<SEC-DOCUMENT>0000900440-14-000062.txt : 20140624
<SEC-HEADER>0000900440-14-000062.hdr.sgml : 20140624
<ACCEPTANCE-DATETIME>20140610164736
ACCESSION NUMBER:		0000900440-14-000062
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140606
FILED AS OF DATE:		20140610
DATE AS OF CHANGE:		20140610

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUPERTEL HOSPITALITY INC
		CENTRAL INDEX KEY:			0000929545
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521889548
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1800 WEST PASEWALK AVE STE 200
		CITY:			NORFOLK
		STATE:			NE
		ZIP:			68701
		BUSINESS PHONE:		4023712520

	MAIL ADDRESS:	
		STREET 1:		1800 WEST PASEWALK AVE STE 200
		CITY:			NORFOLK
		STATE:			NE
		ZIP:			68701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HUMPHREY HOSPITALITY TRUST INC
		DATE OF NAME CHANGE:	19940906

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INVERSIONES FINANCIERAS DEL SUR STOCK CORP
		CENTRAL INDEX KEY:			0001476654
		STATE OF INCORPORATION:			X3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902539

	BUSINESS ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600
		BUSINESS PHONE:		(5982)5182217

	MAIL ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AGROINVESTMENT STOCK CORP
		CENTRAL INDEX KEY:			0001476665
		STATE OF INCORPORATION:			X3
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902542

	BUSINESS ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600
		BUSINESS PHONE:		(5982)5182217

	MAIL ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CONSULTORES ASSETS MANAGEMENT STOCK CORP
		CENTRAL INDEX KEY:			0001476663
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902546

	BUSINESS ADDRESS:	
		STREET 1:		BOLIVAR 108, PISO 2?
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
		BUSINESS PHONE:		(54)1143237522

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108, PISO 2?
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ELSZTAIN EDUARDO S
		CENTRAL INDEX KEY:			0001037182

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902547

	MAIL ADDRESS:	
		STREET 1:		108 LER PISO CAPITAL FEDERAL
		STREET 2:		BUENOS AIRES ARGENTINA
		CITY:			SOUTH AMERICA
		STATE:			C1
		ZIP:			00000

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			EFANUR Stock Corp.
		CENTRAL INDEX KEY:			0001541551

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902548

	BUSINESS ADDRESS:	
		STREET 1:		ITUZAING? 1377, PISOS 3, 4 Y 5
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11000
		BUSINESS PHONE:		(598) 29150101

	MAIL ADDRESS:	
		STREET 1:		ITUZAING? 1377, PISOS 3, 4 Y 5
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11000

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			IRSA INVESTMENTS & REPRESENTATIONS INC
		CENTRAL INDEX KEY:			0000933267
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902541

	BUSINESS ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		BOLIVAR 108
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1066AAD

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Ifis LTD
		CENTRAL INDEX KEY:			0001477078
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902540

	BUSINESS ADDRESS:	
		STREET 1:		MINTFLOWER PLACE, 4TH FLOOR
		STREET 2:		8 PAR-LA-VILLE ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		(54)1151667000

	MAIL ADDRESS:	
		STREET 1:		FLORIDA 537, PISO 18?
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1005AAK

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CONSULTORES VENTURE CAPITAL LTD
		CENTRAL INDEX KEY:			0001476664
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902545

	BUSINESS ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600
		BUSINESS PHONE:		(5982)5182217

	MAIL ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP
		CENTRAL INDEX KEY:			0001476653
		STATE OF INCORPORATION:			X3
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902543

	BUSINESS ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600
		BUSINESS PHONE:		(5982)5182217

	MAIL ADDRESS:	
		STREET 1:		RUTA 8, KM. 17.500
		STREET 2:		EDIFICIO 3, LOCAL 3
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			91600

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CRESUD INC
		CENTRAL INDEX KEY:			0001034957
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		14902544

	BUSINESS ADDRESS:	
		STREET 1:		MORENO 877
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1091AAQ
		BUSINESS PHONE:		00541143237449

