington — 6,266 44,004 1,701 6,267 45,704 51,971 7,641 2011 40 years W Chicago – City Center Chicago, Illinois 83,320 29,800 93,464 7,384 29,812 100,836 130,648 17,810 2011 40 years Hotel Indigo San Diego Gaslamp Quarter San Diego, California — 8,300 43,000 915 8,308 43,907 52,215 7,239 2011 40 years Courtyard Washington Capitol Hill/Navy Yard Washington, DC — 9,661 57,930 1,591 9,661 59,521 69,182 9,850 2011 40 years Hotel Adagio San Francisco, Autograph Collection San Francisco, California — 7,900 33,973 6,083 7,987 39,969 47,956 7,544 2011 40 years Hilton Denver City Center Denver, Colorado 63,748 3,500 118,209 14,684 4,076 132,317 136,393 20,084 2011 40 years Hyatt Herald Square New York New York, New York (1 ) 14,350 36,325 6,398 14,386 42,687 57,073 6,808 2011 40 years W Chicago – Lakeshore Chicago, Illinois — 40,000 80,800 27,498 40,139 108,159 148,298 17,510 2012 40 years Hyatt Regency Mission Bay Spa and Marina San Diego, California — — 57,633 6,876 — 64,509 64,509 8,309 2012 40 years Hyatt Place New York Midtown South New York, New York (1 ) 18,470 55,002 340 18,482 55,330 73,812 6,700 2013 40 years W New Orleans – French Quarter New Orleans, Louisiana — 4,092 19,468 322 4,098 19,784 23,882 2,346 2013 40 years Le Meridien New Orleans New Orleans, Louisiana — 4,700 54,875 17,109 4,703 71,981 76,684 9,814 2013 40 years Hyatt Centric Fisherman's Wharf San Francisco, California — 24,200 74,400 5,224 24,219 79,605 103,824 9,432 2013 40 years Hyatt Centric Santa Barbara Santa Barbara, California — 30,225 23,989 3,240 30,259 27,195 57,454 3,224 2013 40 years JW Marriott San Francisco Union Square San Francisco, California — — 139,150 10,291 — 149,441 149,441 11,379 2014 40 years Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, Florida — 40,100 222,230 2,835 40,153 225,012 265,165 15,954 2015 40 years Ace Hotel and Theater Downtown Los Angeles Los Angeles, California — 24,362 72,268 223 24,370 72,483 96,853 4,835 2015 40 years Totals $ 545,248 $ 315,473 $ 1,488,076 $ 141,965 $ 316,815 $ 1,628,699 $ 1,945,514 $ 221,088 (1) This hotel secures a mortgage loan issued in July 2014 , which had an outstanding principal balance of $87,938 as of December 31, 2017 . Notes: (a) The change in total cost of real estate assets for the years ended December 31, 2017 , 2016 and 2015 is as follows: Balance as of December 31, 2014 $ 1,567,242 Acquisitions 358,960 Capital expenditures and transfers from construction-in-progress 21,300 Balance as of December 31, 2015 1,947,502 Capital expenditures and transfers from construction-in-progress 7,034 Disposition (1,390 ) Balance as of December 31, 2016 1,953,146 Capital expenditures and transfers from construction-in-progress 35,336 Disposition (42,968 ) Balance as of December 31, 2017 $ 1,945,514 (b) The change in accumulated depreciation and amortization of real estate assets for the years ended December 31, 2017 , 2016 and 2015 is as follows: Balance as of December 31, 2014 $ 91,741 Depreciation and amortization 42,970 Balance as of December 31, 2015 134,711 Depreciation and amortization 45,199 Disposition (42 ) Balance as of December 31, 2016 179,868 Depreciation and amortization 46,235 Disposition (5,015 ) Balance as of December 31, 2017 $ 221,088 (c) The aggregate cost of real estate assets for federal income tax purposes is approximately $1,827 million as of December 31, 2017 .

