Chesapeake Lodging Trust (CHSP) 10-K 21 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 15, 2019	Jun. 30, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		60,764,588
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,838,106,000
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Property and equipment, net	$ 1,732,154	$ 1,823,217
Intangible assets, net	34,678	35,256
Cash and cash equivalents	71,259	44,314
Restricted cash	31,614	30,602
Accounts receivable, net of allowance for doubtful accounts of $83 and $116, respectively	18,360	20,769
Prepaid expenses and other assets	21,012	21,202
Total assets	1,909,077	1,975,360
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	751,389	829,552
Accounts payable and accrued expenses	72,555	65,783
Other liabilities	31,155	31,597
Total liabilities	855,099	926,932
Commitments and contingencies (Note 14)
Preferred shares, $.01 par value; 100,000,000 shares authorized; no shares issued and outstanding, respectively	0	0
Common shares, $.01 par value; 400,000,000 shares authorized; 60,263,670 shares and 59,941,088 shares issued and outstanding, respectively	603	599
Additional paid-in capital	1,193,455	1,190,250
Cumulative dividends in excess of net income	(144,341)	(144,734)
Accumulated other comprehensive income	4,261	2,313
Total shareholders’ equity	1,053,978	1,048,428
Total liabilities and shareholders’ equity	$ 1,909,077	$ 1,975,360

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Allowance for doubtful accounts	$ 83	$ 116
LIABILITIES AND SHAREHOLDERS’ EQUITY
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	100,000,000	100,000,000
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	400,000,000	400,000,000
Common shares, issued (in shares)	60,263,670	59,941,088
Common shares, outstanding (in shares)	60,263,670	59,941,088

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues [Abstract]
Revenue	$ 597,172	$ 598,267	$ 619,699
Expenses
Depreciation and amortization	75,585	76,230	74,661
Air rights contract amortization	520	520	520
Corporate general and administrative	18,992	19,050	19,167
Total operating expenses	498,379	491,106	509,746
Interest income	558	0	0
Interest expense	(34,399)	(33,939)	(31,846)
Gain on sale of hotels	33,109	6,102	598
Income before income taxes	98,061	79,324	78,705
Income tax expense	(1,095)	(3,089)	(1,999)
Net income	96,966	76,235	76,706
Preferred share dividends	0	(5,274)	(9,688)
Write-off of issuance costs of redeemed preferred shares	0	(4,419)	0
Net income available to common shareholders	$ 96,966	$ 66,542	$ 67,018
Net income available per common share - basic	$ 1.63	$ 1.12	$ 1.13
Net income available per common share - diluted	$ 1.62	$ 1.11	$ 1.13
Rooms [Member]
Revenues [Abstract]
Revenue	$ 455,287	$ 450,812	$ 465,796
Expenses
Hotel operating expenses	106,974	107,183	108,292
Food and beverage [Member]
Revenues [Abstract]
Revenue	112,496	118,715	125,987
Expenses
Hotel operating expenses	83,917	88,454	92,075
Other [Member]
Revenues [Abstract]
Revenue	29,389	28,740	27,916
Expenses
Hotel operating expenses	4,934	5,457	6,275
Indirect hotel operating expenses [Member]
Expenses
Hotel operating expenses	207,457	194,212	208,756
Total hotel operating expenses [Member]
Expenses
Hotel operating expenses	$ 403,282	$ 395,306	$ 415,398

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 96,966	$ 76,235	$ 76,706
Other comprehensive income:
Unrealized gains (losses) on cash flow hedge instruments	2,213	1,235	(331)
Reclassification of unrealized losses (gains) on cash flow hedge instruments to interest expense	(265)	1,117	584
Comprehensive income	$ 98,914	$ 78,587	$ 76,959

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 Income (Loss)
Beginning balance, preferred shares, shares outstanding at Dec. 31, 2015		5,000,000
Balance, beginning at Dec. 31, 2015	$ 1,209,557	$ 50	$ 597	$ 1,297,877	$ (88,675)	$ (292)
Beginning balance, common shares, shares outstanding at Dec. 31, 2015			59,659,522
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	253					253
Ending balance, preferred shares, shares outstanding at Dec. 31, 2016		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
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	$ 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common shares, value	$ (4,353)		$ (1)	(4,352)
Repurchase of common shares (in shares)	(173,811)		(173,811)
Issuance of restricted common shares (in shares)	495,579		495,579
Issuance of restricted common shares, value	$ 0		$ 5	(5)
Issuance of unrestricted common shares (in shares)	4,265		4,265
Issuance of unrestricted common shares, value	$ 121			121
Forfeiture of restricted common shares (in shares)			(3,451)
Forfeiture of restricted common shares, value			$ 0	0
Amortization of deferred compensation	7,441			7,441
Declaration of dividends on common shares	(96,573)				(96,573)
Net income	96,966				96,966
Other comprehensive income	$ 1,948					1,948
Ending balance, preferred shares, shares outstanding at Dec. 31, 2018	0	0
Balance, ending at Dec. 31, 2018	$ 1,053,978	$ 0	$ 603	$ 1,193,455	$ (144,341)	$ 4,261
Ending balance, common shares, shares outstanding at Dec. 31, 2018	60,263,670		60,263,670

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 96,966	$ 76,235	$ 76,706
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,585	76,230	74,661
Air rights contract amortization	520	520	520
Write-off of unfavorable contract liability	0	(11,815)	0
Deferred financing costs amortization	1,588	1,682	1,850
Gain on sale of hotels	(33,109)	(6,102)	(598)
Share-based compensation	7,562	7,497	9,507
Other	(302)	(593)	(796)
Changes in assets and liabilities:
Accounts receivable, net	1,893	(1,093)	(4,363)
Prepaid expenses and other assets	1,866	(1,976)	329
Accounts payable and accrued expenses	6,765	1,283	1,801
Other liabilities	(127)	1,667	(47)
Net cash provided by operating activities	159,207	143,535	159,570
Cash flows from investing activities:
Disposition of hotels, net of cash sold	89,821	45,991	2,028
Improvements and additions to hotels	(41,898)	(55,051)	(32,015)
Net cash provided by (used in) investing activities	47,923	(9,060)	(29,987)
Cash flows from financing activities:
Redemption of preferred shares	0	(125,000)	0
Borrowings under revolving credit facility	55,000	315,000	185,000
Repayments under revolving credit facility	(120,000)	(310,000)	(235,000)
Proceeds from issuance of unsecured term loan	0	225,000	0
Proceeds from issuance of mortgage debt	0	0	150,000
Principal prepayments on mortgage debt	0	0	(122,220)
Scheduled principal payments of mortgage debt	(13,188)	(137,657)	(10,940)
Payment of deferred financing costs	(1,563)	(1,783)	(952)
Payment of dividends to common shareholders	(95,069)	(95,909)	(94,480)
Payment of dividends to preferred shareholders	0	(7,320)	(9,688)
Repurchase of common shares	(4,353)	(1,078)	(3,020)
Net cash used in financing activities	(179,173)	(138,747)	(141,300)
Net increase (decrease) in cash, cash equivalents, and restricted cash	27,957	(4,272)	(11,717)
Cash, cash equivalents, and restricted cash, beginning of period	74,916	79,188	90,905
Cash, cash equivalents, and restricted cash, end of period	102,873	74,916	79,188
Supplemental disclosure of cash flow information:
Cash paid for interest	32,894	31,828	30,620
Cash paid (received) for income taxes	$ (170)	$ 2,927	$ 1,995

