Chesapeake Lodging Trust (CHSP) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Chesapeake Lodging Trust
Entity Central Index Key	0001473078
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		60,765,796
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Property and equipment, net	$ 1,722,748	$ 1,732,154
Operating lease right-of-use assets, net	74,883	0
Intangible assets, net	31,408	34,678
Cash and cash equivalents	46,101	71,259
Restricted cash	34,244	31,614
Accounts receivable, net of allowance for doubtful accounts of $93 and $83, respectively	24,366	18,360
Prepaid expenses and other assets	21,821	21,012
Total assets	1,955,571	1,909,077
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	748,562	751,389
Operating lease liabilities	71,937	0
Accounts payable and accrued expenses	67,582	72,555
Other liabilities	30,912	31,155
Total liabilities	918,993	855,099
Commitments and contingencies (Note 12)
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; 60,765,796 shares and 60,263,670 shares issued and outstanding, respectively	608	603
Additional paid-in capital	1,194,220	1,193,455
Cumulative dividends in excess of net income	(160,396)	(144,341)
Accumulated other comprehensive income	2,146	4,261
Total shareholders’ equity	1,036,578	1,053,978
Total liabilities and shareholders’ equity	$ 1,955,571	$ 1,909,077

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Allowance for doubtful accounts	$ 93	$ 83
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)	60,765,796	60,263,670
Common shares, outstanding (in shares)	60,765,796	60,263,670

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues [Abstract]
Revenue	$ 133,737	$ 135,025
Expenses
Depreciation and amortization	18,637	19,208
Air rights contract amortization	130	130
Corporate general and administrative	4,869	5,378
Total operating expenses	120,182	122,002
Interest income	256	0
Interest expense	(8,000)	(8,844)
Income before income taxes	5,811	4,179
Income tax benefit	2,440	2,370
Net income	$ 8,251	$ 6,549
Net income available per common share - basic and diluted	$ 0.14	$ 0.11
Rooms [Member]
Revenues [Abstract]
Revenue	$ 99,082	$ 100,613
Expenses
Hotel operating expenses	24,850	25,286
Food and beverage [Member]
Revenues [Abstract]
Revenue	27,465	27,633
Expenses
Hotel operating expenses	20,459	21,059
Other [Member]
Revenues [Abstract]
Revenue	7,190	6,779
Expenses
Hotel operating expenses	1,087	1,148
Indirect hotel operating expenses [Member]
Expenses
Hotel operating expenses	50,150	49,793
Total hotel operating expenses [Member]
Expenses
Hotel operating expenses	$ 96,546	$ 97,286

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 8,251	$ 6,549
Other comprehensive income (loss):
Unrealized gains (losses) on cash flow hedge instruments	(1,755)	3,334
Reclassification of unrealized losses (gains) on cash flow hedge instruments to interest expense	(360)	148
Comprehensive income	$ 6,136	$ 10,031

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Cumulative Dividends in Excess of Net Income	Accumulated Other Comprehensive Income
Balance, beginning at Dec. 31, 2017	$ 1,048,428	$ 599	$ 1,190,250	$ (144,734)	$ 2,313
Beginning balance, common shares, shares outstanding at Dec. 31, 2017		59,941,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common shares (in shares)		(42,137)
Repurchase of common shares, value	(1,146)		(1,146)
Issuance of restricted common shares (in shares)		481,449
Issuance of restricted common shares, value	0	$ 5	(5)
Issuance of unrestricted common shares (in shares)		764
Issuance of unrestricted common shares, value	21		21
Amortization of deferred compensation	1,927		1,927
Declaration of dividends on common shares	(24,152)			(24,152)
Net income	6,549			6,549
Other comprehensive income (loss)	3,482				3,482
Balance, ending at Mar. 31, 2018	1,035,109	$ 604	1,191,047	(162,337)	5,795
Ending balance, common shares, shares outstanding at Mar. 31, 2018		60,381,164
Balance, beginning at Dec. 31, 2018	$ 1,053,978	$ 603	1,193,455	(144,341)	4,261
Beginning balance, common shares, shares outstanding at Dec. 31, 2018	60,263,670	60,263,670
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common shares (in shares)	(47,653)	(47,653)
Repurchase of common shares, value	$ (1,163)		(1,163)
Issuance of restricted common shares (in shares)	548,419	548,419
Issuance of restricted common shares, value	$ 0	$ 5	(5)
Issuance of unrestricted common shares (in shares)	1,360	1,360
Issuance of unrestricted common shares, value	$ 38		38
Amortization of deferred compensation	1,895		1,895
Declaration of dividends on common shares	(24,306)			(24,306)
Net income	8,251			8,251
Other comprehensive income (loss)	(2,115)				(2,115)
Balance, ending at Mar. 31, 2019	$ 1,036,578	$ 608	$ 1,194,220	$ (160,396)	$ 2,146
Ending balance, common shares, shares outstanding at Mar. 31, 2019	60,765,796	60,765,796