	MAIL ADDRESS:	
		STREET 1:		MORENO 877
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1091AAQ
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2014-06-06</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000929545</issuerCik>
        <issuerName>SUPERTEL HOSPITALITY INC</issuerName>
        <issuerTradingSymbol>SPPR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001541551</rptOwnerCik>
            <rptOwnerName>EFANUR Stock Corp.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ITUZAING? 1377, PISOS 3, 4 Y 5</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MONTEVIDEO</rptOwnerCity>
            <rptOwnerState>X3</rptOwnerState>
            <rptOwnerZipCode>11000</rptOwnerZipCode>
            <rptOwnerStateDescription>URUGUAY</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001037182</rptOwnerCik>
            <rptOwnerName>ELSZTAIN EDUARDO S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>108 LER PISO CAPITAL FEDERAL</rptOwnerStreet1>
            <rptOwnerStreet2>BUENOS AIRES ARGENTINA</rptOwnerStreet2>
            <rptOwnerCity>SOUTH AMERICA</rptOwnerCity>
            <rptOwnerState>C1</rptOwnerState>
            <rptOwnerZipCode>00000</rptOwnerZipCode>
            <rptOwnerStateDescription>ARGENTINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001476663</rptOwnerCik>
            <rptOwnerName>CONSULTORES ASSETS MANAGEMENT STOCK CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>BOLIVAR 108, PISO 2?</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BUENOS AIRES</rptOwnerCity>
            <rptOwnerState>C1</rptOwnerState>
            <rptOwnerZipCode>C1066AAD</rptOwnerZipCode>
            <rptOwnerStateDescription>ARGENTINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001476664</rptOwnerCik>
            <rptOwnerName>CONSULTORES VENTURE CAPITAL LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>RUTA 8, KM. 17.500</rptOwnerStreet1>
            <rptOwnerStreet2>EDIFICIO 3, LOCAL 3</rptOwnerStreet2>
            <rptOwnerCity>MONTEVIDEO</rptOwnerCity>
            <rptOwnerState>X3</rptOwnerState>
            <rptOwnerZipCode>91600</rptOwnerZipCode>
            <rptOwnerStateDescription>URUGUAY</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034957</rptOwnerCik>
            <rptOwnerName>CRESUD INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>MORENO 877</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BUENOS AIRES</rptOwnerCity>
            <rptOwnerState>C1</rptOwnerState>
            <rptOwnerZipCode>C1091AAQ</rptOwnerZipCode>
            <rptOwnerStateDescription>ARGENTINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001476653</rptOwnerCik>
            <rptOwnerName>CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>RUTA 8, KM. 17.500</rptOwnerStreet1>
            <rptOwnerStreet2>EDIFICIO 3, LOCAL 3</rptOwnerStreet2>
            <rptOwnerCity>MONTEVIDEO</rptOwnerCity>
            <rptOwnerState>X3</rptOwnerState>
            <rptOwnerZipCode>91600</rptOwnerZipCode>
            <rptOwnerStateDescription>URUGUAY</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001476665</rptOwnerCik>
            <rptOwnerName>AGROINVESTMENT STOCK CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>RUTA 8, KM. 17.500</rptOwnerStreet1>
            <rptOwnerStreet2>EDIFICIO 3, LOCAL 3</rptOwnerStreet2>
            <rptOwnerCity>MONTEVIDEO</rptOwnerCity>
            <rptOwnerState>X3</rptOwnerState>
            <rptOwnerZipCode>91600</rptOwnerZipCode>
            <rptOwnerStateDescription>URUGUAY</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000933267</rptOwnerCik>
            <rptOwnerName>IRSA INVESTMENTS &amp; REPRESENTATIONS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>BOLIVAR 108</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BUENOS AIRES</rptOwnerCity>
            <rptOwnerState>C1</rptOwnerState>
            <rptOwnerZipCode>C1066AAD</rptOwnerZipCode>
            <rptOwnerStateDescription>ARGENTINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001477078</rptOwnerCik>
            <rptOwnerName>Ifis LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FLORIDA 537, PISO 18?</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BUENOS AIRES</rptOwnerCity>
            <rptOwnerState>C1</rptOwnerState>
            <rptOwnerZipCode>C1005AAK</rptOwnerZipCode>
            <rptOwnerStateDescription>ARGENTINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001476654</rptOwnerCik>
            <rptOwnerName>INVERSIONES FINANCIERAS DEL SUR STOCK CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>RUTA 8, KM. 17.500</rptOwnerStreet1>
            <rptOwnerStreet2>EDIFICIO 3, LOCAL 3</rptOwnerStreet2>
            <rptOwnerCity>MONTEVIDEO</rptOwnerCity>
            <rptOwnerState>X3</rptOwnerState>
            <rptOwnerZipCode>91600</rptOwnerZipCode>
            <rptOwnerStateDescription>URUGUAY</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2014-06-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>312500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.6</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>312500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>949223</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Group</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.6</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2014-06-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>312500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2014-05-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-06-06</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>312500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <remarks>1.  Members of the board of directors of the Issuer were designated by contractual right by Real Estate Strategies L.P., 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.

