You're paid room rate is for a room to be available at 3pm.

If you checkin at 2 and a room isn't ready yet, you don't have any recourse.

But if your room isn't available at checkin time, something should be done. Just what that is depends on how long it will take your room to be ready.
* Regardless of status, it's reasonable to be given an available room if there is one, even if it's a much higher room category
* Hotels will often buy you lunch, or at least a couple drinks at the bar
* You might be given a credit to your room, the argument is you shouldn't be charged full price when you aren't given all that you paid for
* If you aren't entitled to late checkout based on status, this would certainly be a reasonable request to make and expect to have it honored

When you're disserviced at a hotel, try to have in mind what you feel would reasonably make things right and be comfortable making the request.