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 8,251	$ 6,549
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,637	19,208
Air rights contract amortization	130	130
Deferred financing costs amortization	368	424
Share-based compensation	1,933	1,948
Other	(71)	(75)
Changes in assets and liabilities:
Accounts receivable, net	(6,006)	(4,596)
Prepaid expenses and other assets	(2,937)	(3,310)
Accounts payable and accrued expenses	(4,416)	208
Other liabilities	0	(88)
Net cash provided by operating activities	15,889	20,398
Cash flows from investing activities:
Improvements and additions to hotels	(8,961)	(10,165)
Net cash used in investing activities	(8,961)	(10,165)
Cash flows from financing activities:
Borrowings under revolving credit facility	5,000	20,000
Repayments under revolving credit facility	(5,000)	(15,000)
Scheduled principal payments on mortgage debt	(3,195)	(3,292)
Payment of dividends to common shareholders	(25,098)	(23,741)
Repurchase of common shares	(1,163)	(1,146)
Net cash used in financing activities	(29,456)	(23,179)
Net decrease in cash, cash equivalents, and restricted cash	(22,528)	(12,946)
Cash, cash equivalents, and restricted cash, beginning of period	102,873	74,916
Cash, cash equivalents, and restricted cash, end of period	80,345	61,970
Supplemental disclosure of cash flow information:
Cash paid for interest	7,067	8,356
Cash paid for income taxes	$ 0	$ 84

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the Trust owned 20 hotels with an aggregate of 6,288 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation —The interim consolidated financial statements presented herein include all of the accounts of the Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings. The information in these interim consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal, recurring nature unless disclosed otherwise. These interim consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Trust’s Form 10-K for the year ended December 31, 2018 . 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, management, and franchise agreements, assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Trust’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. No value is allocated to market contracts. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. The Trust reviews its hotels for impairment whenever events or changes in circumstances indicate that the carrying values of the hotels may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the hotels due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. No impairment losses have been recognized related to any hotels for the three months ended March 31, 2019 and 2018 . 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 March 31, 2019 and December 31, 2018, 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, 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, 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, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period. Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership. Use of Estimates —The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements —In February 2016, the Financial Accounting Standards Board (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 adopted the new accounting guidance on January 1, 2019 and applied 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. The Trust applied certain practical expedients made available under the new accounting guidance under which the Trust was not required to reassess at the adoption date (1) whether any expired or existing contracts were or contained leases, (2) the lease classification for existing leases, (3) initial direct costs for any existing leases, and (4) whether any existing or expired land easements that were not previously accounted for as leases under the previous accounting guidance are or contain leases under the new accounting guidance. The Trust also made 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 were previously accounted for as operating leases, the Trust recognized on its consolidated balance sheet on January 1, 2019 operating lease liabilities of $72.1 million and operating lease right-of-use assets of $75.0 million , of which $3.1 million was reclassified from intangible assets related to a previously recognized favorable ground lease asset and $0.2 million was reclassified from other liabilities related to a deferred rent liability associated with the Trust’s corporate office lease agreement. See Note 4, “Leases,” for additional disclosures related to the adoption of this new accounting guidance.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	3. Property and Equipment Property and equipment as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): March 31, 2019 December 31, 2018 Land and land improvements $ 286,762 $ 286,761 Buildings and leasehold improvements 1,626,724 1,620,864 Furniture, fixtures and equipment 190,258 235,585 Construction-in-progress 10,419 14,102 2,114,163 2,157,312 Less: accumulated depreciation and amortization (391,415 ) (425,158 ) Property and equipment, net $ 1,722,748 $ 1,732,154