2.  Please also see Exhibit.</remarks>

    <ownerSignature>
        <signatureName>/s/ Eduardo S. Elsztain</signatureName>
        <signatureDate>2014-06-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Consultores Assets Management S.A. by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Consultores Venture Capital Limited by Eduardo S. Elsztain, Director of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Cresud Sociedad Anonima Comercial by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Consultores Venture Capital Uruguay SA by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Agroinvestment S.A. by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ IRSA Inversiones y Representaciones Sociedad Anonima by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
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        <signatureName>/s/ IFIS Limited by Eduardo S. Elsztain, Director of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
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        <signatureName>/s/ Inversiones Financieras del Sur S.A. by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
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    <ownerSignature>
        <signatureName>/s/ Efanur S.A. by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2014-06-10</signatureDate>
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&#160;</div>

<div style="TEXT-ALIGN: right">Exhibit<br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Explanation for responses:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This statement is being filed jointly by Mr. Eduardo S. Elsztain (&#8220;Elsztain&#8221;), Consultores Assets Management S.A. (&#8220;CAM&#8221;), Consultores Venture Capital Uruguay S.A. (&#8220;CVC Uruguay&#8221;), Agroinvestment S.A. (&#8220;Agroinvestment&#8221;), Consultores Venture Capital Ltd. (&#8220;CVC Cayman&#8221;), Ifis Limited (&#8220;IFIS&#8221;), Inversiones Financieras del Sur S.A. (&#8220;IFISA&#8221;), Cresud Sociedad An&#243;nima Comercial, Inmobiliaria, Financiera y Agropecuaria (&#8220;Cresud&#8221;), , IRSA Inversiones y Representaciones Sociedad An&#243;nima ("IRSA"), and Efanur SA (&#8220;Efanur&#8221; together with Elsztain, CAM, CVC Uruguay, Agroinvestment, CVC Cayman, IFIS, IFISA, Cresud, and IRSA the "Reporting Persons").</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Elsztain is a citizen of the Republic of Argentina who serves as Chairman of the board of directors of each of the following companies, except for RES, IFIS and CVC Cayman:</font></div>