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The consolidated financial statements presented herein include all of the accounts of Chesapeake Lodging Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents —The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash —Restricted cash includes reserves held in escrow for normal replacements of furniture, fixtures and equipment (“FF&E”), property improvement plans (each, a “PIP”), real estate taxes, and 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 years ended December 31, 2017 , 2016 and 2015 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust's operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of December 31, 2017 and 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.
Derivative Instruments	Derivative Instruments —From time to time, the Trust is a party to interest rate swaps, which are considered derivative instruments, in order to manage its interest rate exposure. The Trust’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows. The Trust records derivative instruments at fair value as either assets or liabilities and designates them as cash flow hedging instruments at inception. The Trust evaluates the hedge effectiveness of the designated cash flow hedging instruments on a quarterly basis and records the effective portion of the change in the fair value of the cash flow hedging instruments as other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedging instruments are reclassified to interest expense as interest payments are made on the variable-rate debt being hedged. The Trust does not enter into derivative instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties.
Fair Value Measurements	Fair Value Measurements —The Trust accounts for certain assets and liabilities at fair value. In evaluating the fair value of both financial and non-financial assets and liabilities, U.S. generally accepted accounting principles ("GAAP") outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and the reporting entity’s own assumptions about market data (unobservable inputs). The three levels of the fair value hierarchy are as follows: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is defined as a market in which transactions occur with sufficient frequency and volume to provide pricing on an ongoing basis. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves), and inputs that are derived principally from or corroborated by observable market data correlation or other means. Level 3 – Unobservable inputs reflect the reporting entity’s own assumptions about the pricing of an asset or liability when observable inputs are not available or when there is minimal, if any, market activity for an identical or similar asset or liability at the measurement date.
Income Taxes	Income Taxes —The Trust has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code. As a REIT, the Trust generally will not be subject to federal income tax on that portion of its net income that does not relate to any of the Trust’s TRSs, and that is currently distributed to its shareholders. The Trust's TRSs, which lease the Trust’s hotels from the subsidiaries of the Operating Partnership owning them, are subject to federal and state income taxes. The Trust accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Share-Based Compensation	Share-Based Compensation —From time to time, the Trust grants restricted share awards to employees and trustees. To date, the Trust has granted two types of restricted share awards: (1) awards that vest solely on continued employment or service (time-based awards) and (2) awards that vest based on the Trust achieving specified levels of relative total shareholder return and continued employment (performance-based awards). The Trust measures share-based compensation expense for the restricted share awards based on the fair value of the awards on the date of grant. The fair value of time-based awards is determined based on the closing price of the Trust’s common shares on the measurement date, which is generally the date of grant. The fair value of performance-based awards is determined using a Monte Carlo simulation performed by an independent third party. For time-based awards, share-based compensation expense is recognized on a straight-line basis over the life of the entire award. For performance-based awards, share-based compensation expense is recognized over the requisite service period for each award. No share-based compensation expense is recognized for awards for which employees or trustees do not render the requisite service.
Earnings Per Share	Earnings Per Share —Basic earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period.
Segment Information	Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership.
Use of Estimates	Use of Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements— In May 2014, the Financial Accounting Standards Board (the “FASB”) issued updated accounting guidance for recognition of revenue from contracts with customers. The comprehensive new accounting guidance supersedes previous revenue recognition guidance and requires 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 adopted the new accounting guidance on January 1, 2018 on a modified retrospective basis. Based on the Trust’s completed assessment of this updated accounting guidance, it does not 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 and the Trust did not recognize any cumulative-effect adjustment as a result of adopting this new accounting guidance. Furthermore, the Trust does not expect the updated accounting guidance to materially 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. In November 2016, the FASB issued updated accounting guidance which requires the consolidated statements of cash flows to explain the change during the period in the total of cash, cash equivalents and restricted cash. Therefore, restricted cash should be included within cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the consolidated statements of cash flows. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2017 and is to be applied on a retrospective basis. The Trust adopted the new accounting guidance on January 1, 2018. The adoption of this guidance will change the presentation of restricted cash in the consolidated statements of cash flows; however, the Trust does not believe that the adoption of this guidance will have a material impact on the consolidated financial statements. In January 2017, the FASB issued updated accounting guidance to clarify the definition of a business. The new accounting guidance adds further guidance that assists entities in evaluating whether a transaction should be accounted for as an acquisition of (or disposal of) an asset or a business. Under the new accounting guidance, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not a business. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2017 (early adoption is permitted) and is to be applied prospectively. The Trust adopted the new accounting guidance on January 1, 2018. The adoption of this guidance would result in the capitalization of hotel acquisition costs to the extent the Trust completes a future acquisition that is determined to be an acquisition of an asset rather than a business, which may have a material impact on its results of operations. In February 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases. This new accounting guidance is effective for annual periods beginning after December 15, 2018 (early adoption is permitted) and is to be applied on a modified retrospective approach. The Trust is in the process of creating an inventory of its leases and analyzing its current ground lease agreements. The Trust expects to record assets and liabilities on its consolidated balance sheets associated with the ground lease agreements under the new accounting guidance; however, the Trust is still evaluating the impact that this guidance will have on its consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Hotels Acquired by the Trust	Hotel Location Rooms Net Assets Acquired Acquisition Date Royal Palm South Beach Miami, a Tribute Portfolio Resort (1) Miami Beach, FL 393 $ 153,662 March 9, 2015 Ace Hotel and Theater Downtown Los Angeles Los Angeles, CA 182 101,687 April 30, 2015 575 $ 255,349 (1) As part of the acquisition, the Trust assumed a $125.0 million term loan with a carrying value that approximated its fair value at the date of acquisition. The Trust repaid the term loan at maturity on March 9, 2017. See Note 7, "Long-Term Debt," for additional information.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the purchase prices to the assets acquired and liabilities assumed based on their fair values for the year ended December 31, 2015 was as follows (in thousands): Land and land improvements $ 64,462 Buildings and leasehold improvements 294,498 Furniture, fixtures and equipment 20,518 Cash 100 Accounts receivable, net 1,823 Prepaid expenses and other assets 3,162 Accounts payable and accrued expenses (4,089 ) Other liabilities (125 ) Mortgage loan (125,000 ) Net assets acquired $ 255,349

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	December 31, 2017 2016 Land and land improvements $ 316,815 $ 319,039 Buildings and leasehold improvements 1,628,945 1,634,432 Furniture, fixtures and equipment 228,492 197,815 Construction-in-progress 6,640 21,399 2,180,892 2,172,685 Less: accumulated depreciation and amortization (357,675 ) (289,816 ) Property and equipment, net $ 1,823,217 $ 1,882,869

Intangible Assets and Liabili27

Intangible Assets and Liability (Tables)	12 Months Ended
	Dec. 31, 2017
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	December 31, 2017 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 (4,417 ) (3,838 ) Intangible assets, net $ 35,256 $ 35,835 Intangible liability: Unfavorable contract liability (2) $ — $ 14,236 Less: accumulated amortization — (2,061 ) Intangible liability, net (included within other liabilities) $ — $ 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 Hilton Denver City Center (formerly 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 consolidated statements of operations. Also in conjunction with the acquisition of the Hilton Denver City Center, the Trust assumed a management agreement 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 at the time, which the Trust amortized over the remaining non-cancelable term and included within indirect hotel operating expenses in the consolidated statements of operations. The Trust recognized an $11.8 million write-off of unfavorable contract liability in connection with the change in management at the Hilton Denver City Center on December 1, 2017, which is also included within indirect hotel operating expenses in the consolidated statement of operations for the year ended December 31, 2017.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Original Principal Amount Interest Rate Principal Amortization Period December 31, Origination Maturity 2017 2016 Unsecured: Revolving credit facility (1) July 2010 n/a March 2019 Floating n/a $ 65,000 $ 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 52,941 54,614 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 81,875 84,476 Hilton Denver City Center (4) July 2012 $ 70,000 August 2022 4.90% 30 63,748 65,048 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 29,260 29,884 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 83,320 85,720 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 87,938 89,414 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 146,166 148,749 835,248 742,905 Unamortized deferred financing costs (5,696 ) (5,595 ) Long-term debt $ 829,552 $ 737,310 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of December 31, 2017 , the interest rate in effect was 3.14% . 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 December 31, 2017 , the effective interest rate on the term loan was 3.46% ). 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	Year Amounts 2018 $ 12,959 2019 78,732 2020 135,316 2021 10,233 2022 291,635 Thereafter 306,373 $ 835,248