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	4. Leases The Trust leases (1) the land, or a portion of the land, under three of its hotels (the Hyatt Regency Mission Bay Spa and Marina, the JW Marriott San Francisco Union Square and the Hilton Denver City Center), (2) its corporate office space and (3) various operating equipment at its hotels (e.g., copiers, postage meters, etc.). All of the Trust’s leases are considered operating leases and the Trust’s leases associated with various operating equipment were determined to be insignificant or short-term. See Note 12, “Commitments and Contingencies,” for additional information relating to the Trust’s ground lease agreements. For its ground lease agreements and corporate office lease agreement, the Trust recognized on its consolidated balance sheet on January 1, 2019 operating lease liabilities of $72.1 million and operating lease right-of-use assets of $75.0 million , of which $3.1 million was reclassified from intangible assets related to a previously recognized favorable ground lease asset and $0.2 million was reclassified from other liabilities related to a deferred rent liability associated with its corporate office lease agreement. The Trust used its incremental borrowing rate as the discount rate to measure the operating lease liabilities and the weighted-average discount rate used was 5.73% . As of March 31, 2019, the weighted-average remaining operating lease term was 49.4 years and the maturities of the operating lease liabilities, due in each of the next five years and thereafter, were (in thousands): March 31, 2019 2019 $ 3,520 2020 4,699 2021 4,713 2022 4,566 2023 4,406 Thereafter 198,284 Total minimum lease payments 220,188 Imputed interest (148,251 ) Operating lease liabilities $ 71,937 The Trust incurred total lease expense, which is primarily included within indirect hotel operating expenses in the interim consolidated statement of operations, for the three months ended March 31, 2019 of $1.8 million , of which $1.2 million was operating lease expense, $0.5 million was variable lease expense, and $0.1 million was short-term lease expense.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Intangible Assets [Abstract]
Intangible Assets	5. Intangible Assets Intangible assets as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): March 31, 2019 December 31, 2018 Air rights contract (1) $ 36,105 $ 36,105 Favorable ground lease (2) — 3,568 36,105 39,673 Less: accumulated amortization (4,697 ) (4,995 ) Intangible assets, net $ 31,408 $ 34,678 (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. On January 1, 2019, the Trust reclassified the unamortized balance of this favorable ground lease asset to an operating lease right-of-use asset associated with this lease agreement upon the adoption of the new accounting guidance with respect to leases.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	6 . Long-Term Debt Long-term debt as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period March 31, December 31, Maturity 2019 2018 Unsecured: Revolving credit facility (1) July 2010 n/a May 2022 Floating n/a $ — $ — 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 50,755 51,205 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 78,481 79,180 Hilton Denver City Center (3) July 2012 $ 70,000 August 2022 4.90% 30 62,032 62,383 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 28,438 28,609 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 80,160 80,815 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 85,988 86,397 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 143,011 143,471 753,865 757,060 Unamortized deferred financing costs (5,303 ) (5,671 ) Long-term debt $ 748,562 $ 751,389 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of March 31, 2019 , the interest rate in effect was 4.00% . 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 March 31, 2019 , 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 May 31, 2018, the Trust entered into an amended and restated credit agreement with a syndicate of banks 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) for its revolving credit facility. 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 March 31, 2019 , 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 March 31, 2019 , the Trust was in compliance with all financial covenants under its borrowing arrangements. As of March 31, 2019 , the Trust’s weighted-average interest rate on its long-term debt was 3.90% . Future scheduled principal payments of debt obligations (assuming no exercise of extension options) as of March 31, 2019 are as follows (in thousands): Year Amounts 2019 $ 10,547 2020 135,326 2021 9,984 2022 291,635 2023 100,623 Thereafter 205,750 $ 753,865

Indirect Expenses

Indirect Expenses	3 Months Ended
	Mar. 31, 2019
Indirect Expenses [Abstract]
Indirect Expenses	7. Indirect Expenses Indirect hotel operating expenses for the three months ended March 31, 2019 and 2018 consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Administrative and general $ 12,889 $ 12,287 Advertising and sales 10,156 10,281 Repairs and maintenance 5,192 5,344 Utilities 3,584 3,648 Franchise fees 2,119 2,289 Management fees 4,995 4,619 Property and other taxes 8,288 8,227 Insurance, leases and other 2,927 3,098 Indirect hotel operating expenses $ 50,150 $ 49,793

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings Per Share The following is a reconciliation of the amounts used in calculating basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net income $ 8,251 $ 6,549 Less: Dividends declared on unvested time-based awards (118 ) (121 ) Less: Undistributed earnings allocated to unvested time-based awards — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 8,133 $ 6,428 Denominator: Weighted-average number of common shares outstanding–basic 59,390,500 59,120,065 Effect of dilutive unvested performance-based awards 548,176 598,921 Weighted-average number of common shares outstanding–diluted 59,938,676 59,718,986 Net income available per common share—basic and diluted $ 0.14 $ 0.11 For the three months ended March 31, 2019 and 2018 , 281,358 unvested performance-based awards and 112,854 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	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 , the Trust issued 1,360 unrestricted common shares and 548,419 restricted common shares to its trustees and employees. For the three months ended March 31, 2019 , the Trust repurchased 47,653 common shares from employees to satisfy the minimum statutory tax withholding requirements related to the vesting of their previously granted restricted common shares. As of March 31, 2019 , the Trust had 60,765,796 common shares outstanding. For the three months ended March 31, 2019 , the Trust paid or its board of trustees declared the following dividends per common share: Record Date Payment Date Dividend Per Common Share Fourth Quarter 2018 December 31, 2018 January 15, 2019 $ 0.40 First Quarter 2019 March 29, 2019 April 15, 2019 $ 0.40 Preferred Shares —The Trust is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. The Trust’s board of trustees is required to set for each class or series of preferred shares the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. No preferred shares were outstanding as of March 31, 2019.