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2018
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, 2018 , the Trust owned 20 hotels with an aggregate of 6,279 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, 2018
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. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings. 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 if the acquisition of the hotel is determined to be an acquisition of a business; if the acquisition of the hotel is determined to be an acquisition of an asset, hotel acquisition costs are capitalized. 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, 2018 , 2017 and 2016 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust’s operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of December 31, 2018 and 2017 , 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 and the performance obligations are satisfied, net of any sales, occupancy, or other similar taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other hotel revenues and are presented on a disaggregated basis on the consolidated statements of operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to use hotel rooms for one or more nights. The Trust’s performance obligations are fulfilled at the end of each night that the customers are provided the rooms and room revenue is recognized daily at the contract rate in effect for each room night. Food and beverage revenue is generated when customers agree to pay for food and beverage at a hotel’s restaurant or bar outlets or for banquet and catering services at a hotel. The Trust’s performance obligations are fulfilled at the time that the food and beverage is provided or when the banquet facilities and related dining and other amenities (e.g., audio visual services) are provided. Other revenue (e.g., parking, marina, resort and cancellation fees, theater, leasing, spa, telephone, and gift shop sales) is recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services (e.g., parking) at certain hotels are provided by third parties and the Trust assesses whether the Trust is the principal or agent in such arrangements. If the Trust is determined to be the agent, revenue is recognized based upon the commission earned from the third party on the provided service. If the Trust is determined to be the principal, revenue is recognized based upon the gross contract price of the provided service. Certain of the Trust’s hotels have retail spaces, restaurants or other spaces which the Trust leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included within other revenue. Advance deposits are generally provided when a customer or group of customers provides a deposit for a future stay or banquet event at the Trust’s hotels. Advance deposits are converted to revenue when the associated goods or services are provided to the customer or when a customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. 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 superseded 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. The Trust adopted the new accounting guidance on January 1, 2018 and applied it 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 Trust adopted the new accounting guidance on January 1, 2018 and applied it on a retrospective basis. The adoption of this guidance changed the presentation of restricted cash in the consolidated statements of cash flows; however, the Trust does not believe that the adoption of this guidance has 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 Trust adopted the new accounting guidance on January 1, 2018 and applied it on a prospective basis. 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. The classification of the lease 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. A lessee is also required to record a right-of-use asset and a lease liability for all leases. The Trust will adopt the new accounting guidance on January 1, 2019 and apply it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, the Trust expects to apply the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For its ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, the Trust will recognize lease liabilities with corresponding right-of-use assets of a similar amount which will have a material impact on its consolidated balance sheet. The Trust is still evaluating the impact that this guidance will have on its consolidated financial statements.

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2018
Hotel Disposition [Abstract]
Dispositions	3. Dispositions On April 14, 2016 , the Trust sold the separate, five -room villa building and related land parcel at the Hyatt Centric Santa Barbara for $2.1 million , including sold working capital. Net proceeds from the sale were $2.0 million , which resulted in the recognition of a gain on sale of $0.6 million . 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 . On July 26, 2018 , the Trust sold the 200 -room Hyatt Centric Santa Barbara for $90.1 million , including sold working capital. Net proceeds from the sale were $89.8 million , which resulted in the recognition of a gain on sale of $33.1 million . None of these sales represented 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, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 2017 Land and land improvements $ 286,761 $ 316,815 Buildings and leasehold improvements 1,620,864 1,628,945 Furniture, fixtures and equipment 235,585 228,492 Construction-in-progress 14,102 6,640 2,157,312 2,180,892 Less: accumulated depreciation and amortization (425,158 ) (357,675 ) Property and equipment, net $ 1,732,154 $ 1,823,217

Intangible Assets and Liability

Intangible Assets and Liability	12 Months Ended
	Dec. 31, 2018
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	5. Intangible Assets and Liability Intangible assets as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 2017 Intangible assets: Air rights contract (1) $ 36,105 $ 36,105 Favorable ground lease (2) 3,568 3,568 39,673 39,673 Less: accumulated amortization (4,995 ) (4,417 ) Intangible assets, net $ 34,678 $ 35,256 (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 on October 3, 2011, the Trust assumed a lease agreement for a land parcel underlying a portion of the hotel with an initial term ending February 2072 that it concluded had below market terms. The Trust recorded a favorable ground lease asset of $3.6 million associated with this lease agreement at the time. The Trust is amortizing the favorable ground lease asset over the life of the lease and including the amortization within indirect hotel operating expenses in the consolidated statements of operations. In conjunction with the acquisition of the Hilton Denver City Center (formerly the Denver Marriott City Center) on October 3, 2011, 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. In connection with the change in management at the Hilton Denver City Center on December 1, 2017, the Trust recognized an $11.8 million write-off of unfavorable contract liability, 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, 2018
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	6. Long-Term Debt Long-term debt as of December 31, 2018 and 2017 consisted of the following (in thousands): Original Principal Amount Interest Rate Principal Amortization Period December 31, Origination Maturity 2018 2017 Unsecured: Revolving credit facility (1) July 2010 n/a May 2022 Floating n/a $ — $ 65,000 Term loan (2) April 2017 $ 225,000 April 2022 Floating n/a 225,000 225,000 Secured: Boston Marriott Newton May 2013 $ 60,000 June 2020 3.63% 25 51,205 52,941 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 79,180 81,875 Hilton Denver City Center (3) July 2012 $ 70,000 August 2022 4.90% 30 62,383 63,748 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 28,609 29,260 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 80,815 83,320 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 86,397 87,938 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 143,471 146,166 757,060 835,248 Unamortized deferred financing costs (5,671 ) (5,696 ) Long-term debt $ 751,389 $ 829,552 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of December 31, 2018 , the interest rate in effect was 4.02% . 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, 2018 , the effective interest rate on the term loan was 3.31% ). Under the terms of this interest rate swap, the Trust pays fixed interest of 1.86% per annum on a notional amount of $225.0 million and receives floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap was April 21, 2017 and it will mature on April 21, 2022 . (3) 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 and restated 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 to be based on the Trust’s consolidated leverage ratio), and (4) extend the maturity date to March 2019 . On May 31, 2018, the Trust further amended the credit agreement to (1) extend the maturity date to May 2022 and (2) lower the interest rate to LIBOR plus 1.45% - 2.20% (the spread over LIBOR continues to be based on the Trust’s consolidated leverage ratio). 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. 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, 2018 , the borrowing base included 11 of the Trust’s hotels providing borrowing availability of $300.0 million under the revolving credit facility, all of which remained available. The amended credit agreement and the term loan agreement contain financial covenants, including a leverage ratio and a minimum tangible net worth requirement, and 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, 2018 , the Trust was in compliance with all financial covenants under its borrowing arrangements. As of December 31, 2018 , the Trust’s weighted-average interest rate on its long-term debt was 3.91% . Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of December 31, 2018 are as follows (in thousands): Year Amounts 2019 $ 13,742 2020 135,326 2021 9,984 2022 291,635 2023 100,623 Thereafter 205,750 $ 757,060