Indirect Expenses (Tables)

Indirect Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Indirect Expenses [Abstract]
Schedule of Indirect Hotel Operating Expenses [Table Text Block]	Indirect hotel operating expenses for the years ended December 31, 2017, 2016 and 2015 consisted of the following (in thousands): Year Ended December 31, 2017 2016 2015 Administrative and general $ 51,436 $ 52,509 $ 47,145 Advertising and sales 43,017 43,457 41,501 Repairs and maintenance 20,956 20,905 19,801 Utilities 15,601 15,695 15,283 Franchise fees 10,141 10,212 9,362 Management fees (1) 7,975 24,460 21,959 Property and other taxes 32,922 29,456 28,781 Insurance, leases and other 12,164 12,062 12,691 Indirect hotel operating expenses $ 194,212 $ 208,756 $ 196,523 (1) For the year ended December 31, 2017, includes $14.3 million related to a write-off of an unfavorable contract liability and a settlement gain resulting from the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center).

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	Year Ended December 31, 2017 2016 2015 Numerator: Net income available to common shareholders $ 66,542 $ 67,018 $ 57,820 Less: Dividends declared on unvested time-based awards (494 ) (561 ) (560 ) Less: Undistributed earnings allocated to unvested time-based awards — — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 66,048 $ 66,457 $ 57,260 Denominator: Weighted-average number of common shares outstanding–basic 59,029,490 58,717,647 57,474,256 Effect of dilutive unvested performance-based awards 225,754 — 452,143 Weighted-average number of common shares outstanding–diluted 59,255,244 58,717,647 57,926,399 Net income available per common share: Basic $ 1.12 $ 1.13 $ 1.00 Diluted $ 1.11 $ 1.13 $ 0.99

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Common Shares [Member]
Dividends Payable [Line Items]
Dividends declared or paid	Year Ended December 31, 2017 2016 2015 First Quarter $ 0.40 $ 0.40 $ 0.35 Second Quarter 0.40 0.40 0.35 Third Quarter 0.40 0.40 0.40 Fourth Quarter 0.40 0.40 0.40 $ 1.60 $ 1.60 $ 1.50
Series A Preferred Shares [Member]
Dividends Payable [Line Items]
Dividends declared or paid	Year Ended December 31, 2017 2016 2015 First Quarter $ 0.484375 $ 0.484375 $ 0.484375 Second Quarter 0.484375 0.484375 0.484375 Third Quarter 0.010764 0.484375 0.484375 Fourth Quarter — 0.484375 0.484375 $ 0.979514 $ 1.937500 $ 1.937500

Equity Plan (Tables)

Equity Plan (Tables)	12 Months Ended
	Dec. 31, 2017
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout as a percentage of maximum award	Trust TSR as % of Index or 2017 Performance Peer Group Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100%
Restricted Common Shares	Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2014 927,552 $ 15.87 Granted 292,270 $ 25.36 Vested (156,618 ) $ 22.76 Forfeited (5,934 ) $ 29.80 Restricted common shares as of December 31, 2015 1,057,270 $ 17.40 Granted 448,146 $ 15.58 Vested (407,390 ) $ 17.66 Forfeited (322,042 ) $ 11.39 Restricted common shares as of December 31, 2016 775,984 $ 18.71 Granted 481,068 $ 15.89 Vested (187,185 ) $ 26.21 Forfeited (174,352 ) $ 17.13 Restricted common shares as of December 31, 2017 895,515 $ 15.93

Fair Value Measurements and D33

Fair Value Measurements and Derivative Instrument (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value	Fair Value at December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included within prepaid expenses and other assets) $ 2,313 $ — $ 2,313 $ — $ 2,313 $ — $ 2,313 $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense [Table Text Block]	Year Ended December 31, 2017 2016 2015 Current: Federal $ 1,454 $ 1,472 $ 3,366 State 1,074 274 580 2,528 1,746 3,946 Deferred: Federal 654 220 (1,158 ) State (93 ) 33 (193 ) 561 253 (1,351 ) Income tax expense $ 3,089 $ 1,999 $ 2,595
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2017 2016 2015 Statutory federal income tax expense $ 26,970 $ 26,760 $ 23,833 Effect of non-taxable REIT income (21,496 ) (24,902 ) (21,441 ) Write-off of unfavorable contract liability (4,017 ) — — Tax Cuts and Jobs Act income tax adjustment 1,057 — — State income tax expense, net of federal taxes 648 206 252 Other (73 ) (65 ) (49 ) Income tax expense $ 3,089 $ 1,999 $ 2,595
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2017 2016 Deferred tax asset: Deferred income–key money $ 1,858 $ 2,299 Net operating loss carryforwards 133 282 Employee-related compensation 255 270 2,246 2,851 Deferred tax liability: Other 30 75 30 75 Net deferred tax asset $ 2,216 $ 2,776

Quarterly Operating Results (35

Quarterly Operating Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	Quarter Ended - 2017 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 134,874 $ 162,461 $ 158,277 $ 142,655 Total operating expenses 122,584 129,222 128,714 110,586 Operating income 12,290 33,239 29,563 32,069 Net income 8,019 21,661 18,953 27,602 Net income available to common shareholders, excluding amounts attributable to unvested time-based awards (1) 5,473 19,116 13,980 27,459 Net income available per common share: (2) Basic 0.09 0.32 0.24 0.47 Diluted 0.09 0.32 0.24 0.46 Quarter Ended - 2016 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 140,611 $ 169,431 $ 164,529 $ 145,128 Total operating expenses 124,285 130,153 130,298 125,010 Operating income 16,326 39,278 34,231 20,118 Net income 10,070 28,542 25,947 12,147 Net income available to common shareholders, excluding amounts attributable to unvested time-based awards (1) 7,504 25,959 23,379 9,599 Net income available per common share—basic and diluted (2) 0.13 0.44 0.40 0.16 (1) The sum of amounts for the four quarters may differ from the annual amount due to the required method of computing the two-class method in the respective periods. (2) The sum of per share amounts for the four quarters may differ from the annual per share amount due to the required method of computing weighted-average number of common shares outstanding in the respective periods.

