CHATHAM LODGING TRUST

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2016

(in thousands)



			Initial Cost								Gross Amount at End of Year
Description	Year of Acquisition	Encumbrances	Land		Buildings & Improvements		Cost Cap. Sub. To Acq. Land		Cost Cap. Sub. To Acq. Bldg & Improvements		Land		Buildings & Improvements		Total		Bldg & Improvements		Accumulated Depreciation		Year of Original Construction	Depreciation Life

Homewood Suites Orlando - Maitland, FL	2010	—	$	1,800	$	7,200	$	34	$	2,901	$	1,834	$	10,101	$	11,935	$	10,101	$	1,833	2000	(1)
Homewood Suites Boston - Billerica, MA	2010	16,225	1,470		10,555		48		1,325		1,518		11,880		13,398		11,880		2,093		1999	(1)
Homewood Suites Minneapolis - Mall of America, Bloomington, MN	2010	—	3,500		13,960		19		1,754		3,519		15,714		19,233		15,714		2,784		1998	(1)
Homewood Suites Nashville - Brentwood, TN	2010	—	1,525		9,300		12		1,269		1,537		10,569		12,106		10,569		1,968		1998	(1)
Homewood Suites Dallas - Market Center, Dallas, TX	2010	—	2,500		7,583		29		1,285		2,529		8,868		11,397		8,868		1,647		1998	(1)
Homewood Suites Hartford - Farmington, CT	2010	—	1,325		9,375		92		1,181		1,417		10,556		11,973		10,556		1,936		1999	(1)
Hampton Inn & Suites Houston - Houston, TX	2010	18,300	3,200		12,709		56		793		3,256		13,502		16,758		13,502		2,306		1997	(1)
Residence Inn Holtsville - Holtsville, NY	2010	—	2,200		18,765		—		1,086		2,200		19,851		22,051		19,851		3,331		2004	(1)
Courtyard Altoona - Altoona, PA	2010	—	—		10,730		—		895		—		11,625		11,625		11,625		2,040		2001	(1)
SpringHill Suites Washington - Washington, PA	2010	—	1,000		10,692		—		990		1,000		11,682		12,682		11,682		2,048		2000	(1)
Residence Inn White Plains - White Plains, NY	2010	—	2,200		17,677		—		6,119		2,200		23,796		25,996		23,796		3,862		1982	(1)
Residence Inn New Rochelle - New Rochelle, NY	2010	14,141	—		20,281		9		2,997		9		23,278		23,287		23,278		3,816		2000	(1)
Homewood Suites Carlsbad - Carlsbad, CA	2010	19,950	3,900		27,520		—		1,351		3,900		28,871		32,771		28,871		4,353		2008	(1)
Residence Inn Garden Grove - Garden Grove, CA	2011	33,674	7,109		35,484		—		1,726		7,109		37,210		44,319		37,210		5,309		2003	(1)
Residence Inn Mission Valley - San Diego, CA	2011	29,026	9,856		39,535		—		596		9,856		40,131		49,987		40,131		5,511		2003	(1)
Homewood Suites San Antonio - San Antonio, TX	2011	16,575	5,999		24,764		7		4,690		6,006		29,454		35,460		29,454		3,953		1996	(1)
Doubletree Suites Washington DC - Washington, DC	2011	—	6,083		22,063		28		4,967		6,111		27,030		33,141		27,030		4,063		1974	(1)
Residence Inn Tyson's Corner - Vienna, VA	2011	22,699	5,752		28,917		—		145		5,752		29,062		34,814		29,062		3,990		2001	(1)
Hampton Inn Portland Downtown - Portland, ME	2012	—	4,315		22,664		—		212		4,315		22,876		27,191		22,876		2,295		2011	(1)
Courtyard Houston - Houston, TX	2013	18,758	5,600		27,350		—		528		5,600		27,878		33,478		27,878		2,686		2010	(1)
Hyatt Place Pittsburgh - Pittsburgh, PA	2013	22,864	3,000		35,576		—		157		3,000		35,733		38,733		35,733		3,186		2011	(1)
Hampton Inn & Suites Exeter - Exeter, NH	2013	—	1,900		12,350		4		35		1,904		12,385		14,289		12,385		1,053		2010	(1)
