SEC Form 4

FORM 4		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 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* ELSZTAIN EDUARDO S (Last) (First) (Middle) BOLIVAR 108 (Street) BUENOS AIRES C1 C1066AAD (City) (State) (Zip)	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)
	3. Date of Earliest Transaction (Month/Day/Year) 06/26/2012
	4. If Amendment, Date of 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

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	See Footnote(1)
Common Shares	06/26/2012		P		10,000	A	$0.9	27,524	I	See Footnote(1)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person* ELSZTAIN EDUARDO S (Last) (First) (Middle) BOLIVAR 108 (Street) BUENOS AIRES C1 C1066AAD (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CONSULTORES ASSETS MANAGEMENT STOCK CORP (Last) (First) (Middle) BOLIVAR 108, PISO 2? (Street) BUENOS AIRES C1 C1066AAD (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CONSULTORES VENTURE CAPITAL LTD (Last) (First) (Middle) RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 (Street) MONTEVIDEO X3 91600 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CRESUD INC (Last) (First) (Middle) MORENO 877 (Street) BUENOS AIRES C1 C1091AAQ (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP (Last) (First) (Middle) RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 (Street) MONTEVIDEO X3 91600 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* AGROINVESTMENT STOCK CORP (Last) (First) (Middle) RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 (Street) MONTEVIDEO X3 91600 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* REAL ESTATE STRATEGIES LP (Last) (First) (Middle) 2 CHURCH STREET (Street) HAMILTON D0 HM CX (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* IRSA INVESTMENTS & REPRESENTATIONS INC (Last) (First) (Middle) BOLIVAR 108 (Street) BUENOS AIRES C1 C1066AAD (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Ifis LTD (Last) (First) (Middle) FLORIDA 537, PISO 18? (Street) BUENOS AIRES C1 C1005AAK (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* INVERSIONES FINANCIERAS DEL SUR STOCK CORP (Last) (First) (Middle) RUTA 8, KM. 17.500 EDIFICIO 3, LOCAL 3 (Street) MONTEVIDEO X3 91600 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Please see Exhibit.

Remarks:

This Form 4 is being filed in two parts due to the ten person reporting limitation of the electronic filing system. Part 2 is being filed by the following persons: Efanur S.A., Tyrus S.A., Idalgir S.A., and Jiwin S.A.

	/s/ Eduardo S. Elsztain	06/27/2012
	/s/ Consultores Assets Management S.A., by Eduardo S. Elsztain, its Chairman	06/27/2012
	/s/ Consultores Venture Capital Limited, by Eduardo S. Elsztain, its Chairman	06/27/2012
	/s/ Cresud Sociedad Anonima Comercial, by Eduardo S. Elsztain, its Chairman	06/27/2012
	/s/ Consultores Venture Capital Uruguay SA, by Eduardo S. Elsztain, its Chairman	06/27/2012
	/s/ Agroinvestment S.A., by Eduardo S. Elsztain, its Chairman	06/27/2012
	/s/ Real Estate Strategies LP, by Eduardo S. Elsztain, Chairman of Jiwin S.A., its General Partner	06/27/2012
	/s/ IRSA Inversiones y Representaciones Sociedad Anonima, by Eduardo S. Elsztain, its Chairman	06/27/2012
	/s/ IFIS Limited, by Eduardo S. Elsztain, its Chairman	06/27/2012
	/s/ Inversiones Financieras del Sur S.A., by Eduardo S. Elsztain, its Chairman	06/27/2012
	** Signature of Reporting Person	Date
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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