Equity Plan

Equity Plan	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , subject to increases that may result in the case of any future forfeiture or termination of currently outstanding awards, 1,033,175 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 three months ended March 31, 2019 , the Trust granted 548,419 restricted common shares to certain employees and trustees, of which 135,920 shares were time-based awards and 412,499 shares were performance-based awards (the “2019 Performance-Based Awards”). The time-based awards are 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 2019 Performance-Based Awards are eligible to vest at December 31, 2021 . Dividends on the 2019 Performance-Based Awards accrue, but are not paid unless the related shares vest. The fair value of the 2019 Performance-Based Awards was $9.49 per share and was determined using a Monte Carlo simulation with the following assumptions: volatility of 23.52% ; an expected term equal to the requisite service period for the awards; and a risk-free interest rate of 2.57% . The actual number of shares under the 2019 Performance-Based Awards that vest will be based on the Trust’s total shareholder return (“TSR”), as defined in the restricted share agreements, measured over a three -year performance period ending December 31, 2021 , relative to the total return generated by a market-cap weighted index that includes seven lodging REITs (the "Performance Peer Group"). The payout schedule for the 2019 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the Performance Peer Group: Trust TSR as % of Performance Peer Group Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100% If the Trust’s TSR is negative for the performance period, no shares under the 2019 Performance-Based Awards will vest. If the Trust’s TSR is positive for the performance period and the total return of the Performance Peer Group is negative, 100% of the shares subject to vesting under the 2019 Performance-Based Awards will vest. As of March 31, 2019 , there was approximately $12.8 million of unrecognized share-based compensation expense related to restricted common shares. The unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 2.2 years. The following is a summary of the Trust’s restricted common share activity for the three months ended March 31, 2019 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2018 953,429 $ 15.39 Granted 548,419 $ 13.12 Vested (130,186 ) $ 25.99 Forfeited — $ — Restricted common shares as of March 31, 2019 1,371,662 $ 13.48

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instrument	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements and Derivative Instrument	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 March 31, 2019 Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included within prepaid expenses and other assets) $ 2,146 $ — $ 2,146 $ — $ 2,146 $ — $ 2,146 $ — 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 March 31, 2019 , the carrying value reported in the consolidated balance sheet for the Trust’s long-term debt approximated its fair value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Management Agreements —The Trust’s hotels operate pursuant to management agreements with various third-party management companies. Each management company receives a base management fee generally between 2% and 4% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Trust has received a priority return on its investment in the hotel. Franchise Agreements —As of March 31, 2019 , 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. 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. 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.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2019
Subsequent Event [Abstract]
Subsequent Event	13. Subsequent Event On May 5, 2019, the Trust entered into the Agreement and Plan of Merger (the “Merger Agreement”) with Park Hotels & Resorts Inc. (“Park”), PK Domestic Property LLC, a Delaware limited liability company and an indirect subsidiary of Park (“Domestic”), and PK Domestic Sub LLC, a Delaware limited liability company and a direct subsidiary of Domestic (“Merger Sub,” and, together with Park and Domestic, the “Park Parties”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein and in accordance with applicable law, the Trust will merge with and into Merger Sub, with Merger Sub continuing as the surviving entity (the “Merger”). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger: • each of the Trust’s outstanding common shares (other than shares held by the Trust, any wholly-owned subsidiary of the Trust or by any of the Park Parties or any of their respective wholly-owned subsidiaries) will be converted into the right to receive 0.628 of a share of Park common stock, par value $0.01 per share (“Park Common Stock”), and $11.00 in cash (collectively, the “Merger Consideration”); and • all unvested awards granted under the Plan will become one hundred percent (100%) vested and all restrictions and forfeiture conditions thereon will lapse, and thereafter, the holders thereof will only have the right to receive the Merger Consideration with respect to such shares. No fractional shares of Park Common Stock will be issued in the Merger. The value of any fractional interests of shares of Park Common Stock to which a holder would otherwise be entitled will be paid in cash. The Merger will be treated as a taxable sale by the Trust of all of its assets to Domestic in exchange for the Merger Consideration and the assumption of all of the Trust’s liabilities, immediately followed by a distribution of the Merger Consideration to the holders of the Trust’s outstanding common shares in liquidation of the Trust. The parties currently expect the Merger to be completed late in the third or early in the fourth quarter of 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The interim consolidated financial statements presented herein include all of the accounts of the Trust and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings. The information in these interim consolidated financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal, recurring nature unless disclosed otherwise. These interim consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do not include all of the information and disclosures required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Trust’s Form 10-K for the year ended December 31, 2018 .
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, management, and franchise agreements, assumed as part of the acquisition of certain hotels. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Trust’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. No value is allocated to market contracts. Intangible assets and liabilities are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. The Trust reviews its hotels for impairment whenever events or changes in circumstances indicate that the carrying values of the hotels may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the hotels due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. No impairment losses have been recognized related to any hotels for the three months ended March 31, 2019 and 2018 . 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 March 31, 2019 and December 31, 2018, 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, 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, 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, adjusted for dividends declared on and undistributed earnings allocated to unvested time-based awards, by the weighted-average number of common shares outstanding, plus potentially dilutive securities, such as unvested performance-based awards, during the period. The Trust’s unvested time-based awards are entitled to receive non-forfeitable dividends, if declared. Therefore, unvested time-based awards qualify as participating securities, requiring the allocation of dividends and undistributed earnings under the two-class method to calculate basic earnings per share. The percentage of undistributed earnings allocated to the unvested time-based awards is based on the proportion of the weighted-average unvested time-based awards outstanding during the period to the total of the weighted-average common shares and unvested time-based awards outstanding during the period. No adjustment is made for shares that are anti-dilutive during the period.
Segment Information	Segment Information —The Trust has determined that its business is conducted in one reportable segment, hotel ownership.
Use of Estimates	Use of Estimates —The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements —In February 2016, the Financial Accounting Standards Board (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 adopted the new accounting guidance on January 1, 2019 and applied 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. The Trust applied certain practical expedients made available under the new accounting guidance under which the Trust was not required to reassess at the adoption date (1) whether any expired or existing contracts were or contained leases, (2) the lease classification for existing leases, (3) initial direct costs for any existing leases, and (4) whether any existing or expired land easements that were not previously accounted for as leases under the previous accounting guidance are or contain leases under the new accounting guidance. The Trust also made 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 were previously accounted for as operating leases, the Trust recognized on its consolidated balance sheet on January 1, 2019 operating lease liabilities of $72.1 million and operating lease right-of-use assets of $75.0 million , of which $3.1 million was reclassified from intangible assets related to a previously recognized favorable ground lease asset and $0.2 million was reclassified from other liabilities related to a deferred rent liability associated with the Trust’s corporate office lease agreement. See Note 4, “Leases,” for additional disclosures related to the adoption of this new accounting guidance.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): March 31, 2019 December 31, 2018 Land and land improvements $ 286,762 $ 286,761 Buildings and leasehold improvements 1,626,724 1,620,864 Furniture, fixtures and equipment 190,258 235,585 Construction-in-progress 10,419 14,102 2,114,163 2,157,312 Less: accumulated depreciation and amortization (391,415 ) (425,158 ) Property and equipment, net $ 1,722,748 $ 1,732,154