Hilton Garden Inn Denver Tech - Denver, CO	2013	—	4,100		23,100		5		442		4,105		23,542		27,647		23,542		1,998		1999	(1)
Residence Inn Bellevue - Bellevue, WA	2013	46,206	13,800		56,957		—		1,770		13,800		58,727		72,527		58,727		4,718		2008	(1)
SpringHill Suites Savannah - Savannah, GA	2013	30,000	2,400		36,050		—		1,098		2,400		37,148		39,548		37,148		2,899		2009	(1)
Residence Inn Silicon Valley I - Sunnyvale, CA	2014	64,800	42,652		45,846		—		237		42,652		46,083		88,735		46,083		7,872		1983	(1)
Residence Inn Silicon Valley II - Sunnyvale, CA	2014	70,700	46,474		50,380		—		548		46,474		50,928		97,402		50,928		8,671		1985	(1)
Residence Inn San Mateo - San Mateo, CA	2014	48,600	38,420		31,352		—		272		38,420		31,624		70,044		31,624		5,400		1985	(1)
Residence Inn Mt. View - Mountain View, CA	2014	37,900	22,019		31,813		—		6,771		22,019		38,584		60,603		38,584		5,499		1985	(1)
Hyatt Place Cherry Creek - Cherry Creek, CO	2014	—	3,700		26,300		—		259		3,700		26,559		30,259		26,559		1,573		1987	(1)
Courtyard Addison - Dallas, TX	2014	—	2,413		21,554		—		1,320		2,413		22,874		25,287		22,874		1,198		2000	(1)
Courtyard West University - Houston, TX	2014	—	2,012		17,916		—		323		2,012		18,239		20,251		18,239		966		2004	(1)
Residence Inn West University - Houston, TX	2014	—	3,640		25,631		—		1,222		3,640		26,853		30,493		26,853		1,458		2004	(1)
Hilton Garden Inn Burlington - Burlington, MA	2014	—	4,918		27,193		—		1,136		4,918		28,329		33,247		28,329		1,557		1975	(1)
Residence Inn Gaslamp - San Diego, CA	2015	—	—		89,040		—		41		—		89,081		89,081		89,081		4,122		2009	(1)
Hilton Garden Inn Marina del Rey, CA	2015	22,145	—		43,210		—		374		—		43,584		43,584		43,584		1,407		2013	(1)
Residence Inn Dedham, MA	2015	—	4,230		17,304		—		16		4,230		17,320		21,550		17,320		633		1998	(1)
Residence Inn Ft. Lauderdale, FL	2015	—	9,200		24,048		—		143		9,200		24,191		33,391		24,191		832		2008	(1)
Grand Total(s)			$	274,212	$	992,744	$	343	$	52,974	$	274,555	$	1,045,718	$	1,320,273	$	1,045,718	$	116,866

(1) Depreciation is computed based upon the following estimated useful lives:

Years

Building

Land improvements

Building improvements

5-20



Notes:

(a) The change in total cost of real estate assets for the year ended is as follows:
	2016		2015		2014		2013		2012			2011
Balance at the beginning of the year	$	1,306,192	$	1,105,504	$	654,560	$	423,729	$	392,463		200,974
Acquisitions	—		187,032		444,233		222,273		26,979			185,995
Dispositions during the year	—		—		—		—		(951		)	—
Capital expenditures and transfers from construction-in-progress	14,081		13,656		6,711		8,558		5,238			5,494
Investment in Real Estate	$	1,320,273	$	1,306,192	$	1,105,504	$	654,560	$	423,729		$	392,463



(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows:

Balance at the beginning of the year	$	83,245	$	50,910	$	28,980	$	17,398	$	8,394	1,901
Depreciation and amortization	33,621		32,335		21,930		11,582		9,004		6,493
Balance at the end of the year	$	116,866	$	83,245	$	50,910	$	28,980	$	17,398	$	8,394

(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,320,434 as of December 31, 2016.