Sec Form 4 Filing - ELSZTAIN EDUARDO S @ CONDOR HOSPITALITY TRUST, INC. - 2017-01-24

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person ELSZTAIN EDUARDO S 2. Issuer Name and Ticker or Trading Symbol CONDOR HOSPITALITY TRUST, INC. [ CDOR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 108 LER PISO CAPITAL FEDERAL, BUENOS AIRES ARGENTINA 3. Date of Earliest Transaction (MM/DD/YY) 01/24/2017 (Street) SOUTH AMERICA, C100000 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Warrant (option to purchase) $ 0.001 01/24/2017 A 150,540 01/24/2017 01/24/2019 Common Stock 150,540 ( 1 ) 150,540 D ( 2 ) ( 3 ) Warrant (option to purchase) $ 1.92 01/24/2017 D 3,750,000 02/01/2012 01/31/2017 Common Stock 3,750,000 ( 1 ) 0 D ( 2 ) ( 3 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ELSZTAIN EDUARDO S 108 LER PISO CAPITAL FEDERAL BUENOS AIRES ARGENTINA SOUTH AMERICA, C100000 X X CONSULTORES ASSETS MANAGEMENT STOCK CORP BOLIVAR 108, PISO 2? BUENOS AIRES, C1C1066AAD X X CONSULTORES VENTURE CAPITAL LTD RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X391600 X X CRESUD INC MORENO 877 BUENOS AIRES, C1C1091AAQ X X CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X391600 X X AGROINVESTMENT STOCK CORP RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X391600 X X REAL ESTATE STRATEGIES LP 2 CHURCH STREET HAMILTON, D0HM CX X X IRSA INVESTMENTS & REPRESENTATIONS INC BOLIVAR 108 BUENOS AIRES, C1C1066AAD X X Ifis LTD FLORIDA 537, PISO 18? BUENOS AIRES, C1C1005AAK X X INVERSIONES FINANCIERAS DEL SUR STOCK CORP RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X391600 X X Signatures /s/ Eduardo S. Elsztain 01/26/2017 Signature of Reporting Person Date /s/ Consultores Assets Management, S.A. by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ Consultores Venture Capital Limited by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ Cresud Sociedad Anonima Comercial by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ Consultores Venture Capital Uruguay, SA by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ Agroinvestment S.A. by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ Real Estate Strategies L.P. by Eduarado S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ IRSA Inversiones y Representaciones Sociedad Anonima by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ IFIS Limited by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date /s/ Inversiones Financieras del Sur S.A. by Eduardo S. Elsztain, Chairman of the Board 01/26/2017 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The reporting person exchanged 3,750,000 warrants and received 150,540 warrants in an issuer exchange offer under Section 3(a)(9) of the Securities Act of 1934, as amended, and also exempt transaction under Rule 16b-7. ( 2 )Members of the board of directors of the Issuer were designated by contractual right by Real Estate Strategies, LLC, and as a result, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the reporting persons are deemed to be directors of the Issuer by deputization. ( 3 )This Form 4 is being filed in two parts due to the ten person reporting limitation of the electronic filing system. Part 1 is being filed by the following persons: Eduardo S. Elsztain, Consultores Assets Management, S.A., Consultores Venture Capital Limited, Cresud Sociedad Anonima Comercial, Consultores Venture Capital Uruguay, SA, Agroinvestment S.A., Real Estate Strategies L.P., IRSA Inversiones y Representaciones Sociedad Anonima, IFIS Limited, and Inversiones Financieras del Sur S.A. Part 2 is being filed by the following persons: Efanur S.A., Tyrus S.A. and Jiwin S.A. Please also see Exhibit.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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