Indirect Expenses

Indirect Expenses	12 Months Ended
	Dec. 31, 2018
Indirect Expenses [Abstract]
Indirect Expenses	7. Indirect Expenses Indirect hotel operating expenses for the years ended December 31, 2018 , 2017 and 2016 consisted of the following (in thousands): Year Ended December 31, 2018 2017 2016 Administrative and general $ 51,309 $ 51,436 $ 52,509 Advertising and sales 43,420 43,017 43,457 Repairs and maintenance 21,132 20,956 20,905 Utilities 15,055 15,601 15,695 Franchise fees 9,837 10,141 10,212 Management fees (1) 21,149 7,975 24,460 Property and other taxes 33,500 32,922 29,456 Insurance, leases and other 12,055 12,164 12,062 Indirect hotel operating expenses $ 207,457 $ 194,212 $ 208,756 (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, 2018
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings Per Share The following is a reconciliation of the amounts used in calculating basic and diluted earnings per share (in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Numerator: Net income available to common shareholders $ 96,966 $ 66,542 $ 67,018 Less: Dividends declared on unvested time-based awards (474 ) (494 ) (561 ) Less: Undistributed earnings allocated to unvested time-based awards (9 ) — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 96,483 $ 66,048 $ 66,457 Denominator: Weighted-average number of common shares outstanding–basic 59,138,676 59,029,490 58,717,647 Effect of dilutive unvested performance-based awards 252,163 225,754 — Weighted-average number of common shares outstanding–diluted 59,390,839 59,255,244 58,717,647 Net income available per common share: Basic $ 1.63 $ 1.12 $ 1.13 Diluted $ 1.62 $ 1.11 $ 1.13 For the years ended December 31, 2018 , 2017 and 2016 , 361,583 , 207,121 and 460,269 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, 2018
Stockholders' Equity Note [Abstract]
Shareholders' Equity	9. Shareholders’ Equity Common Shares —The Trust is authorized to issue up to 400,000,000 common shares, $.01 par value per share. Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Trust’s common shares are entitled to receive distributions when authorized by the Trust’s board of trustees out of assets legally available for the payment of distributions. For the years ended December 31, 2018 , 2017 and 2016 , the Trust issued 4,265 , 3,327 and 3,467 unrestricted common shares, respectively, and 495,579 , 481,068 and 448,146 restricted common shares, respectively, to its trustees and employees. For the years ended December 31, 2018 , 2017 and 2016 , the Trust repurchased 173,811 , 40,919 and 117,129 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, 2018 , the Trust had 60,263,670 common shares outstanding. For the years ended December 31, 2018 , 2017 and 2016 , the Trust’s board of trustees declared dividends per common share as follows: Year Ended December 31, 2018 2017 2016 First Quarter $ 0.40 $ 0.40 $ 0.40 Second Quarter 0.40 0.40 0.40 Third Quarter 0.40 0.40 0.40 Fourth Quarter 0.40 0.40 0.40 $ 1.60 $ 1.60 $ 1.60 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, 2018 . For the years ended December 31, 2017 and 2016 , the Trust’s board of trustees declared dividends per preferred share as follows: Year Ended December 31, 2017 2016 First Quarter $ 0.484375 $ 0.484375 Second Quarter 0.484375 0.484375 Third Quarter 0.010764 0.484375 Fourth Quarter — 0.484375 $ 0.979514 $ 1.937500

Equity Plan

Equity Plan	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Plan	10. Equity Plan In January 2010, the Trust established the Chesapeake Lodging Trust Equity Plan (the “Plan”), which provides for the issuance of equity-based awards, including restricted shares, unrestricted shares, share options, share appreciation rights, and other awards based on the Trust’s common shares. Employees and trustees of the Trust and other persons that provide services to the Trust are eligible to participate in the Plan. The compensation committee of the board of trustees administers the Plan and determines the number of awards to be granted, the vesting period, and the exercise price, if any. In June 2018, the Trust’s common shareholders approved an amendment to the Plan to, among other things, increase the number of shares available for issuance under the Plan by 1,250,000 shares and extend the term of the Plan to June 2028. 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, 2018 , subject to increases that may result in the case of any future forfeiture or termination of currently outstanding awards, 1,582,954 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 June 2028, but will continue to govern unexpired 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 were eligible to vest at December 31, 2018 . Dividends on the 2016 Performance-Based Awards were not paid unless the related shares vested. 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% . At December 31, 2018 , 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, 2018, relative to the total return generated by the SNL US Hotel REIT Index prepared by SNL Financial LC (the “Index”), 285,917 shares vested and no shares were forfeited under the 2016 Performance-Based Awards. 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% . For the year ended December 31, 2018, the Trust granted 495,579 restricted common shares to certain employees and trustees, of which 133,726 shares were time-based awards and 361,853 shares were performance-based awards (the “2018 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 2018 Performance-Based Awards are eligible to vest at December 31, 2020 . The actual number of shares under the 2018 Performance-Based Awards that vest will be based on the Trust’s TSR, measured over the three-year performance period ending December 31, 2020, relative to the total return generated by a market-cap weighted index that includes eight lodging REITs (the “2018 Performance Peer Group”). Dividends on the 2018 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2018 Performance-Based Awards was $10.82 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 24.09% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 2.00% . The payout schedule for the 2017 Performance-Based Awards and the 2018 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the 2017 Performance Peer Group and the 2018 Performance Peer Group, respectively: Trust TSR as % of 2017 Performance Peer Group or 2018 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 2017 Performance-Based Awards and the 2018 Performance-Based Awards will vest. If the Trust’s TSR is positive for a performance period and the total return of the 2017 Performance Peer Group or the 2018 Performance Peer Group is negative, as the case may be, 100% of the shares subject to vesting under the 2017 Performance-Based Awards and the 2018 Performance-Based Awards will vest. As of December 31, 2018 , there was approximately $7.5 million of unrecognized share-based compensation expense related to restricted common shares. The unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 1.7 years. The following is a summary of the Trust’s restricted common share activity for the years ended December 31, 2018 , 2017 and 2016 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2015 1,057,270 $ 17.40 Granted 448,146 $ 15.58 Vested (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 Granted 495,579 $ 15.45 Vested (434,214 ) $ 16.47 Forfeited (3,451 ) $ 27.04 Restricted common shares as of December 31, 2018 953,429 $ 15.39

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instrument	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair value measurements and derivative instruments	11. Fair Value Measurements and Derivative Instrument The following table sets forth the Trust’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included within prepaid expenses and other assets) $ 4,261 $ — $ 4,261 $ — $ 4,261 $ — $ 4,261 $ — 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, 2018 , 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, 2018
Income Tax Disclosure [Abstract]
Income Tax Disclosure	12. Income Taxes The components of income tax expense for the years ended December 31, 2018 , 2017 and 2016 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ 558 $ 1,454 $ 1,472 State 334 1,074 274 892 2,528 1,746 Deferred: Federal 160 654 220 State 43 (93 ) 33 203 561 253 Income tax expense $ 1,095 $ 3,089 $ 1,999 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, 2018 2017 2016 Statutory federal income tax expense $ 20,593 $ 26,970 $ 26,760 Effect of non-taxable REIT income (19,827 ) (21,496 ) (24,902 ) 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 309 648 206 Other 20 (73 ) (65 ) Income tax expense $ 1,095 $ 3,089 $ 1,999 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, 2018 and 2017 are as follows (in thousands): December 31, 2018 2017 Deferred tax asset: Deferred income–key money $ 1,758 $ 1,858 Net operating loss carryforwards 77 133 Employee-related compensation 184 255 2,019 2,246 Deferred tax liability: Other 6 30 6 30 Net deferred tax asset $ 2,013 $ 2,216 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 included 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. 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, 2018 , the Trust had a net deferred tax asset of $2.0 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, 2018 . As of December 31, 2018 , the tax years that remain subject to examination by major tax jurisdictions generally include 2015 through 2018 .

