<SEC-DOCUMENT>0000900440-17-000004.txt : 20170126
<SEC-HEADER>0000900440-17-000004.hdr.sgml : 20170126
<ACCEPTANCE-DATETIME>20170126165244
ACCESSION NUMBER:		0000900440-17-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170124
FILED AS OF DATE:		20170126
DATE AS OF CHANGE:		20170126

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONDOR HOSPITALITY TRUST, INC.
		CENTRAL INDEX KEY:			0000929545
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521889548
		STATE OF INCORPORATION:			MD
		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:	SUPERTEL HOSPITALITY INC
		DATE OF NAME CHANGE:	20050601

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

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:		17550389

	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:			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:		17550390

	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:			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:		17550393

	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:		17550396

	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:		17550397

	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:			REAL ESTATE STRATEGIES LP
		CENTRAL INDEX KEY:			0001541641

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34087
		FILM NUMBER:		17550391

	BUSINESS ADDRESS:	
		STREET 1:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM CX
		BUSINESS PHONE:		(441) 299 4925

	MAIL ADDRESS:	
		STREET 1:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM CX

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:		17550388

	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 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:		17550395

	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:		17550392

	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:		17550394

	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>2017-01-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000929545</issuerCik>
        <issuerName>CONDOR HOSPITALITY TRUST, INC.</issuerName>
        <issuerTradingSymbol>CDOR</issuerTradingSymbol>
    </issuer>

    <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>0001541641</rptOwnerCik>
            <rptOwnerName>REAL ESTATE STRATEGIES LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 CHURCH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HAMILTON</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM CX</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</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>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant (option to purchase)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.001</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2017-01-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>150540</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2017-01-24</value>
            </exerciseDate>
            <expirationDate>
                <value>2019-01-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>150540</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>150540</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Warrant (option to purchase)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.92</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2017-01-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>3750000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2012-02-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2017-01-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3750000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person exchanged 3,750,000 warrants and received 150,540 warrants in an issuer exchange offer under Section 3(a)(9) of the Securities Act of 1934, as amended, and also exempt transaction under Rule 16b-7.</footnote>
        <footnote id="F2">Members of the board of directors of the Issuer were designated by contractual right by Real Estate Strategies, LLC, 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.</footnote>
        <footnote id="F3">This Form 4 is being filed in two parts due to the ten person reporting limitation of the electronic filing system.  Part 1 is being filed by the following persons: Eduardo S. Elsztain, Consultores Assets Management, S.A., Consultores Venture Capital Limited, Cresud Sociedad Anonima Comercial, Consultores Venture Capital Uruguay, SA, Agroinvestment S.A., Real Estate Strategies L.P., IRSA Inversiones y Representaciones Sociedad Anonima, IFIS Limited, and Inversiones Financieras del Sur S.A.  Part 2 is being filed by the following persons:  Efanur S.A., Tyrus S.A. and Jiwin S.A.  Please also see Exhibit.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Eduardo S. Elsztain</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Consultores Assets Management, S.A. by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Consultores Venture Capital Limited by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Cresud Sociedad Anonima Comercial by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Consultores Venture Capital Uruguay, SA by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Agroinvestment S.A. by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Real Estate Strategies L.P. by Eduarado S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ IRSA Inversiones y Representaciones Sociedad Anonima by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ IFIS Limited by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Inversiones Financieras del Sur S.A. by Eduardo S. Elsztain, Chairman of the Board</signatureName>
        <signatureDate>2017-01-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-99
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<FILENAME>exhibit.htm
<TEXT>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 67.9pt">Explanation for responses:</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt" />
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 67.9pt">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"), Tyrus S.A. (&#8220;Tyrus&#8221;), Jiwin S.A. (&#8220;Jiwin&#8221;), Efanur SA (&#8220;Efanur&#8221;) and Real Estate Strategies L.P. (&#8220;RES&#8221; and together with Elsztain, CAM, CVC Uruguay, Agroinvestment, CVC Cayman, IFIS, IFISA, Cresud, IRSA, Tyrus, Jiwin and Efanur the "Reporting Persons").</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt" />
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 67.9pt">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:</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt" />
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<div>
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<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">IFIS, a limited liability company organized under the laws of Bermuda;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z252772022d4f410c8532a1d01a496050" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(ii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">IFISA, a stock corporation organized under the laws of the Republic of Uruguay;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z88a86a8250824f35a254bb7dd0cbdfdc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(iii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Cresud, a stock corporation organized under the laws of the Republic of Argentina;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zd5c55a32332d4b0bbc6e6bc1343080a6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(iv)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">IRSA, a stock corporation organized under the laws of the Republic of Argentina;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zb22cac85ab074e30a9fc74fd07480324" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(v)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">CAM, a limited liability company organized under the laws of Argentina;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z68b9b0954921484a88a4e97d8eeac2be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(vi)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">CVC Cayman, a stock corporation organized under the laws of Cayman Island;</div>
</td>
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</div>

<div>
<table id="z82ce521b7dea40f892f1135752dacca5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(vii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">CVC Uruguay, a stock corporation organized under the laws of the Republic of Uruguay;</div>
</td>
</tr>
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</div>

