The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ASHFORD HOSPITALITY PRIME IN COM 044102101 7,510 500,000 SH   SOLE   500,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 54,144 6,400,000 SH   SOLE   6,400,000 0 0
ASHFORD INC COM 044104107 17,279 198,000 SH   SOLE   198,000 0 0
ELONG INC SPONSORED ADR 290138205 27,072 1,600,000 SH   SOLE   1,600,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 28,730 1,300,000 SH   SOLE   1,300,000 0 0
FORESTAR GROUP INC COM 346233109 10,528 800,000 SH   SOLE   800,000 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 29,328 800,000 SH   SOLE   800,000 0 0
HOMEINNS HOTEL GROUP SPONSORED ADR 43742E102 49,472 1,600,000 SH   SOLE   1,600,000 0 0
MACYS INC COM 55616P104 134,940 2,000,000 SH   SOLE   2,000,000 0 0
MGM RESORTS INTERNATIONAL COM 552953101 16,425 900,000 SH   SOLE   900,000 0 0
PINNACLE ENTMT INC COM 723456109 195,720 5,250,000 SH   SOLE   5,250,000 0 0
QUNAR CAYMAN IS LTD SPNS ADR CL B 74906P104 66,418 1,550,000 SH   SOLE   1,550,000 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 16,218 200,000 SH   SOLE   200,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214A102 11,238 3,875,000 SH   SOLE   3,875,000 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 42,718 3,100,000 SH   SOLE   3,100,000 0 0
GENERAL MTRS CO *W EXP 12/31/201 37045V134 16,665 500,000 SH   SOLE   500,000 0 0
GENERAL MTRS CO COM 37045V100 33,330 1,000,000 SH Call SOLE   1,000,000 0 0
MACYS INC COM 55616P104 67,470 1,000,000 SH Call SOLE   1,000,000 0 0