Quarterly Operating Results (un

Quarterly Operating Results (unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	13. Quarterly Operating Results (unaudited) Quarter Ended - 2018 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 135,025 $ 163,285 $ 156,353 $ 142,509 Total operating expenses 122,002 127,970 127,070 121,337 Net income 6,549 23,810 53,379 13,228 Net income available to common shareholders, excluding amounts attributable to unvested time-based awards (1) 6,428 23,691 53,114 13,112 Net income available per common share: (2) Basic 0.11 0.40 0.90 0.22 Diluted 0.11 0.40 0.89 0.22 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 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 (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, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	14. Commitments and Contingencies Management Agreements —The Trust’s hotels operate pursuant to management agreements with various third-party management companies. Each management company receives a base management fee generally between 2% and 4% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Trust has received a priority return on its investment in the hotel. Franchise Agreements —As of December 31, 2018 , 10 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 10 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 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. As of December 31, 2018, base rent was $2.3 million per year. Base rent reset on February 1, 2019 to $2.7 million per year and the next base rent reset will occur in 2022. 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. For the years ended December 31, 2018, 2017 and 2016, percentage rent was $3.7 million , $3.5 million , and $3.5 million , respectively. 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 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). As of December 31, 2018, base rent was $1.7 million per year. Base rent reset on January 1, 2019 to $2.0 million per year and the next base rent reset will occur in 2024. 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. For the years ended December 31, 2018, 2017 and 2016, percentage rent was $2.7 million , $2.2 million , and $2.5 million , respectively. 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, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation Disclosure	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 $ 143,471 $ — $ 71,462 $ 12,314 $ 75 $ 83,701 $ 83,776 $ 19,798 2010 40 years Hilton Checkers Los Angeles Los Angeles, California 28,609 9,010 32,710 2,699 9,036 35,383 44,419 7,919 2010 40 years Boston Marriott Newton Newton, Massachusetts 51,205 11,800 56,450 10,476 12,053 66,673 78,726 13,334 2010 40 years Le Meridien San Francisco San Francisco, California 79,180 28,737 100,734 5,997 28,786 106,682 135,468 22,183 2010 40 years Homewood Suites Seattle Convention Center Seattle, Washington — 6,266 44,004 2,143 6,267 46,146 52,413 8,864 2011 40 years W Chicago – City Center Chicago, Illinois 80,815 29,800 93,464 11,476 29,812 104,928 134,740 20,844 2011 40 years Hotel Indigo San Diego Gaslamp Quarter San Diego, California — 8,300 43,000 1,049 8,308 44,041 52,349 8,388 2011 40 years Courtyard Washington Capitol Hill/Navy Yard Washington, DC — 9,661 57,930 1,705 9,661 59,635 69,296 11,413 2011 40 years Hotel Adagio San Francisco, Autograph Collection San Francisco, California — 7,900 33,973 7,415 7,987 41,301 49,288 8,803 2011 40 years Hilton Denver City Center Denver, Colorado 62,383 3,500 118,209 16,006 4,076 133,639 137,715 24,055 2011 40 years Hyatt Herald Square New York New York, New York (1 ) 14,350 36,325 6,658 14,423 42,910 57,333 8,162 2011 40 years W Chicago – Lakeshore Chicago, Illinois — 40,000 80,800 27,875 40,170 108,505 148,675 21,418 2012 40 years Hyatt Regency Mission Bay Spa and Marina San Diego, California — — 57,633 9,510 — 67,143 67,143 10,268 2012 40 years Hyatt Place New York Midtown South New York, New York (1 ) 18,470 55,002 501 18,482 55,491 73,973 8,098 2013 40 years W New Orleans – French Quarter New Orleans, Louisiana — 4,092 19,468 561 4,102 20,019 24,121 2,875 2013 40 years Le Meridien New Orleans New Orleans, Louisiana — 4,700 54,875 18,435 4,709 73,301 78,010 12,407 2013 40 years Hyatt Centric Fisherman’s Wharf San Francisco, California — 24,200 74,400 5,406 24,223 79,783 104,006 11,648 2013 40 years JW Marriott San Francisco Union Square San Francisco, California — — 139,150 13,323 — 152,473 152,473 15,704 2014 40 years Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, Florida — 40,100 222,230 3,944 40,221 226,053 266,274 21,765 2015 40 years Ace Hotel and Theater Downtown Los Angeles Los Angeles, California — 24,362 72,268 551 24,370 72,811 97,181 6,669 2015 40 years Totals $ 532,060 $ 285,248 $ 1,464,087 $ 158,044 $ 286,761 $ 1,620,618 $ 1,907,379 $ 264,615 (1) This hotel secures a mortgage loan issued in July 2014 , which had an outstanding principal balance of $86,397 as of December 31, 2018 . Notes: (a) The change in total cost of real estate assets for the years ended December 31, 2018 , 2017 and 2016 is as follows: 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 Capital expenditures and transfers from construction-in-progress 19,460 Disposition (57,595 ) Balance as of December 31, 2018 $ 1,907,379 (b) The change in accumulated depreciation and amortization of real estate assets for the years ended December 31, 2018 , 2017 and 2016 is as follows: 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 Depreciation and amortization 47,095 Disposition (3,568 ) Balance as of December 31, 2018 $ 264,615 (c) The aggregate cost of real estate assets for federal income tax purposes is approximately $1,789 million as of December 31, 2018 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.
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 if the acquisition of the hotel is determined to be an acquisition of a business; if the acquisition of the hotel is determined to be an acquisition of an asset, hotel acquisition costs are capitalized. 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, 2018 , 2017 and 2016 . The Trust classifies a hotel as held for sale in the period in which it has made the decision to dispose of the hotel, a binding agreement to purchase the hotel has been signed under which the buyer has committed a significant amount of nonrefundable cash, and no significant financing contingencies exist which could cause the transaction not to be completed in a timely manner. If these criteria are met, depreciation and amortization of the hotel will cease and an impairment loss will be recognized if the fair value of the hotel, less the costs to sell, is lower than the carrying amount of the hotel. If the sale represents a strategic shift that has (or will have) a major effect on the Trust’s operations and financial results, the Trust will classify the loss, together with the related operating results, as discontinued operations in the consolidated statements of operations and will classify the related assets and liabilities as held for sale in the consolidated balance sheets. As of December 31, 2018 and 2017 , 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 and the performance obligations are satisfied, net of any sales, occupancy, or other similar taxes collected from customers. Revenues consist of room sales, food and beverage sales, and other hotel revenues and are presented on a disaggregated basis on the consolidated statements of operations. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to use hotel rooms for one or more nights. The Trust’s performance obligations are fulfilled at the end of each night that the customers are provided the rooms and room revenue is recognized daily at the contract rate in effect for each room night. Food and beverage revenue is generated when customers agree to pay for food and beverage at a hotel’s restaurant or bar outlets or for banquet and catering services at a hotel. The Trust’s performance obligations are fulfilled at the time that the food and beverage is provided or when the banquet facilities and related dining and other amenities (e.g., audio visual services) are provided. Other revenue (e.g., parking, marina, resort and cancellation fees, theater, leasing, spa, telephone, and gift shop sales) is recognized at the point in time or over the time period that the associated good or service is provided. Ancillary services (e.g., parking) at certain hotels are provided by third parties and the Trust assesses whether the Trust is the principal or agent in such arrangements. If the Trust is determined to be the agent, revenue is recognized based upon the commission earned from the third party on the provided service. If the Trust is determined to be the principal, revenue is recognized based upon the gross contract price of the provided service. Certain of the Trust’s hotels have retail spaces, restaurants or other spaces which the Trust leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included within other revenue. Advance deposits are generally provided when a customer or group of customers provides a deposit for a future stay or banquet event at the Trust’s hotels. Advance deposits are converted to revenue when the associated goods or services are provided to the customer or when a customer with a noncancellable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets —Prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions and loan applications, deferred franchise costs, inventories, deferred tax assets, and other assets.
Deferred Financing Costs	Deferred Financing Costs —Deferred financing costs are recorded at cost and consist of loan fees and other costs incurred in issuing debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the term of the related debt and is included in interest expense in the consolidated statements of operations. Unamortized deferred financing costs are included as a direct deduction from long-term debt in the consolidated balance sheets.
Derivative Instruments	Derivative Instruments —From time to time, the Trust is a party to interest rate swaps, which are considered derivative instruments, in order to manage its interest rate exposure. The Trust’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows. The Trust records derivative instruments at fair value as either assets or liabilities and designates them as cash flow hedging instruments at inception. The Trust evaluates the hedge effectiveness of the designated cash flow hedging instruments on a quarterly basis and records the effective portion of the change in the fair value of the cash flow hedging instruments as other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedging instruments are reclassified to interest expense as interest payments are made on the variable-rate debt being hedged. The Trust does not enter into derivative instruments for trading or speculative purposes and monitors the financial stability and credit standing of its counterparties.
Fair Value Measurements	Fair Value Measurements —The Trust accounts for certain assets and liabilities at fair value. In evaluating the fair value of both financial and non-financial assets and liabilities, 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 superseded 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. The Trust adopted the new accounting guidance on January 1, 2018 and applied it 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 Trust adopted the new accounting guidance on January 1, 2018 and applied it on a retrospective basis. The adoption of this guidance changed the presentation of restricted cash in the consolidated statements of cash flows; however, the Trust does not believe that the adoption of this guidance has 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 Trust adopted the new accounting guidance on January 1, 2018 and applied it on a prospective basis. 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. The classification of the lease 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. A lessee is also required to record a right-of-use asset and a lease liability for all leases. The Trust will adopt the new accounting guidance on January 1, 2019 and apply it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, the Trust expects to apply the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For its ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, the Trust will recognize lease liabilities with corresponding right-of-use assets of a similar amount which will have a material impact on its consolidated balance sheet. The Trust is still evaluating the impact that this guidance will have on its consolidated financial statements.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 2017 Land and land improvements $ 286,761 $ 316,815 Buildings and leasehold improvements 1,620,864 1,628,945 Furniture, fixtures and equipment 235,585 228,492 Construction-in-progress 14,102 6,640 2,157,312 2,180,892 Less: accumulated depreciation and amortization (425,158 ) (357,675 ) Property and equipment, net $ 1,732,154 $ 1,823,217

