The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
CAESARS ENTMT CORP COM 127686103 7,072 598,300 SH Put SOLE   598,300 0 0
COLUMBIA PPTY TR INC COM NEW 198287203 14,163 682,863 SH   SOLE   682,863 0 0
D R HORTON INC COM 23331A109 5,888 136,526 SH   SOLE   136,526 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 24,332 2,353,216 SH   SOLE   2,353,216 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 25,756 1,524,918 SH   SOLE   1,524,918 0 0
HILTON GRAND VACATIONS INC COM 43283X105 5,677 178,398 SH   SOLE   178,398 0 0
HOST HOTELS & RESORTS INC COM 44107P104 11,055 606,746 SH   SOLE   606,746 0 0
HUDSON PAC PPTYS INC COM 444097109 15,883 477,390 SH   SOLE   477,390 0 0
ISTAR INC COM 45031U101 2,013 162,100 SH   SOLE   162,100 0 0
LEXINGTON REALTY TRUST COM 529043101 10,859 1,153,941 SH   SOLE   1,153,941 0 0
MARCUS & MILLICHAP INC COM 566324109 3,737 121,122 SH   SOLE   121,122 0 0
NEW SR INVT GROUP INC COM 648691103 1,632 242,800 SH Call SOLE   242,800 0 0
PARAMOUNT GROUP INC COM 69924R108 6,409 457,437 SH   SOLE   457,437 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 8,789 1,139,990 SH   SOLE   1,139,990 0 0
RMR GROUP INC CL A 74967R106 991 21,100 SH   SOLE   21,100 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 19,039 446,287 SH   SOLE   446,287 0 0
VORNADO RLTY TR SH BEN INT 929042109 24,548 382,961 SH   SOLE   382,961 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 13,072 234,511 SH   SOLE   234,511 0 0