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<div>
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<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IFIS, a limited liability company organized under the laws of Bermuda;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IFISA, a stock corporation organized under the laws of the Republic of Uruguay;</font></div>
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</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cresud, a stock corporation organized under the laws of the Republic of Argentina;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iv)</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IRSA, a stock corporation organized under the laws of the Republic of Argentina;</font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(v)</font></div>
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<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CAM, a limited liability company organized under the laws of Argentina;</font></div>
</td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(vi)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CVC Cayman, a limited liability company organized under the laws of Cayman Island;</font></div>
</td>
</tr></table>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(vii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CVC Uruguay, a limited liability company organized under the laws of the Republic of Uruguay;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(viii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Agroinvestment, a stock corporation organized under the laws of the Republic of Uruguay;</font></div>
</td>
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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ix)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tyrus, a stock corporation organized under the laws of the Republic of Uruguay;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(x)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Jiwin, a stock corporation organized under the laws of the Republic of Uruguay, who serves as general partner of Real Estate Strategies L.P.;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(xi)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Efanur, a stock corporation organized under the laws of the Republic of Uruguay, who is the major limited partner of RES;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(xii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">RES, a limited partnership organized under the laws of Bermuda.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Elsztain&#8217;s principal offices are located at Bol&#237;var 108, 1st floor, Buenos Aires, Argentina; IFIS&#8217; principal offices are located at Mintflower Place 4th floor, 8 Par-La-Ville Road Hamilton HM 08 Bermuda; IFISA&#8217;s principal offices are located at Ruta 8, 17,500, Edificio @1 Local 106, CP 91609, Montevideo, Republic of Uruguay; Cresud&#8217;s principal offices are located at Moreno 877, 23rd Floor, (C1091AAQ) Ciudad Aut&#243;noma de Buenos Aires, Argentina; IRSA&#8217;s principal offices are located at Bolivar 108, 1st floor, Buenos Aires, Argentina; CAM&#8217;s principal offices are located at Bol&#237;var 108, 1st floor, Buenos Aires, Argentina; CVC Cayman&#8217;s principal offices are located at 89 Nexus Way, 2nd floor Camana Bay, P.O. Box 31106, SMB, Grand Cayman, KY1-1205, Cayman Islands; CVC Uruguay&#8217;s principal offices are located at Ruta 8, 17,500, Edificio @1 Local 106, CP 91609 Montevideo, of the Republic of Uruguay; Agroinvestment&#8217;s principal offices are located at Zabala 1422, 2nd floor, Montevideo, Republic of Uruguay; Tyrus&#8217; principal offices are located at Colonia 810, Of. 403, CP 11000, Montevideo, Republic of Uruguay, Jiwin&#8217;s principal offices are located at Colonia 810, Of. 403, CP 11000, Montevideo, Republic of Uruguay, Efanur&#8217;s principal offices are located at Rinc&#243;n 468 7&#186; floor, Montevideo, 11.000 Republic of Uruguay and RES&#180; principal offices are located at Clarendon House 2 Church Street, Hamilton HM CX, Bermuda.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The reported securities may be deemed to be indirectly beneficially owned by the list of entities described on the previous paragraphs except for RES whose direct beneficial ownership is listed below. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of June 6, 2014:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Elsztain is the Chairman of the Board of Directors of IFISA, Cresud, CAM, CVC Uruguay, Agroinvestment, IRSA, Tyrus, Jiwin, Efanur, except RES, company in which Jiwin (a company wholly owned by Tyrus) is the General Partner;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Elsztain is the beneficial owner of 37.94% of IFIS, including: (a) 19.66% owned indirectly through Agroinvestment; (b) 18.46% owned indirectly through CVC Uruguay; and (c) 3.06% owned indirectly through CVC Cayman. Elsztain owns 100% of Agroinvestment and 85.0% of CAM which owns 100% of CVC Uruguay which in turn owns 0.0002% of Cresud&#8217;s shares on a fully diluted basis and 100% of CVC Cayman. None of these companies directly own Common Shares of Supertel Hospitality, Inc. (&#8220;SPPR&#8221;). Elsztain also directly owns 0.0002% of IRSA&#8217;s outstanding stock and 0.204% of Cresud&#8217;s shares on a fully diluted basis;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CVC Cayman serves as the Investment Manager of IFIS;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iv)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IFIS is the direct owner of 100% of the common shares of IFISA;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(v)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IFISA directly owns 39.13% of Cresud&#8217;s shares on a fully diluted basis. IFISA does not directly own SPPR&#8217;s Common Shares;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(vi)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cresud directly owns 64.56% of IRSA&#8217;s common shares. Cresud does not directly own SPPR&#8217;s Common Shares;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(vii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">IRSA owns 100% of Tyrus&#8217; and Efanur&#8217;s capital stock.&#160;&#160;IRSA does not directly own SPPR&#8217;s Common Shares;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(viii)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Tyrus owns 100% of the capital stock of Jiwin. Tyrus does not directly own SPPR&#8217;s Common Shares;</font></div>
</td>
</tr></table>
</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ix)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Jiwin serves as general Partner of RES; Jiwin does not directly own SPPR&#8217;s Common Shares;</font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Efanur is the major limited Partner of RES. Efanur directly owns 312,500 of SPPR&#8217;s Common Shares;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(xi)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">RES owns 3,000,000&#160;&#160;Convertible Preferred Shares of Supertel and has the option to purchase up to 3,750,000 shares of common stock of Supertel;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(xii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RES owns 949,223 Common Stock of Supertel</font></div>

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