Bilbo Baggins went to bed with a large party going on in his house that was made up of dwarves and Gandalf, the Wizard. They were drinking Bilbo’s booze and eating his cupboards full of food.
They are preparing for a long and dangerous adventure and hobbits like Bilbo aren’t interested in adventure. Nevertheless, they want Bilbo to come with them as their “burglar”. But hobbits, including Bilbo, like a life of ease and they don’t like dangerous things at all. So that’s why Bilbo went to bed. He wanted to be out of their sight and he slept late on purpose, hoping they would all be gone. … Ray picks the story up at this point. Join him now.
The Hobbit Chapter 2 Roast Mutton