Ownership Submission
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 OF SECURITIES

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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(Print or Type Responses)
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 (Month/Day/Year)
09/28/2017
(Street)

HAMILTON, D0 HM CX
4. If Amendment, Date Original Filed(Month/Day/Year)
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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 09/28/2017   M   23,160 (1) A $ 0.0065 3,289,536 (1) D (2)  
Common Stock               48,076 (1) I (2) Efanur, S.A., an affiliate

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 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
(Month/Day/Year)
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) $ 0.0065 09/28/2017   M     23,160 01/24/2017 01/24/2019 Common Stock 23,160 $ 0 0 D (1) (2) (3)  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
REAL ESTATE STRATEGIES LP
2 CHURCH STREET
HAMILTON, D0 HM CX
  X   X    
ELSZTAIN EDUARDO S
108 LER PISO CAPITAL FEDERAL
BUENOS AIRES ARGENTINA
SOUTH AMERICA, C1 00000
  X   X    
CONSULTORES ASSETS MANAGEMENT STOCK CORP
BOLIVAR 108, PISO 2?
BUENOS AIRES, C1 C1066AAD
  X   X    
CONSULTORES VENTURE CAPITAL LTD
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600
  X   X    
CRESUD INC
MORENO 877
BUENOS AIRES, C1 C1091AAQ
  X   X    
CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600
  X   X    
AGROINVESTMENT STOCK CORP
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600
  X   X    
IRSA INVESTMENTS & REPRESENTATIONS INC
BOLIVAR 108
BUENOS AIRES, C1 C1066AAD
  X   X    
Ifis LTD
FLORIDA 537, PISO 18?
BUENOS AIRES, C1 C1005AAK
  X   X    
INVERSIONES FINANCIERAS DEL SUR STOCK CORP
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600
  X   X    

Signatures

 /s/ Real Estate Strategies L.P. by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ Eduardo S. Elsztain   10/02/2017
**Signature of Reporting Person Date

 /s/ Consultores Assets Management, S.A. by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ Consultores Venture Capital Limited by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ Cresud Sociedad Anonima Comercial by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ Consultores Venture Capital Uruguay by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ Agroinvestment S.A. by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ IRSA Inversiones y Representaciones Sociedad Anonima by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ IFIS Limited by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

 /s/ Inversiones Financieras del Sur S.A. by Eduardo S. Elsztain, its Chairman of the Board   10/02/2017
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Share and warrant numbers and exercise price have been adjusted to reflect the 6.5-to-1 reverse stock split of the Issuer's common stock that occurred on March 15, 2017.
(2) Members of the board of directors of the Issuer were designated by contractual right by Real Estate Strategies, LP, 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, S.A., 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.

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