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	As of March 31, 2019, the weighted-average remaining operating lease term was 49.4 years and the maturities of the operating lease liabilities, due in each of the next five years and thereafter, were (in thousands): March 31, 2019 2019 $ 3,520 2020 4,699 2021 4,713 2022 4,566 2023 4,406 Thereafter 198,284 Total minimum lease payments 220,188 Imputed interest (148,251 ) Operating lease liabilities $ 71,937

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Intangible Assets [Abstract]
Intangible Assets	Intangible assets as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): March 31, 2019 December 31, 2018 Air rights contract (1) $ 36,105 $ 36,105 Favorable ground lease (2) — 3,568 36,105 39,673 Less: accumulated amortization (4,697 ) (4,995 ) Intangible assets, net $ 31,408 $ 34,678 (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. On January 1, 2019, the Trust reclassified the unamortized balance of this favorable ground lease asset to an operating lease right-of-use asset associated with this lease agreement upon the adoption of the new accounting guidance with respect to leases.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	Long-term debt as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): Origination Original Principal Amount Interest Rate Principal Amortization Period March 31, December 31, Maturity 2019 2018 Unsecured: Revolving credit facility (1) July 2010 n/a May 2022 Floating n/a $ — $ — 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 50,755 51,205 Le Meridien San Francisco July 2013 $ 92,500 August 2020 3.50% 25 78,481 79,180 Hilton Denver City Center (3) July 2012 $ 70,000 August 2022 4.90% 30 62,032 62,383 Hilton Checkers Los Angeles February 2013 $ 32,000 March 2023 4.11% 30 28,438 28,609 W Chicago – City Center July 2013 $ 93,000 August 2023 4.25% 25 80,160 80,815 Hyatt Herald Square New York/Hyatt Place New York Midtown South July 2014 $ 90,000 July 2024 4.30% 30 85,988 86,397 Hyatt Regency Boston June 2016 $ 150,000 July 2026 4.25% 30 143,011 143,471 753,865 757,060 Unamortized deferred financing costs (5,303 ) (5,671 ) Long-term debt $ 748,562 $ 751,389 (1) The Trust may exercise an option to extend the maturity by one year, subject to certain customary conditions. As of March 31, 2019 , the interest rate in effect was 4.00% . 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 March 31, 2019 , 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 March 31, 2019 are as follows (in thousands): Year Amounts 2019 $ 10,547 2020 135,326 2021 9,984 2022 291,635 2023 100,623 Thereafter 205,750 $ 753,865

Indirect Expenses (Tables)

Indirect Expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Indirect Expenses [Abstract]
Schedule of Indirect Hotel Operating Expenses [Table Text Block]	Indirect hotel operating expenses for the three months ended March 31, 2019 and 2018 consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Administrative and general $ 12,889 $ 12,287 Advertising and sales 10,156 10,281 Repairs and maintenance 5,192 5,344 Utilities 3,584 3,648 Franchise fees 2,119 2,289 Management fees 4,995 4,619 Property and other taxes 8,288 8,227 Insurance, leases and other 2,927 3,098 Indirect hotel operating expenses $ 50,150 $ 49,793

