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
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 10,753 1,096,165 SH   SOLE   1,096,165 0 0
PLAYAGS INC COM 72814N104 2,147 416,075 SH   SOLE   416,075 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 1,643 383,070 SH   SOLE   383,070 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103869 2,167 362,345 SH   SOLE   362,345 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 3,888 265,000 SH   SOLE   265,000 0 0
CHATHAM LODGING TR COM 16208T102 2,699 258,321 SH   SOLE   258,321 0 0
MONARCH CASINO & RESORT INC COM 609027107 14,668 250,000 SH   SOLE   250,000 0 0
RLJ LODGING TR COM 74965L101 2,592 235,000 SH   SOLE   235,000 0 0
RED ROCK RESORTS INC CL A 75700L108 3,809 114,165 SH   SOLE   114,165 0 0
MASTERCRAFT BOAT HLDGS INC COM 57637H103 1,368 65,000 SH   SOLE   65,000 0 0