Intangible Assets and Liabili_2

Intangible Assets and Liability (Tables)	12 Months Ended
	Dec. 31, 2018
Intangible Assets and Liability [Abstract]
Intangible Assets and Liability	Intangible assets as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 2017 Intangible assets: Air rights contract (1) $ 36,105 $ 36,105 Favorable ground lease (2) 3,568 3,568 39,673 39,673 Less: accumulated amortization (4,995 ) (4,417 ) Intangible assets, net $ 34,678 $ 35,256 (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 on October 3, 2011, the Trust assumed a lease agreement for a land parcel underlying a portion of the hotel with an initial term ending February 2072 that it concluded had below market terms. The Trust recorded a favorable ground lease asset of $3.6 million associated with this lease agreement at the time. The Trust is amortizing the favorable ground lease asset over the life of the lease and including the amortization within indirect hotel operating expenses in the consolidated statements of operations.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Long-term debt as of December 31, 2018 and 2017 consisted of the following (in thousands): Original Principal Amount Interest Rate Principal Amortization Period December 31, Origination Maturity 2018 2017 Unsecured: Revolving credit facility (1) July 2010 n/a May 2022 Floating n/a $ — $ 65,000 Term loan (2) April 2017 $ 225,000 April 2022 Floating n/a 225,000 225,000 Secured: Boston Marriott Newton May 2013 $ 60,000 June 2020 3.63% 25 51,205 52,941 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 79,180 81,875 Hilton Denver City Center (3) July 2012 $ 70,000 August 2022 4.90% 30 62,383 63,748 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 28,609 29,260 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 80,815 83,320 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 86,397 87,938 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 143,471 146,166 757,060 835,248 Unamortized deferred financing costs (5,671 ) (5,696 ) Long-term debt $ 751,389 $ 829,552 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of December 31, 2018 , the interest rate in effect was 4.02% . 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, 2018 , the effective interest rate on the term loan was 3.31% ). Under the terms of this interest rate swap, the Trust pays fixed interest of 1.86% per annum on a notional amount of $225.0 million and receives floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap was April 21, 2017 and it will mature on April 21, 2022 . (3) The loan has a term of 30 years, but is callable by the lender after 10 years, and the Trust expects the lender to call the loan at that time. The indicated maturity is based on the date the loan is callable by the lender.
Future Scheduled Principal Payments of Debt Obligations	Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of December 31, 2018 are as follows (in thousands): Year Amounts 2019 $ 13,742 2020 135,326 2021 9,984 2022 291,635 2023 100,623 Thereafter 205,750 $ 757,060

Indirect Expenses (Tables)

Indirect Expenses (Tables)	12 Months Ended
	Dec. 31, 2018
Indirect Expenses [Abstract]
Schedule of Indirect Hotel Operating Expenses [Table Text Block]	Indirect hotel operating expenses for the years ended December 31, 2018 , 2017 and 2016 consisted of the following (in thousands): Year Ended December 31, 2018 2017 2016 Administrative and general $ 51,309 $ 51,436 $ 52,509 Advertising and sales 43,420 43,017 43,457 Repairs and maintenance 21,132 20,956 20,905 Utilities 15,055 15,601 15,695 Franchise fees 9,837 10,141 10,212 Management fees (1) 21,149 7,975 24,460 Property and other taxes 33,500 32,922 29,456 Insurance, leases and other 12,055 12,164 12,062 Indirect hotel operating expenses $ 207,457 $ 194,212 $ 208,756 (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, 2018
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the amounts used in calculating basic and diluted earnings per share (in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Numerator: Net income available to common shareholders $ 96,966 $ 66,542 $ 67,018 Less: Dividends declared on unvested time-based awards (474 ) (494 ) (561 ) Less: Undistributed earnings allocated to unvested time-based awards (9 ) — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 96,483 $ 66,048 $ 66,457 Denominator: Weighted-average number of common shares outstanding–basic 59,138,676 59,029,490 58,717,647 Effect of dilutive unvested performance-based awards 252,163 225,754 — Weighted-average number of common shares outstanding–diluted 59,390,839 59,255,244 58,717,647 Net income available per common share: Basic $ 1.63 $ 1.12 $ 1.13 Diluted $ 1.62 $ 1.11 $ 1.13

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Common Shares [Member]
Dividends Payable [Line Items]
Dividends declared or paid	For the years ended December 31, 2018 , 2017 and 2016 , the Trust’s board of trustees declared dividends per common share as follows: Year Ended December 31, 2018 2017 2016 First Quarter $ 0.40 $ 0.40 $ 0.40 Second Quarter 0.40 0.40 0.40 Third Quarter 0.40 0.40 0.40 Fourth Quarter 0.40 0.40 0.40 $ 1.60 $ 1.60 $ 1.60
Series A Preferred Shares [Member]
Dividends Payable [Line Items]
Dividends declared or paid	For the years ended December 31, 2017 and 2016 , the Trust’s board of trustees declared dividends per preferred share as follows: Year Ended December 31, 2017 2016 First Quarter $ 0.484375 $ 0.484375 Second Quarter 0.484375 0.484375 Third Quarter 0.010764 0.484375 Fourth Quarter — 0.484375 $ 0.979514 $ 1.937500

Equity Plan (Tables)

Equity Plan (Tables)	12 Months Ended
	Dec. 31, 2018
Share-Based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout as a percentage of maximum award	The payout schedule for the 2017 Performance-Based Awards and the 2018 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the 2017 Performance Peer Group and the 2018 Performance Peer Group, respectively: Trust TSR as % of 2017 Performance Peer Group or 2018 Performance Peer Group Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100%
Restricted Common Shares	The following is a summary of the Trust’s restricted common share activity for the years ended December 31, 2018 , 2017 and 2016 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2015 1,057,270 $ 17.40 Granted 448,146 $ 15.58 Vested (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 Granted 495,579 $ 15.45 Vested (434,214 ) $ 16.47 Forfeited (3,451 ) $ 27.04 Restricted common shares as of December 31, 2018 953,429 $ 15.39

Fair Value Measurements and D_2

Fair Value Measurements and Derivative Instrument (Tables)	12 Months Ended
	Dec. 31, 2018
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) $ 4,261 $ — $ 4,261 $ — $ 4,261 $ — $ 4,261 $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of income tax expense for the years ended December 31, 2018 , 2017 and 2016 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ 558 $ 1,454 $ 1,472 State 334 1,074 274 892 2,528 1,746 Deferred: Federal 160 654 220 State 43 (93 ) 33 203 561 253 Income tax expense $ 1,095 $ 3,089 $ 1,999
Schedule of Effective Income Tax Rate Reconciliation	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, 2018 2017 2016 Statutory federal income tax expense $ 20,593 $ 26,970 $ 26,760 Effect of non-taxable REIT income (19,827 ) (21,496 ) (24,902 ) 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 309 648 206 Other 20 (73 ) (65 ) Income tax expense $ 1,095 $ 3,089 $ 1,999
Schedule of Deferred Tax Assets and Liabilities	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, 2018 and 2017 are as follows (in thousands): December 31, 2018 2017 Deferred tax asset: Deferred income–key money $ 1,758 $ 1,858 Net operating loss carryforwards 77 133 Employee-related compensation 184 255 2,019 2,246 Deferred tax liability: Other 6 30 6 30 Net deferred tax asset $ 2,013 $ 2,216