Organization and Description 36

Organization and Description of Business (Details) - Chesapeake Lodging Trust [Member]	Dec. 31, 2017roomstatehotel
Organization and Description of Business (Textual) [Abstract]
Number of hotels owned | hotel	21
Number of hotel rooms | room	6,479
Number of states in which hotels located | state	8

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017segment
Accounting Policies [Abstract]
Number of reportable segments	1
Buildings and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	40 years
Buildings and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	15 years
FF&E [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	10 years
FF&E [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets	3 years

Acquisitions (Details 1)

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

Acquisitions (Details 2)

Acquisitions (Details 2) - 2015 Acquisitions [Member] $ in Thousands	Dec. 31, 2015USD ($)
Acquisitions
Land and land improvements	$ 64,462
Buildings and leasehold improvements	294,498
Furniture, fixtures and equipment	20,518
Cash	100
Accounts receivable, net	1,823
Prepaid expenses and other assets	3,162
Accounts payable and accrued expenses	(4,089)
Other liabilities	(125)
Mortgage loan	(125,000)
Net assets acquired	$ 255,349

Dispositions (Details)

Dispositions (Details) $ in Thousands	Nov. 08, 2017USD ($)hotel	Apr. 14, 2016USD ($)room	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Hotel Disposition [Line Items]
Net proceeds from sale of hotel			$ 45,991	$ 2,028	$ 0
Gain on sale of hotel			$ 6,102	$ 598	$ 0
Hyatt Centric Santa Barbara Villas [Member]
Hotel Disposition [Line Items]
Disposal date		Apr. 14, 2016
Number of hotel rooms | room		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]
Disposal date	Nov. 8, 2017
Number of hotel rooms | hotel	222
Hotel sale price including working capital	$ 46,300
Net proceeds from sale of hotel	46,000
Gain on sale of hotel	$ 6,100

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property and Equipment
Land and land improvements	$ 316,815	$ 319,039
Buildings and leasehold improvements	1,628,945	1,634,432
Furniture, fixtures and equipment	228,492	197,815
Construction-in-progress	6,640	21,399
Property and equipment, gross	2,180,892	2,172,685
Less: accumulated depreciation and amortization	(357,675)	(289,816)
Property and equipment, net	$ 1,823,217	$ 1,882,869

Intangible Assets and Liabili42

Intangible Assets and Liability, Table 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 39,673	$ 39,673
Less: accumulated amortization	(4,417)	(3,838)
Intangible assets, net	35,256	35,835
Unfavorable contract liability	0	14,236
Less: accumulated amortization	0	(2,061)
Intangible liability, net (included within other liabilities)	0	12,175
Air Rights Contract [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	36,105	36,105
Favorable Ground Leases [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 3,568	$ 3,568

Intangible Assets and Liabili43

Intangible Assets and Liability (Details Textual) $ in Thousands	Dec. 01, 2017USD ($)	Oct. 03, 2011USD ($)	Mar. 18, 2010USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jul. 29, 2014
Intangible Assets and Liabilities
Intangible assets gross				$ 39,673	$ 39,673
Unfavorable contract liability				0	14,236
Write-off of an unfavorable contract liability	$ 11,800
Ground Lease Agreement [Member]
Intangible Assets and Liabilities
Intangible assets gross				$ 3,568	$ 3,568
Hyatt Regency Boston [Member]
Indefinite-lived Intangible Assets [Line Items]
Air rights contract expiration month year			September 2,079
Fair value of air rights contract			$ 36,100
Hilton Denver City Center [Member]
Intangible Assets and Liabilities
Intangible assets gross		$ 4,800
Unfavorable contract liability		$ 14,200
Number of ground lease agreements assumed		3
Number of favorable ground lease agreements		2
Number of favorable ground lease agreements terminated						1
Unfavorable management contract expiration month year		December 2,047
Hilton Denver City Center - Lease 1 [Member] | Ground Lease Agreement [Member]
Intangible Assets and Liabilities
Ground lease agreement expiration month year		July 2,068
Hilton Denver City Center - Lease 2 [Member] | Ground Lease Agreement [Member]
Intangible Assets and Liabilities
Ground lease agreement expiration month year		February 2,072
Hilton Denver City Center - Lease 3 [Member] | Ground Lease Agreement [Member]
Intangible Assets and Liabilities
Ground lease agreement expiration month year		April 2,072

