Sec Form 4 Filing - REAL ESTATE STRATEGIES LP @ CONDOR HOSPITALITY TRUST, INC. - 2017-02-28

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 REAL ESTATE STRATEGIES LP 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) 2 CHURCH STREET, 3. Date of Earliest Transaction (MM/DD/YY) 02/28/2017 (Street) HAMILTON, D0HM CX 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 Common Stock 02/28/2017 C 20,282,225 A $ 1.6 21,213,448 D Common Stock 312,500 I Efanur, S.A., an affiliate

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 Series D Cumulative Convertible Preferred Stock $ 1.6 02/28/2017 C 3,245,156 03/16/2016 ( 1 ) Common Stock 20,282,225 $ 0 0 D ( 2 ) Series E Cumulative Convertible Preferred Stock $ 2.13 02/28/2017 A 487,738 02/28/2019 ( 3 ) Common Stock 2,289,849 $ 10 487,378 D ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other REAL ESTATE STRATEGIES LP 2 CHURCH STREET HAMILTON, D0HM CX X X 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 URUGUAY STOCK CORP 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 LTD 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 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 03/02/2017 Signature of Reporting Person Date /s/ Real Estate Strategies L.P. by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ Consultores Assets Management, S.A. by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ Consultores Venture Capital Limited by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ Cresud Sociedad Anonima Comercial by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ Consultores Venture Capital Uruguay SA by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ Agroinvestment S.A. by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ IRSA Inversiones y Representaciones Sociedad Anonima by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ IFIS Limited by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date /s/ Inversiones Financieras del Sur S.A. by Eduardo S. Elsztain, Chairman of the Board 03/02/2017 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The Series D Cumulative Convertible Preferred Stock does not have an expiration date. ( 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 )The Series E Cumulative Convertible Preferred Stock does not have an expiration date.

Remarks: 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.

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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