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NEW YORK CITY — Chesapeake Lodging Trust is converting its property at 30-32 West 31st St. in New York City to the Hyatt Herald Square. The conversion is expected to occur after the completion of a $6 million renovation. The new property is expected to open in the third quarter of this year. Designed by Paul Vega of New York-based VLDG designs, the transformation will include an all-inclusion renovation to each of the 122 guestrooms and a redesign of the lobby and the food and beverage experience. Chesapeake Lodging Trust has entered into a franchise agreement with a Hyatt affiliate to convert the property.