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($) $ in Thousands	Apr. 21, 2017	Mar. 09, 2015	Mar. 04, 2015	Jul. 27, 2012	Dec. 31, 2017	Dec. 31, 2016
Long-Term Debt
Long-term debt, carrying amount					$ 835,248	$ 742,905
Unamortized deferred financing costs					(5,696)	(5,595)
Long-term debt					$ 829,552	737,310
Revolving Credit Facility [Member]
Long-Term Debt
Revolving credit facility, issuance month year					July 2,010
Revolving credit facility, expiration date month year					March 2,019
Debt instrument maturity extension period			1 year
Interest rate in effect for borrowings under revolving credit facility					3.14%
Revolving credit facility					$ 65,000	60,000
Unsecured Term Loan [Member]
Long-Term Debt
Unsecured term loan					$ 225,000
Debt instrument issuance month year					April 2,017
Debt instrument maturity month year					April 2,022
Debt instrument effectively fixed term	5 years
Debt instrument effectively fixed rate					3.46%
Unsecured term loan					$ 225,000	0
Royal Palm South Beach Miami, a Tribute Portfolio Resort Term Loan [Member]
Long-Term Debt
Debt instrument issuance month year					March 2,015
Debt instrument 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, carrying amount					$ 0	125,000
Boston Marriott Newton Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year					May 2,013
Debt instrument 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, carrying amount					$ 52,941	54,614
Le Meridien San Francisco Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year					July 2,013
Debt instrument 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, carrying amount					$ 81,875	84,476
Hilton Denver City Center Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year					July 2,012
Debt instrument 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
Long-term debt, carrying amount					$ 63,748	65,048
Debt instrument call term				10 years
Hilton Checkers Los Angeles Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year					February 2,013
Debt instrument 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, carrying amount					$ 29,260	29,884
W Chicago - City Center Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year					July 2,013
Debt instrument 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, carrying amount					$ 83,320	85,720
Hyatt Herald Square New York and Hyatt Place New York Midtown South Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year					July 2,014
Debt instrument 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, carrying amount						89,414
Hyatt Regency Boston Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year					June 2,016
Debt instrument 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, carrying amount					$ 146,166	$ 148,749
Interest Rate Swap [Member]
Long-Term Debt
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
Minimum [Member] | Revolving Credit Facility [Member]
Long-Term Debt
Debt instrument, basis spread on variable rate			1.55%
Minimum [Member] | Unsecured Term Loan [Member]
Long-Term Debt
Debt instrument, basis spread on variable rate	1.45%
Maximum [Member] | Revolving Credit Facility [Member]
Long-Term Debt
Debt instrument, basis spread on variable rate			2.30%
Maximum [Member] | Unsecured Term Loan [Member]
Long-Term Debt
Debt instrument, basis spread on variable rate	2.20%

Long-Term Debt (Details 2 Textu

Long-Term Debt (Details 2 Textual) $ in Millions	Apr. 21, 2017USD ($)	Mar. 09, 2015USD ($)	Mar. 04, 2015USD ($)	Dec. 31, 2017USD ($)hotel	Oct. 25, 2012USD ($)
Long-Term Debt
Number of borrowing base hotels supporting revolving credit facility | hotel				12
Current borrowing capacity under revolving credit facility				$ 300
Revolving credit facility, remaining borrowing capacity				$ 235
Weighted-average interest rate on long-term debt				3.89%
Revolving Credit Facility [Member]
Long-Term Debt
Maximum borrowing capacity under revolving credit facility			$ 300		$ 250
Revolving credit facility, expiration date month year				March 2,019
Line of credit facility potential maximum borrowing capacity			$ 450
Debt instrument maturity extension period			1 year
Unsecured Term Loan [Member]
Long-Term Debt
Unsecured term loan effectively fixed term	5 years
Unsecured term loan potential maximum borrowing capacity	$ 375
Interest Rate Swap [Member]
Long-Term Debt
Derivative, Notional Amount	$ 225	$ 125
Derivative, Swaption Interest Rate	1.86%	0.94%
Derivative Effective Date	Apr. 21, 2017	Mar. 9, 2015
Derivative, Maturity Date	Apr. 21, 2022	Mar. 9, 2017
Minimum [Member] | Revolving Credit Facility [Member]
Long-Term Debt
Rate spread over LIBOR			1.55%
Minimum [Member] | Unsecured Term Loan [Member]
Long-Term Debt
Rate spread over LIBOR	1.45%
Maximum [Member] | Revolving Credit Facility [Member]
Long-Term Debt
Rate spread over LIBOR			2.30%
Maximum [Member] | Unsecured Term Loan [Member]
Long-Term Debt
Rate spread over LIBOR	2.20%

Long-Term Debt (Details 3)

Long-Term Debt (Details 3) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Future Principal Payments of Debt Obligations
2,018	$ 12,959
2,019	78,732
2,020	135,316
2,021	10,233
2,022	291,635
Thereafter	306,373
Long-term debt, carrying amount	$ 835,248	$ 742,905

Indirect Expenses (Details)

Indirect Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Indirect Expenses [Abstract]
Impact on indirect expenses related to a change in management	$ 14,300
Administrative and general	51,436	$ 52,509	$ 47,145
Advertising and sales	43,017	43,457	41,501
Repairs and maintenance	20,956	20,905	19,801
Utilities	15,601	15,695	15,283
Franchise fees	10,141	10,212	9,362
Management fees	7,975	24,460	21,959
Property and other taxes	32,922	29,456	28,781
Insurance, leases and other	12,164	12,062	12,691
Indirect hotel operating expenses	$ 194,212	$ 208,756	$ 196,523

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income available to common shareholders									$ 66,542	$ 67,018	$ 57,820
Less: Dividends declared on unvested time-based awards									(494)	(561)	(560)
Less: Undistributed earnings allocated to unvested time-based awards									0	0	0
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 27,459	$ 13,980	$ 19,116	$ 5,473	$ 9,599	$ 23,379	$ 25,959	$ 7,504	$ 66,048	$ 66,457	$ 57,260
Denominator:
Weighted average number of shares outstanding-basic									59,029,490	58,717,647	57,474,256
Effect of dilutive unvested performance-based awards									225,754	0	452,143
Weighted-average number of shares outstanding-diluted									59,255,244	58,717,647	57,926,399
Net income available per common share - basic	$ 0.47	$ 0.24	$ 0.32	$ 0.09					$ 1.12	$ 1.13	$ 1
Net income available per common share - diluted	$ 0.46	$ 0.24	$ 0.32	$ 0.09					$ 1.11	$ 1.13	$ 0.99
Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share, amount									207,121	460,269	193,426

Shareholders' Equity (Details)

Shareholders' Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Common Share Dividend Declared
Dividend per common share	$ 1.60	$ 1.60	$ 1.50
Preferred Share Dividend Declared
Dividend per preferred share	0.979514	1.9375	1.9375
First Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.40	0.35
Preferred Share Dividend Declared
Dividend per preferred share	0.484375	0.484375	0.484375
Second Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.40	0.35
Preferred Share Dividend Declared
Dividend per preferred share	0.484375	0.484375	0.484375
Third Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.40	0.40
Preferred Share Dividend Declared
Dividend per preferred share	0.010764	0.484375	0.484375
Fourth Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.40	0.40
Preferred Share Dividend Declared
Dividend per preferred share	$ 0	$ 0.484375	$ 0.484375

