Chesapeake Lodging Trust, organized in June 2009 in Maryland, is a self-advised real estate investment trust. The Comp[any invests 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."). It has completed its initial public offering in January 2010 and have since acquired 20 hotels. The Company's operations are conducted through, Chesapeake Lodging, L.P. The Company faces competition from institutional pension funds, private equity investors, other REITs and numerous local, regional and national owners, including franchisors. The Company's hotels are subject to various covenants, laws, ordinances and regulations, including regulations relating to common areas and fire and safety requirements.