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The following is a reconciliation of the amounts used in calculating basic and diluted earnings per share (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net income $ 8,251 $ 6,549 Less: Dividends declared on unvested time-based awards (118 ) (121 ) Less: Undistributed earnings allocated to unvested time-based awards — — Net income available to common shareholders, excluding amounts attributable to unvested time-based awards $ 8,133 $ 6,428 Denominator: Weighted-average number of common shares outstanding–basic 59,390,500 59,120,065 Effect of dilutive unvested performance-based awards 548,176 598,921 Weighted-average number of common shares outstanding–diluted 59,938,676 59,718,986 Net income available per common share—basic and diluted $ 0.14 $ 0.11

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Common Shares [Member]
Dividends payable
Dividends declared or paid	For the three months ended March 31, 2019 , the Trust paid or its board of trustees declared the following dividends per common share: Record Date Payment Date Dividend Per Common Share Fourth Quarter 2018 December 31, 2018 January 15, 2019 $ 0.40 First Quarter 2019 March 29, 2019 April 15, 2019 $ 0.40

Equity Plan (Tables)

Equity Plan (Tables)	3 Months Ended
	Mar. 31, 2019
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Restricted Common Shares	The following is a summary of the Trust’s restricted common share activity for the three months ended March 31, 2019 : Number of Shares Weighted-Average Grant-Date Fair Value Restricted common shares as of December 31, 2018 953,429 $ 15.39 Granted 548,419 $ 13.12 Vested (130,186 ) $ 25.99 Forfeited — $ — Restricted common shares as of March 31, 2019 1,371,662 $ 13.48
2019 Performance-based Awards [Member]
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]
Payout as a percentage of maximum award	The actual number of shares under the 2019 Performance-Based Awards that vest will be based on the Trust’s total shareholder return (“TSR”), as defined in the restricted share agreements, measured over a three -year performance period ending December 31, 2021 , relative to the total return generated by a market-cap weighted index that includes seven lodging REITs (the "Performance Peer Group"). The payout schedule for the 2019 Performance-Based Awards is as follows, with linear interpolation for performance between 67% and 100% , and between 100% and 133% of the Performance Peer Group: Trust TSR as % of Performance Peer Group Total Return Payout (% of Maximum) <67% 0% 67% 25% 100% 50% ≥133% 100%

Fair Value Measurements and D_2

Fair Value Measurements and Derivative Instrument (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Financial Assets Measured at Fair Value	The following table sets forth the Trust’s financial assets and liabilities measured at fair value by level within the fair value hierarchy (in thousands). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at March 31, 2019 Total Level 1 Level 2 Level 3 Assets: Interest rate swap (included within prepaid expenses and other assets) $ 2,146 $ — $ 2,146 $ — $ 2,146 $ — $ 2,146 $ —

Organization and Description _2

Organization and Description of Business (Details) - Chesapeake Lodging Trust [Member]	Mar. 31, 2019roomstatehotel
Organization and Description of Business (Textual) [Abstract]
Number of hotels owned | hotel	20
Number of hotel rooms | room	6,288
Number of states in which hotels located | state	8

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Summary of Significant Accounting Policies [Abstract]
Number of reportable segments | segment	1
Recent Accounting Pronouncements [Abstract]
Operating lease liabilities	$ 71,937	$ 72,100	$ 0
Operating lease right-of-use assets, net	$ 74,883	75,000	$ 0
Reclass from intangible assets		3,100
Reclass from other liabilities		$ 200
Buildings and Building Improvements [Member] | Maximum [Member]
Summary of Significant Accounting Policies [Abstract]
Estimated useful lives of assets	40 years
Buildings and Building Improvements [Member] | Minimum [Member]
Summary of Significant Accounting Policies [Abstract]
Estimated useful lives of assets	15 years
FF&E [Member] | Maximum [Member]
Summary of Significant Accounting Policies [Abstract]
Estimated useful lives of assets	10 years
FF&E [Member] | Minimum [Member]
Summary of Significant Accounting Policies [Abstract]
Estimated useful lives of assets	3 years

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property and Equipment
Land and land improvements	$ 286,762	$ 286,761
Buildings and leasehold improvements	1,626,724	1,620,864
Furniture, fixtures and equipment	190,258	235,585
Construction-in-progress	10,419	14,102
Property and equipment, gross	2,114,163	2,157,312
Less: accumulated depreciation and amortization	(391,415)	(425,158)
Property and equipment, net	$ 1,722,748	$ 1,732,154

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
2019	$ 3,520
2020	4,699
2021	4,713
2022	4,566
2023	4,406
Thereafter	198,284
Total minimum lease payments	220,188
Imputed interest	(148,251)
Operating lease liabilities	71,937	$ 72,100	$ 0
Operating lease right-of-use assets, net	$ 74,883	$ 75,000	$ 0

Leases (Details Textual)

Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Reclass from intangible assets		$ 3.1
Reclass from other liabilities		$ 0.2
Operating lease weighted-average discount rate	5.73%
Operating lease weighted-average remaining lease term	49 years 5 months
Total lease expense	$ 1.8
Operating lease expense	1.2
Variable lease expense	0.5
Short-term lease expense	$ 0.1

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 03, 2011	Mar. 18, 2010	Mar. 31, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Intangible assets			$ 36,105	$ 39,673
Less: accumulated amortization			(4,697)	(4,995)
Intangible assets, net			31,408	34,678
Air Rights Contract [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets			36,105	36,105
Favorable Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets			$ 0	$ 3,568
Hyatt Regency Boston [Member]
Indefinite-lived Intangible Assets [Line Items]
Air rights contract expiration month year		September 2079
Fair value of air rights contract		$ 36,100
Hilton Denver City Center [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 3,600
Hilton Denver City Center [Member] | Favorable Ground Lease Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Ground lease agreement expiration month year	February 2072

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	May 31, 2018	Apr. 21, 2017	Jul. 27, 2012	Mar. 31, 2019	Dec. 31, 2018
Long-Term Debt
Long-term debt, carrying amount				$ 753,865	$ 757,060
Unamortized deferred financing costs				(5,303)	(5,671)
Long-term debt				$ 748,562	751,389
Revolving Credit Facility [Member]
Long-Term Debt
Revolving credit facility, issuance month year				July 2010
Revolving credit facility, maturity date month year	May 2022			May 2022
Debt instrument maturity extension period	1 year
Interest rate in effect for borrowings under revolving credit facility				4.00%
Revolving credit facility				$ 0	0
Unsecured Term Loan [Member]
Long-Term Debt
Debt instrument issuance month year				April 2017
Debt instrument maturity month year				April 2022
Unsecured term loan				$ 225,000
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 2013
Debt instrument maturity month year				June 2020
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				$ 50,755	51,205
Le Meridien San Francisco Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year				July 2013
Debt instrument maturity month year				August 2020
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				$ 78,481	79,180
Hilton Denver City Center Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year				July 2012
Debt instrument maturity month year				August 2022
Mortgage loans on real estate, face amount of mortgages				$ 70,000
Debt instrument, interest rate, stated percentage				4.90%
Mortgage loans on real estate amortization period				30 years
Debt instrument, term			30 years
Debt instrument call term			10 years
Long-term debt, carrying amount				$ 62,032	62,383
Hilton Checkers Los Angeles Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year				February 2013
Debt instrument maturity month year				March 2023
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				$ 28,438	28,609
W Chicago - City Center Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year				July 2013
Debt instrument maturity month year				August 2023
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				$ 80,160	80,815
Hyatt Herald Square New York and Hyatt Place New York Midtown South Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year				July 2014
Debt instrument maturity month year				July 2024
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				$ 85,988	86,397
Hyatt Regency Boston Mortgage Loan [Member]
Long-Term Debt
Debt instrument issuance month year				June 2016
Debt instrument maturity month year				July 2026
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				$ 143,011	$ 143,471
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

Long-Term Debt Details Textual

Long-Term Debt Details Textual (Details) $ in Thousands	May 31, 2018USD ($)	Apr. 21, 2017USD ($)	Mar. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)
Long-Term Debt
Number of borrowing base hotels supporting revolving credit facility | hotel			11
Current borrowing capacity under revolving credit facility			$ 300,000
Weighted-average interest rate on long-term debt			3.90%
Revolving Credit Facility [Member]
Long-Term Debt
Revolving credit facility, maturity date month year	May 2022		May 2022
Potential maximum borrowing capacity under revolving credit facility	$ 450,000
Debt instrument maturity extension period	1 year
Unsecured Term Loan [Member]
Long-Term Debt
Debt instrument 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
Debt instrument effectively fixed rate			3.31%
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%
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%
Maximum [Member] | Unsecured Term Loan [Member]
Long-Term Debt
Rate spread over LIBOR		2.20%

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Future Principal Payments of Debt Obligations
2019	$ 10,547
2020	135,326
2021	9,984
2022	291,635
2023	100,623
Thereafter	205,750
Long-term debt, carrying amount	$ 753,865	$ 757,060

Indirect Expenses (Details)

Indirect Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Administrative and general [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	$ 12,889	$ 12,287
Advertising and sales [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	10,156	10,281
Repairs and maintenance [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	5,192	5,344
Utilities [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	3,584	3,648
Franchise fees [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	2,119	2,289
Management fees [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	4,995	4,619
Property and other taxes [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	8,288	8,227
Insurance, leases and other [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	2,927	3,098
Indirect hotel operating expenses [Member]
Indirect Expenses [Line Items]
Hotel operating expenses	$ 50,150	$ 49,793

