CRESUD INC — Director's Dealing 2012

Feb 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SUPERTEL HOSPITALITY INC (SPPR)
CIK: 0000929545
Period of Report: 2012-02-15

Reporting Person: ELSZTAIN EDUARDO S (10% Owner)
Reporting Person: Ifis LTD (10% Owner)
Reporting Person: TYRUS STOCK CORP (10% Owner)
Reporting Person: AGROINVESTMENT STOCK CORP (10% Owner)
Reporting Person: CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP (10% Owner)
Reporting Person: REAL ESTATE STRATEGIES LP (10% Owner)
Reporting Person: INVERSIONES FINANCIERAS DEL SUR STOCK CORP (10% Owner)
Reporting Person: CRESUD INC (10% Owner)
Reporting Person: CONSULTORES ASSETS MANAGEMENT STOCK CORP (10% Owner)
Reporting Person: CONSULTORES VENTURE CAPITAL LTD (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-15	Series C Cumulative Convertible Preferred Shares	P	900000	$10.00	Acquired	3000000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-15	Warrants to purchase shares of common stock	$1.20	P	9000000	Acquired	2017-01-31	Common shares (9000000)	Indirect

Footnotes

F1: Please see Exhibit.

F2: Please see Exhibit.