Quarterly Operating Results (_2

Quarterly Operating Results (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Quarter Ended - 2018 March 31 June 30 September 30 December 31 (in thousands, except per share data) Total revenue $ 135,025 $ 163,285 $ 156,353 $ 142,509 Total operating expenses 122,002 127,970 127,070 121,337 Net income 6,549 23,810 53,379 13,228 Net income available to common shareholders, excluding amounts attributable to unvested time-based awards (1) 6,428 23,691 53,114 13,112 Net income available per common share: (2) Basic 0.11 0.40 0.90 0.22 Diluted 0.11 0.40 0.89 0.22 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 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 (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 _2

Organization and Description of Business (Details) - Chesapeake Lodging Trust [Member]	Dec. 31, 2018roomstatehotel
Organization and Description of Business (Textual) [Abstract]
Number of hotels owned | hotel	20
Number of hotel rooms | room	6,279
Number of states in which hotels located | state	8

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2018segment
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

Dispositions (Details)

Dispositions (Details) $ in Thousands	Jul. 26, 2018USD ($)room	Nov. 08, 2017USD ($)hotel	Apr. 14, 2016USD ($)room	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Hotel Disposition [Line Items]
Net proceeds from sale of hotel				$ 89,821	$ 45,991	$ 2,028
Gain on sale of hotels				$ 33,109	$ 6,102	$ 598
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 hotels			$ 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 hotels		$ 6,100
Hyatt Centric Santa Barbara [Member]
Hotel Disposition [Line Items]
Disposal date	Jul. 26, 2018
Number of hotel rooms | room	200
Hotel sale price including working capital	$ 90,100
Net proceeds from sale of hotel	89,800
Gain on sale of hotels	$ 33,100

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property and Equipment
Land and land improvements	$ 286,761	$ 316,815
Buildings and leasehold improvements	1,620,864	1,628,945
Furniture, fixtures and equipment	235,585	228,492
Construction-in-progress	14,102	6,640
Property and equipment, gross	2,157,312	2,180,892
Less: accumulated depreciation and amortization	(425,158)	(357,675)
Property and equipment, net	$ 1,732,154	$ 1,823,217

Intangible Assets and Liabili_3

Intangible Assets and Liability, Table 1 (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 39,673	$ 39,673
Less: accumulated amortization	(4,995)	(4,417)
Intangible assets, net	34,678	35,256
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 Liabili_4

Intangible Assets and Liability (Details Textual) - USD ($) $ in Thousands	Oct. 03, 2011	Mar. 18, 2010	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible Assets
Intangible assets gross			$ 39,673	$ 39,673
Write-off of unfavorable contract liability			0	11,815	$ 0
Ground Lease Agreement [Member]
Intangible Assets
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
Intangible assets gross	$ 3,600
Unfavorable management contract expiration month year	December 2,047
Unfavorable contract liability	$ 14,200
Hilton Denver City Center - Lease [Member] | Ground Lease Agreement [Member]
Intangible Assets
Ground lease agreement expiration month year	February 2,072

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($) $ in Thousands	May 31, 2018	Apr. 21, 2017	Mar. 04, 2015	Jul. 27, 2012	Dec. 31, 2018	Dec. 31, 2017
Long-Term Debt
Long-term debt, carrying amount					$ 757,060	$ 835,248
Unamortized deferred financing costs					(5,671)	(5,696)
Long-term debt					$ 751,389	829,552
Revolving Credit Facility [Member]
Long-Term Debt
Revolving credit facility, issuance month year					July 2,010
Revolving credit facility, expiration date month year	May 2,022		March 2,019		May 2,022
Debt instrument maturity extension period	1 year
Interest rate in effect for borrowings under revolving credit facility					4.02%
Revolving credit facility					$ 0	65,000
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, term		5 years
Debt instrument effectively fixed term		5 years
Debt instrument effectively fixed rate					3.31%
Unsecured term loan					$ 225,000	225,000
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					$ 51,205	52,941
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					$ 79,180	81,875
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					$ 62,383	63,748
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					$ 28,609	29,260
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					$ 80,815	83,320
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					$ 86,397	87,938
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					$ 143,471	$ 146,166
Interest Rate Swap [Member]
Long-Term Debt
Fixed interest rate on interest rate swap		1.86%
Derivative, notional amount		$ 225,000
Derivative effective date		Apr. 21, 2017
Derivative maturity date		Apr. 21, 2022
Minimum [Member] | Revolving Credit Facility [Member]
Long-Term Debt
Rate spread over LIBOR	1.45%		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	2.20%		2.30%
Maximum [Member] | Unsecured Term Loan [Member]
Long-Term Debt
Rate spread over LIBOR		2.20%

Long-Term Debt (Details 2 Textu

Long-Term Debt (Details 2 Textual) $ in Thousands	May 31, 2018USD ($)	Apr. 21, 2017USD ($)	Mar. 04, 2015USD ($)	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)	Oct. 25, 2012USD ($)
Long-Term Debt
Weighted-average interest rate on long-term debt				3.91%
Revolving Credit Facility [Member]
Long-Term Debt
Maximum borrowing capacity under revolving credit facility			$ 300,000			$ 250,000
Revolving credit facility, expiration date month year	May 2,022		March 2,019	May 2,022
Line of credit facility potential maximum borrowing capacity	$ 450,000
Debt instrument maturity extension period	1 year
Number of borrowing base hotels supporting revolving credit facility | hotel				11
Current borrowing capacity under revolving credit facility				$ 300,000
Unsecured Term Loan [Member]
Long-Term Debt
Unsecured term loan effectively fixed term		5 years
Debt instrument, term		5 years
Unsecured term loan potential maximum borrowing capacity		$ 375,000
Unsecured term loan				$ 225,000	$ 225,000
Minimum [Member] | Revolving Credit Facility [Member]
Long-Term Debt
Rate spread over LIBOR	1.45%		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	2.20%		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, 2018	Dec. 31, 2017
Future Principal Payments of Debt Obligations
2,019	$ 13,742
2,020	135,326
2,021	9,984
2,022	291,635
2,023	100,623
Thereafter	205,750
Long-term debt, carrying amount	$ 757,060	$ 835,248

Indirect Expenses (Details)

Indirect Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Indirect Expenses [Line Items]
Impact on indirect expenses related to a change in management		$ 14,300
Administrative and general [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	$ 51,309	51,436	$ 52,509
Advertising and sales [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	43,420	43,017	43,457
Repairs and maintenance [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	21,132	20,956	20,905
Utilities [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	15,055	15,601	15,695
Franchise fees [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	9,837	10,141	10,212
Management fees [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	21,149	7,975	24,460
Property and other taxes [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	33,500	32,922	29,456
Insurance, leases and other [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	12,055	12,164	12,062
Indirect hotel operating expenses [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	$ 207,457	$ 194,212	$ 208,756

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income available to common shareholders									$ 96,966	$ 66,542	$ 67,018
Less: Dividends declared on unvested time-based awards									(474)	(494)	(561)
Less: Undistributed earnings allocated to unvested time-based awards									(9)	0	0
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 13,112	$ 53,114	$ 23,691	$ 6,428	$ 27,459	$ 13,980	$ 19,116	$ 5,473	$ 96,483	$ 66,048	$ 66,457
Denominator:
Weighted average number of shares outstanding-basic									59,138,676	59,029,490	58,717,647
Effect of dilutive unvested performance-based awards									252,163	225,754	0
Weighted-average number of shares outstanding-diluted									59,390,839	59,255,244	58,717,647
Net income available per common share - basic	$ 0.22	$ 0.90	$ 0.40	$ 0.11	$ 0.47	$ 0.24	$ 0.32	$ 0.09	$ 1.63	$ 1.12	$ 1.13
Net income available per common share - diluted	$ 0.22	$ 0.89	$ 0.40	$ 0.11	$ 0.46	$ 0.24	$ 0.32	$ 0.09	$ 1.62	$ 1.11	$ 1.13
Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share, amount									361,583	207,121	460,269