<div>
<table id="z499626396b864e3fb43e96fbfd14fcfc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(viii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Agroinvestment, a stock corporation organized under the laws of the Republic of Uruguay;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z6d73ab065c274f08a529d37579af06d5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(ix)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Tyrus, a stock corporation organized under the laws of the Republic of Uruguay;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="za17b43b3f4f84727806f1d8126744da8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(x)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Jiwin, a stock corporation organized under the laws of the Republic of Uruguay, who serves as general partner of Real Estate Strategies L.P.;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z8f677282fa5c4267b278086cb14d9111" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(xi)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Efanur, a stock corporation organized under the laws of the Republic of Uruguay, who is the major limited partner of RES;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zc009fdd399094021bf0cccfe8547ac25" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(xii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">RES, a limited partnership organized under the laws of Bermuda.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt" />
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 67.9pt">Elsztain&#8217;s principal offices are located at Bol&#237;var 108, 1st floor, Buenos Aires, Argentina; IFIS&#8217; principal offices are located at Clarendon House, 2 Church Street, 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 Cambara 1620, of 202, 11500, 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.</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt" />
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 67.9pt">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.</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt" />
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 67.9pt">As of January 24, 2017:</div>

<div style="LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt" />
</div>

<div>
<table id="zc8741ee577f046ecacfa990c046adde5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Elsztain is the Chairman of the Board of Directors of IFISA, Cresud, CAM, CVC Uruguay, Agroinvestment, IRSA, Efanur, Jiwin and Tyrus, except for RES, a company in which Jiwin (a company wholly owned by IRSA) is the General Partner</div>
</td>
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</div>

<div>
<table id="z94212fb4bea449c1a599445f521a6a60" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(ii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Elsztain is the beneficial owner of 59% of IFIS by virtue of his indirect holdings in IFIS and powers of attorney granted to him. Elsztain also owns 85.0 of CAM which owns 0.0002% of Cresud and 100% of CVC Uruguay which in turn owns 0.0002% of Cresud&#8217;s shares and 100% of CVC Cayman. None of these companies directly own Common Stock of Condor Hospitality Trust, Inc. (&#8220;CDOR&#8221;).<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Century Schoolbook', serif">&#160;</font>Elsztain also directly owns 0.0002% of IRSA&#8217;s outstanding stock and 0.02% of Cresud&#8217;s shares;</div>
</td>
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</div>

<div>
<table id="za981f380ef384622b330f2802b59ed69" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(iii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">CVC Cayman serves as the Investment Manager of IFIS;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z5aad823989de4c1c830789ef1e94293b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(iv)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">IFIS is the direct owner of 100% of the common stock of IFISA;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zb47bdf1afb324dddb4314e02a5e251a6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(v)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">IFISA directly owns 30.79% of Cresud&#8217;s shares. IFISA does not directly own CDOR&#8217;s Common Stock.&#160; Furthermore, according to an agreement between Mr. Eduardo Elsztain, IFIS and Cougar Capital Strategies LLC., pursuant to which IFIS undertook to deliver to Cougar 1,955,870 American Depositary Receipts (hereinafter &#8220;Cresud Shares) of Cresud. As a result of the Settlement Agreement, on October 30, 2017 (i) Cougar shall have the right to sell to Elsztain all but not less than all of the Cresud Shares then-held by Cougar and (ii) Elsztain shall have the right to purchase all but not less than all of the Cresud Shares then-held by Cougar.&#160; Moreover, at any time from the date of the settlement agreement until the date of the exercise of the put/call option, Elsztain shall have a right of first offer if Cougar propose to transfer any Cresud Shares to any third party.&#160; Additionally, and pursuant the provisions of the Agreement, under certain circumstances Cougar undertakes to vote or cause to be voted the Cresud Shares as instructed by IFIS;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z852b38d46eba43c3a961a2be377a7dab" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(vi)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Cresud directly owns 62.99% of IRSA&#8217;s common shares. Cresud does not directly own CDOR&#8217;s Common Stock;</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z0916bf790a7740e0a82bb33e477a8bf9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 141.75pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(vii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">IRSA owns 100% of Tyrus&#8217;. IRSA does not directly own CDOR&#8217;s Common Stock;</div>
</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(viii)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Tyrus owns 100% of the capital stock of Jiwin. Tyrus does not directly own CDOR&#8217;s Common Stock;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(ix)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Jiwin serves as general Partner of RES; Jiwin does not directly own CDOR&#8217;s Common Stock;</div>
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<div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; LINE-HEIGHT: 12.55pt">(x)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Efanur is the major limited Partner of RES. Efanur owns directly 312,500 of CDOR&#8217;s Common Stock; RES owns 949,223 Shares of Common Stock of Condor and 3,245,156 shares of Series D Stock convertible into 20,282,225 shares of CDOR&#8217;s Common Stock and a Note convertible for Series D Stock (which is convertible for up to 632,249 shares of CDOR&#8217;s Common Stock), subject to the 49% limitation.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Name: Eduardo S. Elsztain<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif"><br />
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<td style="WIDTH: 44.67%; VERTICAL-ALIGN: top">&#160;</td>
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