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jul. 17, 2017	Sep. 29, 2015	Mar. 27, 2015	Jul. 17, 2012	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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
Common shares sold during period			4,600,000
Common shares, outstanding (in shares)					59,941,088	59,671,964
Price per share of common shares sold during period			$ 33.47
Common shares sold during period pursuant to underwriters' option			600,000
Proceeds from issuance of common shares, net of underwriting fees and offering costs			$ 153.7
Issuance of unrestricted common shares (in shares)					3,327	3,467	2,926
Issuance of restricted common shares (in shares)					481,068	448,146	292,270
Repurchase of common shares (in shares)					40,919	117,129	47,804
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, issued					0	5,000,000
Preferred shares, outstanding (in shares)					0	5,000,000
Preferred shares, liquidation preference per share					$ 25
Preferred shares, annual dividend per share					$ 1.9375
7.75% Series A Cumulative Redeemable Preferred Shares [Member]
Shareholders' Equity (Textual) [Abstract]
Preferred shares, dividend rate, percentage				7.75%
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 repurchase amount					$ 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 1)

Equity Plan (Details Textual 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Plan (Textual) [Abstract]
Common shares reserved and available for future issuance (in shares)	829,347
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	481,068	448,146	292,270
Share-based compensation arrangement by share-based payment award, time-based	179,403	162,229	117,918
Share-based compensation arrangement by share-based payment award, performance-based	301,665	285,917	174,352
Unrecognized share-based compensation expense	$ 7.3
Unrecognized share-based compensation expense, weighted-average period (in years)	1 year 10 months

Equity Plan (Details Textual 2)

Equity Plan (Details Textual 2) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Grant date fair value per share	$ 15.89	$ 15.58	$ 25.36
Number of restricted shares, vested	187,185	407,390	156,618
Number of restricted shares, forfeited	174,352	322,042	5,934
2015 Performance-based Awards [Member]
Grant date fair value per share			$ 17.13
Expected volatility rate			19.90%
Risk free interest rate			0.85%
Performance period			3 years
Number of restricted shares, vested	0
Number of restricted shares, forfeited	174,352
2016 Performance-based Awards [Member]
Grant date fair value per share		$ 10.54
Expected volatility rate		21.04%
Risk free interest rate		1.38%
Performance period		3 years
No payout as a percentage of maximum		0.00%
Threshold payout as a percentage of maximum		25.00%
Target payout as a percentage of maximum		50.00%
Maximum payout		100.00%
No payout if relative TSR less than		67.00%
Threshold payout if relative TSR equal to		67.00%
Target payout if relative TSR equal to		100.00%
Maximum payout if relative TSR greater than or equal to		133.00%
2017 Performance-based Awards [Member]
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 of maximum	0.00%
Threshold payout as a percentage of maximum	25.00%
Target payout as a percentage of maximum	50.00%
Maximum payout	100.00%
No payout if relative TSR less than	67.00%
Threshold payout if relative TSR equal to	67.00%
Target payout if relative TSR equal to	100.00%
Maximum payout if relative TSR greater than or equal to	133.00%

Equity Plan, Table 1 (Details)

Equity Plan, Table 1 (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Common Shares
Number of restricted shares, beginning balance (in shares)	775,984	1,057,270	927,552
Weighted-average grant-date fair value, beginning (in dollars per share)	$ 18.71	$ 17.40	$ 15.87
Number of restricted shares, granted (in shares)	481,068	448,146	292,270
Weighted-average grant-date fair value, granted (in dollars per share)	$ 15.89	$ 15.58	$ 25.36
Number of restricted shares, vested (in shares)	(187,185)	(407,390)	(156,618)
Weighted-average grant-date fair value, vested (in dollars per share)	$ 26.21	$ 17.66	$ 22.76
Number of restricted shares, forfeited (in shares)	(174,352)	(322,042)	(5,934)
Weighted-average grant-date fair value, forfeited (in dollars per share)	$ 17.13	$ 11.39	$ 29.80
Number of restricted shares, ending balance (in shares)	895,515	775,984	1,057,270
Weighted-average grant-date fair value, ending (in dollars per share)	$ 15.93	$ 18.71	$ 17.40

Fair Value Measurements and D54

Fair Value Measurements and Derivative Instrument (Details) $ in Thousands	Dec. 31, 2017USD ($)
Asset
Derivative Asset	$ 2,313
Interest Rate Swap [Member]
Asset
Derivative Asset	2,313
Fair Value, Inputs, Level 1 [Member]
Asset
Derivative Asset	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Asset
Derivative Asset	0
Fair Value, Inputs, Level 2 [Member]
Asset
Derivative Asset	2,313
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Asset
Derivative Asset	2,313
Fair Value, Inputs, Level 3 [Member]
Asset
Derivative Asset	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Asset
Derivative Asset	$ 0

Income Taxes, Table 1 (Details)

Income Taxes, Table 1 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 1,454	$ 1,472	$ 3,366
State	1,074	274	580
Current income tax expense	2,528	1,746	3,946
Deferred:
Federal	654	220	(1,158)
State	(93)	33	(193)
Deferred income tax expense	561	253	(1,351)
Income tax expense	$ 3,089	$ 1,999	$ 2,595

Income Taxes, Table 2 (Details)

Income Taxes, Table 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes, Table 2 [Abstract]
Statutory federal income tax expense	$ 26,970	$ 26,760	$ 23,833
Effect of non-taxable REIT income	(21,496)	(24,902)	(21,441)
Write-off of unfavorable contract liability	(4,017)	0	0
Tax Cuts and Jobs Act income tax adjustment	1,057	0	0
State income tax expense, net of federal taxes	648	206	252
Other	(73)	(65)	(49)
Income tax expense	$ 3,089	$ 1,999	$ 2,595

Income Taxes, Table 3 (Details)

Income Taxes, Table 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax asset:
Deferred income - key money	$ 1,858	$ 2,299
Net operating loss carryforwards	133	282
Employee-related compensation	255	270
Deferred tax assets, net of valuation allowance	2,246	2,851
Deferred tax liability:
Other	30	75
Deferred tax liabilities, net	30	75
Net deferred tax asset	$ 2,216	$ 2,776