Shareholders' Equity (Details)

Shareholders' Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Share Dividend Declared
Dividend per common share	$ 1.60	$ 1.60	$ 1.60
Preferred Share Dividend Declared
Dividend per preferred share		0.979514	1.9375
First Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.40	0.40
Preferred Share Dividend Declared
Dividend per preferred share		0.484375	0.484375
Second Quarter [Member]
Common Share Dividend Declared
Dividend per common share	0.40	0.40	0.40
Preferred Share Dividend Declared
Dividend per preferred share		0.484375	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
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

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - $ / shares	Jul. 17, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Shareholders' Equity (Textual) [Abstract]
Common shares, authorized (in shares)		400,000,000	400,000,000
Common shares, par value (in dollars per share)		$ 0.01	$ 0.01
Common shares, voting rights		one
Common shares, outstanding (in shares)		60,263,670	59,941,088
Issuance of unrestricted common shares (in shares)		4,265	3,327	3,467
Issuance of restricted common shares (in shares)		495,579	481,068	448,146
Repurchase of common shares (in shares)		173,811	40,919	117,129
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	0
Preferred shares, outstanding (in shares)		0	0
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	Jun. 14, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity plan increase in shares reserved for issuance (in shares)	1,250,000
Equity Plan (Textual) [Abstract]
Common shares reserved and available for future issuance (in shares)		1,582,954
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		495,579	481,068	448,146
Share-based compensation arrangement by share-based payment award, time-based		133,726	179,403	162,229
Share-based compensation arrangement by share-based payment award, performance-based		361,853	301,665	285,917
Unrecognized share-based compensation expense		$ 7.5
Unrecognized share-based compensation expense, weighted-average period (in years)		1 year 8 months 12 days

Equity Plan (Details Textual 2)

Equity Plan (Details Textual 2) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Grant date fair value per share	$ 15.45	$ 15.89	$ 15.58
Number of restricted shares, vested	434,214	187,185	407,390
Number of restricted shares, forfeited	3,451	174,352	322,042
2018 Performance-based Awards [Member]
Grant date fair value per share	$ 10.82
Expected volatility rate	24.09%
Risk free interest rate	2.00%
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%
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
Number of restricted shares, vested	285,917
Number of restricted shares, forfeited	0

Equity Plan, Table 1 (Details)

Equity Plan, Table 1 (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Common Shares
Number of restricted shares, beginning balance (in shares)	895,515	775,984	1,057,270
Weighted-average grant-date fair value, beginning (in dollars per share)	$ 15.93	$ 18.71	$ 17.40
Number of restricted shares, granted (in shares)	495,579	481,068	448,146
Weighted-average grant-date fair value, granted (in dollars per share)	$ 15.45	$ 15.89	$ 15.58
Number of restricted shares, vested (in shares)	(434,214)	(187,185)	(407,390)
Weighted-average grant-date fair value, vested (in dollars per share)	$ 16.47	$ 26.21	$ 17.66
Number of restricted shares, forfeited (in shares)	(3,451)	(174,352)	(322,042)
Weighted-average grant-date fair value, forfeited (in dollars per share)	$ 27.04	$ 17.13	$ 11.39
Number of restricted shares, ending balance (in shares)	953,429	895,515	775,984
Weighted-average grant-date fair value, ending (in dollars per share)	$ 15.39	$ 15.93	$ 18.71

Fair Value Measurements and D_3

Fair Value Measurements and Derivative Instrument (Details) $ in Thousands	Dec. 31, 2018USD ($)
Asset
Interest rate swap	$ 4,261
Interest Rate Swap [Member]
Asset
Interest rate swap	4,261
Fair Value, Inputs, Level 1 [Member]
Asset
Interest rate swap	0
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Asset
Interest rate swap	0
Fair Value, Inputs, Level 2 [Member]
Asset
Interest rate swap	4,261
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Asset
Interest rate swap	4,261
Fair Value, Inputs, Level 3 [Member]
Asset
Interest rate swap	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Asset
Interest rate swap	$ 0

Income Taxes, Table 1 (Details)

Income Taxes, Table 1 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ 558	$ 1,454	$ 1,472
State	334	1,074	274
Current income tax expense	892	2,528	1,746
Deferred:
Federal	160	654	220
State	43	(93)	33
Deferred income tax expense	203	561	253
Income tax expense	$ 1,095	$ 3,089	$ 1,999

Income Taxes, Table 2 (Details)

Income Taxes, Table 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes, Table 2 [Abstract]
Statutory federal income tax expense	$ 20,593	$ 26,970	$ 26,760
Effect of non-taxable REIT income	(19,827)	(21,496)	(24,902)
Write-off of unfavorable contract liability	0	(4,017)	0
Tax Cuts and Jobs Act income tax adjustment	0	1,057	0
State income tax expense, net of federal taxes	309	648	206
Other	20	(73)	(65)
Income tax expense	$ 1,095	$ 3,089	$ 1,999

Income Taxes, Table 3 (Details)

Income Taxes, Table 3 (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax asset:
Deferred income - key money	$ 1,758	$ 1,858
Net operating loss carryforwards	77	133
Employee-related compensation	184	255
Deferred tax assets, net of valuation allowance	2,019	2,246
Deferred tax liability:
Other	6	30
Deferred tax liabilities	6	30
Net deferred tax asset	$ 2,013	$ 2,216

Income Taxes, Textual (Details)

Income Taxes, Textual (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 77	$ 133
Deferred tax asset	$ 2,000

Quarterly Operating Results (_3

Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 142,509	$ 156,353	$ 163,285	$ 135,025	$ 142,655	$ 158,277	$ 162,461	$ 134,874	$ 597,172	$ 598,267	$ 619,699
Total operating expenses	121,337	127,070	127,970	122,002	110,586	128,714	129,222	122,584	498,379	491,106	509,746
Net income	13,228	53,379	23,810	6,549	27,602	18,953	21,661	8,019	96,966	76,235	76,706
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 13,112	$ 53,114	$ 23,691	$ 6,428	$ 27,459	$ 13,980	$ 19,116	$ 5,473	$ 96,483	$ 66,048	$ 66,457
Net income available per common share - basic	$ 0.22	$ 0.90	$ 0.40	$ 0.11	$ 0.47	$ 0.24	$ 0.32	$ 0.09	$ 1.63	$ 1.12	$ 1.13
Net income available per common share - diluted	$ 0.22	$ 0.89	$ 0.40	$ 0.11	$ 0.46	$ 0.24	$ 0.32	$ 0.09	$ 1.62	$ 1.11	$ 1.13

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Feb. 01, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)hotel	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Commitments and Contingencies (Textual) [Abstract]
Number of hotels operating pursuant to franchise agreements with hotel brand companies | hotel			10
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
Ground lease annual percentage rent			$ 3.7	$ 3.5	$ 3.5
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
Ground lease annual percentage rent			$ 2.7	$ 2.2	$ 2.5
Base rent reset frequency in years			5 years
Number of years used to determine level of inflation to calculate base rent reset amount			5 years
Percentage limit on base rent increase to calculate base rent reset amount			125.00%
Base rent fair market value reset month year			January 2,034
Percentage of fair market value of land to calculate base rent reset amount			10.00%
Subsequent Event [Member] | Hyatt Regency Mission Bay Spa and Marina [Member] | Ground Lease Agreement [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease annual base rent	$ 2.7
Subsequent Event [Member] | JW Marriott San Francisco Union Square [Member] | Ground Lease Agreement [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease annual base rent		$ 2