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income	$ 8,251	$ 6,549
Less: Dividends declared on unvested time-based awards	(118)	(121)
Less: Undistributed earnings allocated to unvested time-based awards	0	0
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards	$ 8,133	$ 6,428
Denominator:
Weighted-average number of common shares outstanding - basic	59,390,500	59,120,065
Effect of dilutive unvested performance-based awards	548,176	598,921
Weighted-average number of shares outstanding - diluted	59,938,676	59,718,986
Net income available per common share - basic and diluted	$ 0.14	$ 0.11
Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share, amount	281,358	112,854

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Common Shares [Member]	3 Months Ended
	Mar. 31, 2019$ / shares
Fourth Quarter 2018 [Member]
Dividends Declared or Paid
Record date	Dec. 31, 2018
Payment date	Jan. 15, 2019
Common share, dividend per share, cash paid	$ 0.40
First Quarter 2019 [Member]
Dividends Declared or Paid
Record date	Mar. 29, 2019
Payment date	Apr. 15, 2019
Common share, dividend per share, declared	$ 0.40

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Shareholders' Equity (Textual) [Abstract]
Common shares, authorized (in shares)	400,000,000	400,000,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, voting rights	one
Issuance of unrestricted common shares (in shares)	1,360
Issuance of restricted common shares (in shares)	548,419
Repurchase of common shares (in shares)	47,653
Common shares, outstanding (in shares)	60,765,796	60,263,670
Preferred shares, authorized (in shares)	100,000,000	100,000,000
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, outstanding (in shares)	0	0
Preferred shares, issued	0	0

Equity Plan (Details Textual)

Equity Plan (Details Textual) - USD ($) $ in Millions	Jun. 14, 2018	Mar. 31, 2019
Equity Plan (Textual) [Abstract]
Equity plan increase in common shares reserved for issuance (in shares)	1,250,000
Common shares reserved and available for future issuance (in shares)		1,033,175
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period		548,419
Share-based compensation arrangement by share-based payment award, time-based, grants in period		135,920
Share-based compensation arrangement by share-based payment award, performance-based, grants in period		412,499
Unrecognized share-based compensation expense		$ 12.8
Unrecognized share-based compensation expense, weighted-average period (in years)		2 years 2 months 12 days

Equity Plan (Details Textual 2)

Equity Plan (Details Textual 2)	3 Months Ended
	Mar. 31, 2019$ / shares
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 13.12
2019 Performance-based Awards [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Grant date fair value per share	$ 9.49
Expected volatility rate	23.52%
Risk free interest rate	2.57%
Performance period	3 years
No payout as a percentage maximum	0.00%
Threshold payout as a percentage of maximum	25.00%
Target payout as a percentage of maximum	50.00%
Maximum payout	100.00%
No payout if relative TSR less than	67.00%
Threshold payout if relative TSR equal to	67.00%
Target payout if relative TSR equal to	100.00%
Maximum payout if relative TRS greater than or equal to	133.00%

Equity Plan, Table 1 (Details)

Equity Plan, Table 1 (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Restricted Common Shares
Number of restricted shares, beginning balance (in shares) | shares	953,429
Weighted-average grant-date fair value, beginning (in dollars per share) | $ / shares	$ 15.39
Number of restricted shares, granted (in shares) | shares	548,419
Weighted-average grant-date fair value, granted (in dollars per share) | $ / shares	$ 13.12
Number of restricted shares, vested (in shares) | shares	(130,186)
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares	$ 25.99
Number of restricted shares, forfeited (in shares) | shares	0
Weighted-average grant-date fair value, forfeited (in dollars per share) | $ / shares	$ 0
Number of restricted shares, ending balance (in shares) | shares	1,371,662
Weighted-average grant-date fair value, ending (in dollars per share) | $ / shares	$ 13.48

Fair Value Measurements and D_3

Fair Value Measurements and Derivative Instrument (Details) $ in Thousands	Mar. 31, 2019USD ($)
Asset
Interest rate swap	$ 2,146
Interest Rate Swap [Member]
Asset
Interest rate swap	2,146
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	2,146
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Asset
Interest rate swap	2,146
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

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)hotel	Dec. 31, 2018USD ($)
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 2056
Ground lease annual base rent | $	$ 2.7	$ 2.3
Base rent reset frequency in years	3 years
Percentage of actual rent paid used to calculate base rent reset amount	75.00%
Number of years of actual rent paid used to calculate base rent reset amount	2 years
JW Marriott San Francisco Union Square [Member] | Ground Lease Agreement [Member]
Commitments and Contingencies (Textual) [Abstract]
Ground lease agreement expiration month year	January 2083
Ground lease annual base rent | $	$ 2	$ 1.7
Base rent reset frequency in years	5 years
Number of years used to determine level of inflation to calculate base rent reset amount	5 years
Percentage limit on base rent increase to calculate base rent reset amount	125.00%
Base rent fair market value reset month year	January 2034
Percentage of fair market value of land to calculate base rent reset amount	10.00%

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	May 05, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Park Hotels & Resorts Inc. [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.01
Share exchange ratio	0.628
Cash consideration per share	$ 11