Income Taxes, Textual (Details)

Income Taxes, Textual (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 133	$ 282
Deferred tax asset	$ 2,200

Quarterly Operating Results (59

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 142,655	$ 158,277	$ 162,461	$ 134,874	$ 145,128	$ 164,529	$ 169,431	$ 140,611	$ 598,267	$ 619,699	$ 582,624
Total operating expenses	110,586	128,714	129,222	122,584	125,010	130,298	130,153	124,285	491,106	509,746	480,665
Operating income	32,069	29,563	33,239	12,290	20,118	34,231	39,278	16,326	107,161	109,953	101,959
Net income	27,602	18,953	21,661	8,019	12,147	25,947	28,542	10,070	76,235	76,706	67,508
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 27,459	$ 13,980	$ 19,116	$ 5,473	$ 9,599	$ 23,379	$ 25,959	$ 7,504	$ 66,048	$ 66,457	$ 57,260
Net income available per common share - basic	$ 0.47	$ 0.24	$ 0.32	$ 0.09					$ 1.12	$ 1.13	$ 1
Net income available per common share - basic and diluted					$ 0.16	$ 0.40	$ 0.44	$ 0.13
Net income available per common share - diluted	$ 0.46	$ 0.24	$ 0.32	$ 0.09					$ 1.11	$ 1.13	$ 0.99

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)hotel
Commitments and Contingencies (Textual) [Abstract]
Number of hotels operating pursuant to franchise agreements with hotel brand companies | hotel	11
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%