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation, Table 1 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 532,060
Initial cost of land	285,248
Initial cost of buildings and improvements	1,464,087
Costs capitalized subsequent to acquisition	158,044
Carrying amount of land	286,761
Carrying amount of buildings and improvements	1,620,618
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	1,907,379	$ 1,945,514	$ 1,953,146	$ 1,947,502
Accumulated depreciation	264,615	$ 221,088	$ 179,868	$ 134,711
Hyatt Regency Boston Boston, Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	143,471
Initial cost of land	0
Initial cost of buildings and improvements	71,462
Costs capitalized subsequent to acquisition	12,314
Carrying amount of land	75
Carrying amount of buildings and improvements	83,701
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	83,776
Accumulated depreciation	$ 19,798
Year of acquisition	2,010
Depreciation life	40 years
Hilton Checkers Los Angeles Los Angeles, California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 28,609
Initial cost of land	9,010
Initial cost of buildings and improvements	32,710
Costs capitalized subsequent to acquisition	2,699
Carrying amount of land	9,036
Carrying amount of buildings and improvements	35,383
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	44,419
Accumulated depreciation	$ 7,919
Year of acquisition	2,010
Depreciation life	40 years
Boston Marriott Newton Newton, Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 51,205
Initial cost of land	11,800
Initial cost of buildings and improvements	56,450
Costs capitalized subsequent to acquisition	10,476
Carrying amount of land	12,053
Carrying amount of buildings and improvements	66,673
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	78,726
Accumulated depreciation	$ 13,334
Year of acquisition	2,010
Depreciation life	40 years
Le Meridien San Francisco San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 79,180
Initial cost of land	28,737
Initial cost of buildings and improvements	100,734
Costs capitalized subsequent to acquisition	5,997
Carrying amount of land	28,786
Carrying amount of buildings and improvements	106,682
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	135,468
Accumulated depreciation	$ 22,183
Year of acquisition	2,010
Depreciation life	40 years
Homewood Suites Seattle Convention Center Seattle, Washington
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 6,266
Initial cost of buildings and improvements	44,004
Costs capitalized subsequent to acquisition	2,143
Carrying amount of land	6,267
Carrying amount of buildings and improvements	46,146
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	52,413
Accumulated depreciation	$ 8,864
Year of acquisition	2,011
Depreciation life	40 years
W Chicago – City Center Chicago, Illinois
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 80,815
Initial cost of land	29,800
Initial cost of buildings and improvements	93,464
Costs capitalized subsequent to acquisition	11,476
Carrying amount of land	29,812
Carrying amount of buildings and improvements	104,928
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	134,740
Accumulated depreciation	$ 20,844
Year of acquisition	2,011
Depreciation life	40 years
Hotel Indigo San Diego Gaslamp Quarter San Diego, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 8,300
Initial cost of buildings and improvements	43,000
Costs capitalized subsequent to acquisition	1,049
Carrying amount of land	8,308
Carrying amount of buildings and improvements	44,041
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	52,349
Accumulated depreciation	$ 8,388
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
Initial cost of buildings and improvements	57,930
Costs capitalized subsequent to acquisition	1,705
Carrying amount of land	9,661
Carrying amount of buildings and improvements	59,635
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	69,296
Accumulated depreciation	$ 11,413
Year of acquisition	2,011
Depreciation life	40 years
Hotel Adagio San Francisco, Autograph Collection San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 7,900
Initial cost of buildings and improvements	33,973
Costs capitalized subsequent to acquisition	7,415
Carrying amount of land	7,987
Carrying amount of buildings and improvements	41,301
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	49,288
Accumulated depreciation	$ 8,803
Year of acquisition	2,011
Depreciation life	40 years
Hilton Denver City Center Denver, Colorado
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 62,383
Initial cost of land	3,500
Initial cost of buildings and improvements	118,209
Costs capitalized subsequent to acquisition	16,006
Carrying amount of land	4,076
Carrying amount of buildings and improvements	133,639
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	137,715
Accumulated depreciation	$ 24,055
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	$ 86,397
Initial cost of land	14,350
Initial cost of buildings and improvements	36,325
Costs capitalized subsequent to acquisition	6,658
Carrying amount of land	14,423
Carrying amount of buildings and improvements	42,910
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	57,333
Accumulated depreciation	$ 8,162
Year of acquisition	2,011
Depreciation life	40 years
W Chicago – Lakeshore Chicago, Illinois
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 40,000
Initial cost of buildings and improvements	80,800
Costs capitalized subsequent to acquisition	27,875
Carrying amount of land	40,170
Carrying amount of buildings and improvements	108,505
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	148,675
Accumulated depreciation	$ 21,418
Year of acquisition	2,012
Depreciation life	40 years
Hyatt Regency Mission Bay Spa and Marina San Diego, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 0
Initial cost of buildings and improvements	57,633
Costs capitalized subsequent to acquisition	9,510
Carrying amount of land	0
Carrying amount of buildings and improvements	67,143
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	67,143
Accumulated depreciation	$ 10,268
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	$ 86,397
Initial cost of land	18,470
Initial cost of buildings and improvements	55,002
Costs capitalized subsequent to acquisition	501
Carrying amount of land	18,482
Carrying amount of buildings and improvements	55,491
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	73,973
Accumulated depreciation	$ 8,098
Year of acquisition	2,013
Depreciation life	40 years
W New Orleans – French Quarter New Orleans, Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 4,092
Initial cost of buildings and improvements	19,468
Costs capitalized subsequent to acquisition	561
Carrying amount of land	4,102
Carrying amount of buildings and improvements	20,019
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	24,121
Accumulated depreciation	$ 2,875
Year of acquisition	2,013
Depreciation life	40 years
Le Meridien New Orleans New Orleans, Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 4,700
Initial cost of buildings and improvements	54,875
Costs capitalized subsequent to acquisition	18,435
Carrying amount of land	4,709
Carrying amount of buildings and improvements	73,301
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	78,010
Accumulated depreciation	$ 12,407
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
Initial cost of buildings and improvements	74,400
Costs capitalized subsequent to acquisition	5,406
Carrying amount of land	24,223
Carrying amount of buildings and improvements	79,783
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	104,006
Accumulated depreciation	$ 11,648
Year of acquisition	2,013
Depreciation life	40 years
JW Marriott San Francisco Union Square San Francisco, California
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 0
Initial cost of buildings and improvements	139,150
Costs capitalized subsequent to acquisition	13,323
Carrying amount of land	0
Carrying amount of buildings and improvements	152,473
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	152,473
Accumulated depreciation	$ 15,704
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
Initial cost of buildings and improvements	222,230
Costs capitalized subsequent to acquisition	3,944
Carrying amount of land	40,221
Carrying amount of buildings and improvements	226,053
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	266,274
Accumulated depreciation	$ 21,765
Year of acquisition	2,015
Depreciation life	40 years
Ace Hotel and Theater Downtown Los Angeles Los Angeles, California [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial cost of land	$ 24,362
Initial cost of buildings and improvements	72,268
Costs capitalized subsequent to acquisition	551
Carrying amount of land	24,370
Carrying amount of buildings and improvements	72,811
Real estate and accumulated depreciation, carrying amount of land and buildings and improvements	97,181
Accumulated depreciation	$ 6,669
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	$ 86,397

Schedule III-Real Estate and _3

Schedule III-Real Estate and Accumulated Depreciation, Table 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule III-Real Estate and Accumulated Depreciation, Table 2 [Abstract]
Real estate, gross, beginning	$ 1,945,514	$ 1,953,146	$ 1,947,502
Capital expenditures and transfers from construction-in-progress	19,460	35,336	7,034
Dispositions	(57,595)	(42,968)	(1,390)
Real estate, gross, ending	$ 1,907,379	$ 1,945,514	$ 1,953,146

Schedule III-Real Estate and _4

Schedule III-Real Estate and Accumulated Depreciation, Table 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate and Accumulated Depreciation [Line Items]
Real estate accumulated depreciation, beginning	$ 221,088	$ 179,868	$ 134,711
Depreciation expense	47,095	46,235	45,199
Dispositions	(3,568)	(5,015)	(42)
Real estate accumulated depreciation, ending	$ 264,615	$ 221,088	$ 179,868

Schedule III-Real Estate and _5

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, 2018USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, real estate, federal income tax basis	$ 1,789