Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  ELSZTAIN EDUARDO S
 2. Date of Event Requiring Statement (Month/Day/Year)
02/01/2012		 3. Issuer Name and Ticker or Trading Symbol
SUPERTEL HOSPITALITY INC [SPPR]
(Last)
(First)
(Middle)
BOLIVAR 108, BUENOS AIRES ARGENTINA		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
02/13/2012
(Street)

SOUTH AMERICA, C1 066AAD		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Series C Cumulative Convertible Preferred Shares 2,100,000
I
See Footnote (1) (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Option to Purchase shares of common stock. 02/01/2012 01/31/2017 Common shares 21,000,000 $ 1.2 I See Footnote (3)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
ELSZTAIN EDUARDO S
BOLIVAR 108
BUENOS AIRES ARGENTINA
SOUTH AMERICA, C1 066AAD		     X    
Ifis LTD
FLORIDA 537, PISO 18?
BUENOS AIRES, C1 C1005AAK		     X    
TYRUS STOCK CORP
PLAZA INDEPENDENCIA 811, PB
MONTEVIDEO, X3 11100		     X    
AGROINVESTMENT STOCK CORP
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600		     X    
CONSULTORES VENTURE CAPITAL URUGUAY STOCK CORP
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600		     X    
REAL ESTATE STRATEGIES LP
2 CHURCH STREET
HAMILTON, D0 HM CX		     X    
INVERSIONES FINANCIERAS DEL SUR STOCK CORP
RUTA 8, KM. 17.500
EDIFICIO 3, LOCAL 3
MONTEVIDEO, X3 91600		     X    
IRSA INVESTMENTS & REPRESENTATIONS INC

 		     X    
CRESUD INC

 		     X    
CONSULTORES ASSETS MANAGEMENT STOCK CORP
BOLIVAR 108, PISO 2?
BUENOS AIRES, C1 C1066AAD		     X    

Signatures

/S/ Eduardo S. Elsztain 02/16/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The filing of the group members included in this amended Form 3 filing were inadvertently omitted from the filing of the original Form 3 on February 13, 2012.
(2) Please see Exhibit.
(3) Please see Exhibit.
 
Remarks:
This Form 3/A is being filed in two parts because of the ten person reporting limitation of the electronic system. Part 2 is being filed by the following reporting persons: CONSULTORES VENTURE CAPITAL LTD, JIWIN STOCK CORP., IDALGIR STOCK CORP., and EFANUR STOCK CORP.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.