Schedule III-Real Estate and 61

Schedule III-Real Estate and Accumulated Depreciation, Table 1 (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 545,248,000
Initial cost of land	315,473,000
Initial cost of buildings and improvements	1,488,076,000
Costs capitalized subsequent to acquisition	141,965,000
Carrying amount of land	316,815,000
Carrying amount of buildings and improvements	1,628,699,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	1,945,514,000	$ 1,953,146,000	$ 1,947,502,000	$ 1,567,242,000
Accumulated depreciation	221,088,000	$ 179,868,000	$ 134,711,000	$ 91,741,000
Hyatt Regency Boston Boston, Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	146,166,000
Initial cost of land	0
Initial cost of buildings and improvements	71,462,000
Costs capitalized subsequent to acquisition	11,691,000
Carrying amount of land	75,000
Carrying amount of buildings and improvements	83,078,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	83,153,000
Accumulated depreciation	$ 17,195,000
Year of acquisition	2,010
Depreciation life	40 years
Hilton Checkers Los Angeles Los Angeles, California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 29,260,000
Initial cost of land	9,010,000
Initial cost of buildings and improvements	32,710,000
Costs capitalized subsequent to acquisition	2,443,000
Carrying amount of land	9,036,000
Carrying amount of buildings and improvements	35,127,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	44,163,000
Accumulated depreciation	$ 6,918,000
Year of acquisition	2,010
Depreciation life	40 years
Boston Marriott Newton Newton, Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 52,941,000
Initial cost of land	11,800,000
Initial cost of buildings and improvements	56,450,000
Costs capitalized subsequent to acquisition	9,352,000
Carrying amount of land	12,014,000
Carrying amount of buildings and improvements	65,588,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	77,602,000
Accumulated depreciation	$ 11,229,000
Year of acquisition	2,010
Depreciation life	40 years
Le Meridien San Francisco San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 81,875,000
Initial cost of land	28,737,000
Initial cost of buildings and improvements	100,734,000
Costs capitalized subsequent to acquisition	5,765,000
Carrying amount of land	28,770,000
Carrying amount of buildings and improvements	106,466,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	135,236,000
Accumulated depreciation	$ 19,267,000
Year of acquisition	2,010
Depreciation life	40 years
Homewood Suites Seattle Convention Center Seattle, Washington
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 6,266,000
Initial cost of buildings and improvements	44,004,000
Costs capitalized subsequent to acquisition	1,701,000
Carrying amount of land	6,267,000
Carrying amount of buildings and improvements	45,704,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	51,971,000
Accumulated depreciation	$ 7,641,000
Year of acquisition	2,011
Depreciation life	40 years
W Chicago – City Center Chicago, Illinois
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 83,320,000
Initial cost of land	29,800,000
Initial cost of buildings and improvements	93,464,000
Costs capitalized subsequent to acquisition	7,384,000
Carrying amount of land	29,812,000
Carrying amount of buildings and improvements	100,836,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	130,648,000
Accumulated depreciation	$ 17,810,000
Year of acquisition	2,011
Depreciation life	40 years
Hotel Indigo San Diego Gaslamp Quarter San Diego, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 8,300,000
Initial cost of buildings and improvements	43,000,000
Costs capitalized subsequent to acquisition	915,000
Carrying amount of land	8,308,000
Carrying amount of buildings and improvements	43,907,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	52,215,000
Accumulated depreciation	$ 7,239,000
Year of acquisition	2,011
Depreciation life	40 years
Courtyard Washington Capitol Hill/Navy Yard Washington, DC
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 9,661,000
Initial cost of buildings and improvements	57,930,000
Costs capitalized subsequent to acquisition	1,591,000
Carrying amount of land	9,661,000
Carrying amount of buildings and improvements	59,521,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	69,182,000
Accumulated depreciation	$ 9,850,000
Year of acquisition	2,011
Depreciation life	40 years
Hotel Adagio San Francisco, Autograph Collection San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 7,900,000
Initial cost of buildings and improvements	33,973,000
Costs capitalized subsequent to acquisition	6,083,000
Carrying amount of land	7,987,000
Carrying amount of buildings and improvements	39,969,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	47,956,000
Accumulated depreciation	$ 7,544,000
Year of acquisition	2,011
Depreciation life	40 years
Hilton Denver City Center Denver, Colorado
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 63,748,000
Initial cost of land	3,500,000
Initial cost of buildings and improvements	118,209,000
Costs capitalized subsequent to acquisition	14,684,000
Carrying amount of land	4,076,000
Carrying amount of buildings and improvements	132,317,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	136,393,000
Accumulated depreciation	$ 20,084,000
Year of acquisition	2,011
Depreciation life	40 years
Hyatt Herald Square New York New York, New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 87,938,000
Initial cost of land	14,350,000
Initial cost of buildings and improvements	36,325,000
Costs capitalized subsequent to acquisition	6,398,000
Carrying amount of land	14,386,000
Carrying amount of buildings and improvements	42,687,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	57,073,000
Accumulated depreciation	$ 6,808,000
Year of acquisition	2,011
Depreciation life	40 years
W Chicago – Lakeshore Chicago, Illinois
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 40,000,000
Initial cost of buildings and improvements	80,800,000
Costs capitalized subsequent to acquisition	27,498,000
Carrying amount of land	40,139,000
Carrying amount of buildings and improvements	108,159,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	148,298,000
Accumulated depreciation	$ 17,510,000
Year of acquisition	2,012
Depreciation life	40 years
Hyatt Regency Mission Bay Spa and Marina San Diego, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 0
Initial cost of buildings and improvements	57,633,000
Costs capitalized subsequent to acquisition	6,876,000
Carrying amount of land	0
Carrying amount of buildings and improvements	64,509,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	64,509,000
Accumulated depreciation	$ 8,309,000
Year of acquisition	2,012
Depreciation life	40 years
Hyatt Place New York Midtown South New York, New York
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 87,938,000
Initial cost of land	18,470,000
Initial cost of buildings and improvements	55,002,000
Costs capitalized subsequent to acquisition	340,000
Carrying amount of land	18,482,000
Carrying amount of buildings and improvements	55,330,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	73,812,000
Accumulated depreciation	$ 6,700,000
Year of acquisition	2,013
Depreciation life	40 years
W New Orleans – French Quarter New Orleans, Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 4,092,000
Initial cost of buildings and improvements	19,468,000
Costs capitalized subsequent to acquisition	322,000
Carrying amount of land	4,098,000
Carrying amount of buildings and improvements	19,784,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	23,882,000
Accumulated depreciation	$ 2,346,000
Year of acquisition	2,013
Depreciation life	40 years
Le Meridien New Orleans New Orleans, Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 4,700,000
Initial cost of buildings and improvements	54,875,000
Costs capitalized subsequent to acquisition	17,109,000
Carrying amount of land	4,703,000
Carrying amount of buildings and improvements	71,981,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	76,684,000
Accumulated depreciation	$ 9,814,000
Year of acquisition	2,013
Depreciation life	40 years
Hyatt Centric Fisherman's Wharf San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 24,200,000
Initial cost of buildings and improvements	74,400,000
Costs capitalized subsequent to acquisition	5,224,000
Carrying amount of land	24,219,000
Carrying amount of buildings and improvements	79,605,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	103,824,000
Accumulated depreciation	$ 9,432,000
Year of acquisition	2,013
Depreciation life	40 years
Hyatt Centric Santa Barbara Santa Barbara, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 30,225,000
Initial cost of buildings and improvements	23,989,000
Costs capitalized subsequent to acquisition	3,240,000
Carrying amount of land	30,259,000
Carrying amount of buildings and improvements	27,195,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	57,454,000
Accumulated depreciation	$ 3,224,000
Year of acquisition	2,013
Depreciation life	40 years
JW Marriott San Francisco Union Square San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 0
Initial cost of buildings and improvements	139,150,000
Costs capitalized subsequent to acquisition	10,291,000
Carrying amount of land	0
Carrying amount of buildings and improvements	149,441,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	149,441,000
Accumulated depreciation	$ 11,379,000
Year of acquisition	2,014
Depreciation life	40 years
Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, Florida [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial cost of land	40,100,000
Initial cost of buildings and improvements	222,230,000
Costs capitalized subsequent to acquisition	2,835,000
Carrying amount of land	40,153,000
Carrying amount of buildings and improvements	225,012,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	265,165,000
Accumulated depreciation	$ 15,954,000
Year of acquisition	2,015
Depreciation life	40 years
Ace Hotel and Theater Downtown Los Angeles Los Angeles, California [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 24,362,000
Initial cost of buildings and improvements	72,268,000
Costs capitalized subsequent to acquisition	223,000
Carrying amount of land	24,370,000
Carrying amount of buildings and improvements	72,483,000
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	96,853,000
Accumulated depreciation	$ 4,835,000
Year of acquisition	2,015
Depreciation life	40 years
Hyatt Herald Square New York and Hyatt Place New York Midtown South Term Loan [Member]
Real Estate and Accumulated Depreciation [Line Items]
Debt instrument issuance month year	July 2,014
Encumbrances	$ 87,938,000

Schedule III-Real Estate and 62

Schedule III-Real Estate and Accumulated Depreciation, Table 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule III-Real Estate and Accumulated Depreciation, Table 2 [Abstract]
Real estate, gross, beginning	$ 1,953,146	$ 1,947,502	$ 1,567,242
Acquisitions			358,960
Capital expenditures and transfers from construction-in-progress	35,336	7,034	21,300
Dispositions	(42,968)	(1,390)
Real estate, gross, ending	$ 1,945,514	$ 1,953,146	$ 1,947,502

Schedule III-Real Estate and 63

Schedule III-Real Estate and Accumulated Depreciation, Table 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Accumulated Depreciation [Line Items]
Real estate accumulated depreciation, beginning	$ 179,868	$ 134,711	$ 91,741
Depreciation expense	46,235	45,199	42,970
Dispositions	(5,015)	(42)
Real estate accumulated depreciation, ending	$ 221,088	$ 179,868	$ 134,711

Schedule III-Real Estate and 64

Schedule III-Real Estate and Accumulated Depreciation Schedule III-Aggregate Cost of Real Estate Assets for Federal Income Tax Purposes (Details) $ in Millions	Dec. 31, 2017USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, Real Estate, Federal Income Tax Basis	$ 1,827