X0206 3 2018-06-29 0 0000929545 CONDOR HOSPITALITY TRUST, INC. CDOR 0001745533 Real Estate Investment Group VII L.P. ZABALA 1422 MONTEVIDEO X3 11100 URUGUAY 1 0 1 0 Common Stock 2197023 D Series E Cumulative Convertible Preferred Stock 13.845 2019-02-28 Common Stock 235285 D Convertible Note 10.40 2016-03-16 Common Stock 64964 I See footnotes Shares of Common Stock, shares of Series E Cumulative Convertible Preferred Stock and an interest in a convertible note of Condor Hospitality Trust, Inc. (the "Issuer") are owned by Real Estate Investment Group VII L.P., a limited partnership wholly-owned by Efanur S.A. ("Efanur") and Jiwin S.A. ("Jiwin"), each of which is a wholly-owned subsidiary of IRSA Inversiones y Representaciones Sociedad Anonima ("IRSA"). These securities were received as a pro rata in-kind distribution from Real Estate Strategies L.P. and continue to be indirectly beneficially owned by each of Efanur, Jiwin and IRSA, which had previously indirectly beneficially owned these while held by Real Estate Strategies L.P. 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 person is deemed to be a director of the Issuer by deputization. The Series E Cumulative Convertible Preferred Stock does not have an expiration date. Each share of Series E Preferred Stock is convertible, at the option of the holder, at any time on or after February 28, 2019, into a number of shares of common stock determined by dividing the conversion price of $13.845 into an amount equal to the $10.00 face value per share plus accrued and unpaid dividends, if any. Represents an interest in a convertible note held by Real Estate Strategies L.P. Amounts under the convertible note are payable by the Issuer in full on any redemption repayment date of the Series E Cumulative Convertible Preferred Stock or, to the extent the Series E Cumulative Convertible Preferred Stock is redeemed only in part, a pro rata percentage of the convertible note is payable on such date, with the remainder of the note to remain outstanding. By: Jiwin S.A., general partner, By: /s/ Alejandro Elsztain Name: Alejandro Elsztain Title: Second Vice President 2018-07-03