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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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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