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 * ELSZTAIN EDUARDO S   2. Issuer Name and Ticker or Trading Symbol SUPERTEL HOSPITALITY INC [SPPR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) BOLIVAR 108, BUENOS AIRES ARGENTINA 3. Date of Earliest Transaction (Month/Day/Year) 05/23/2012 (Street) SOUTH AMERICA, C1 066AAD 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 Series C Cumulative Convertible Preferred Shares               3,000,000 I (1) See Footnote (1) Common Shares 05/23/2012   P   10,000 A $ 0.888 10,000 I (1) See Footnote (1)

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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ELSZTAIN EDUARDO S BOLIVAR 108 BUENOS AIRES ARGENTINA SOUTH AMERICA, C1 066AAD		X
CONSULTORES ASSETS MANAGEMENT STOCK CORP BOLIVAR 108, PISO 2? BUENOS AIRES, C1 C1066AAD		X
CONSULTORES VENTURE CAPITAL LTD RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X3 91600		X
CRESUD INC MORENO 877 BUENOS AIRES, C1 C1091AAQ		X
CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X3 91600		X
AGROINVESTMENT STOCK CORP RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X3 91600		X
REAL ESTATE STRATEGIES LP 2 CHURCH STREET HAMILTON, D0 HM CX		X
Ifis LTD FLORIDA 537, PISO 18? BUENOS AIRES, C1 C1005AAK		X
INVERSIONES FINANCIERAS DEL SUR STOCK CORP RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 MONTEVIDEO, X3 91600		X
TYRUS STOCK CORP PLAZA INDEPENDENCIA 811, PB MONTEVIDEO, X3 11100		X

Signatures

/s/ Eduardo S. Elsztain		05/24/2012
**Signature of Reporting Person		Date
/s/ Consultores Assets Management S.A., by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ Consultores Venture Capital Limited, by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria, by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ Consultores Venture Capital Uruguay SA, by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ Agroinvestment S.A., by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ Inversiones Financieras del Sur S.A., by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ Tyrus S.A., by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ IFIS Limited, by Eduardo S. Elsztain, its Chairman of the Board		05/24/2012
**Signature of Reporting Person		Date
/s/ Real Estate Strategies LP, by Eduardo S. Elsztain, Chairman of the Board of Jiwin S.A., General Partner		05/24/2012
**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)	Please see Exhibit.
Remarks: This Form 4 is being filed in two parts because of the ten person reporting limitation of the electronic filing system.  Part 2 is being filed by the following reporting persons:  IRSA INVERSIONES Y REPRESENTACIONES S.A., JIWIN STOCK CORP, IDALGIR STOCK CORP, and EFANUR STOCK CORP.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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