At September 30, 2013, we were not involved in any material litigation. Various claims and lawsuits may arise against us in the normal course of business, but we do not expect the results of such proceedings to have a material adverse effect on our consolidated financial position or results of operations.

As described in Note 3, we remain liable for certain expenses of our initial public offering, which include filing, legal, accounting, printing and escrow fees, which are deducted from the gross proceeds of the offering. In connection with that offering, which terminated on September 15, 2013, we were obligated to reimburse Carey Financial or one of its affiliates for expenses (including fees and expenses of its counsel) and for the costs of any sales and information meetings of Carey Financial's registered representatives or employees of one of its affiliates relating to the offering. As of September 30, 2013, costs incurred totaled $9.4 million, all of which we are obligated to reimburse. As of September 30, 2013, $9.2 million of such costs had been reimbursed.

Certain of our hotel franchise agreements require us to make planned renovations to our hotels (Note 4). We do not currently expect to, and are not obligated to, fund any planned renovations on our Unconsolidated Hotels. We expect to fund such commitments with regard to our Consolidated Hotels from amounts in lender-held escrow accounts, except as otherwise noted. The following table summarizes our funding commitments at September 30, 2013 related to our Consolidated Hotels (in thousands):


	At September 30, 2013
	Original Funding Commitment at Acquisition		Less: Paid		Unpaid Commitment^(a)		Less: Amount Held in Escrow		Remaining Commitment
Hampton Inn Boston Braintree	$	1,869	$	(1,869)	$	-	$	-	$	-
Hilton Garden Inn New Orleans French Quarter/CBD		3,470		(2,599)		871		(799)		72
Lake Arrowhead Resort and Spa		3,700		(3,532)		168		-		168
Hilton Southeast Portfolio:
Hampton Inn Birmingham Colonnade		212		(20)		192		(192)		-
Hampton Inn Atlanta Downtown		175		(12)		163		(163)		-
Hampton Inn Memphis Beale Street		1,075		(564)		511		(511)		-
Hampton Inn Frisco Legacy Park		1,276		-		1,276		(1,276)		-
Hilton Garden Inn Baton Rouge Airport		457		(349)		108		(108)		-
Courtyard Pittsburgh Shadyside		1,900		(910)		990		-		990
Holiday Inn Manhattan 6^th Avenue Chelsea		2,519		-		2,519		(2,519)		-
Fairmont Sonoma Mission Inn & Spa		2,606		(186)		2,420		-		2,420
Marriott Raleigh City Center		2,500		-		2,500		(2,500)		-
	$	21,759	$	(10,041)	$	11,718	$	(8,068)	$	3,650

A comprehensive $1.9 million renovation of the hotel, which commenced in December 2012, was substantially completed in March 2013. The renovation scope included all guestrooms and public spaces.

A $3.5 million renovation of all guestrooms and public spaces in the hotel commenced in October 2012 and was substantially completed by September 30, 2013. The remaining commitment will be funded through our lender-held escrow accounts earmarked for the renovation and cash accounts.

A $3.7 million renovation of guestrooms and public spaces in the hotel commenced in September 2012. The renovation was substantially completed by September 30, 2013. On September 30, 2013, the hotel became affiliated with the Autograph Collection, a collection of upper-upscale and luxury independent hotels sponsored by Marriott. The remaining renovation expenditures will be funded through our cash accounts.

An estimated $3.2 million in total renovations are planned for the hotels and is currently expected to be funded through lender-held escrow accounts and our cash accounts. These renovations, which are currently anticipated to be completed in late 2013 for Hampton Inn Birmingham Colonnade, Hampton Inn Atlanta Downtown and Hilton Garden Inn Baton Rouge Airport and early 2014 for Hampton Inn Memphis Beale Street and Hampton Inn Frisco Legacy Park, will include refurbishments of the guestrooms and/or public spaces. At September 30, 2013, renovations at the Hilton Garden Inn Baton Rouge Airport had been substantially completed.

An estimated $1.9 million renovation is planned for the hotel and is currently expected to be funded by future renovation draws on the related mortgage loan. This renovation, which is currently anticipated to be completed by early 2014, will include the installation of Courtyard's Bistro Lobby concept and a refurbishment of the guestrooms and public space.

An estimated $2.5 million renovation is planned for the hotel and is currently expected to be funded through lender-held escrow accounts. This renovation, which is currently anticipated to be completed by the second quarter of 2014, will primarily be focused on a refurbishment of the guestrooms.

The resort is currently undergoing a renovation that commenced prior to our ownership. We have committed $2.6 million to renovations that will be funded through our cash accounts and include $1.8 million to complete the refurbishment of guestrooms and public spaces, which was substantially completed by September 30, 2013, and $0.8 million to complete the renovation of the spa, which is currently anticipated to be completed in the second quarter of 2014.

An estimated $2.5 million renovation is planned for the hotel and is currently expected to be funded through lender-held escrow accounts. This renovation, which is currently anticipated to be completed in the third quarter of 2014, will primarily be focused on improvements to public spaces.

During the periods presented and through the date of this Report, we have entered into various agreements to purchase properties in the ordinary course of business. With certain of these agreements, we have provided deposits that, if the associated arrangement is canceled, may only be refunded to us under specified circumstances.