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

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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
AMERICAN HOMES 4 RENT CL A 02665T306 1,865 82,100 SH   SOLE   82,100 0 0
CAESARS ENTMT CORP COM 127686103 8,914 1,025,805 SH   SOLE   1,025,805 0 0
D R HORTON INC COM 23331A109 8,794 212,526 SH   SOLE   212,526 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 17,192 1,587,477 SH   SOLE   1,587,477 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 18,304 1,019,694 SH   SOLE   1,019,694 0 0
HOST HOTELS & RESORTS INC COM 44107P104 5,737 303,538 SH   SOLE   303,538 0 0
HUDSON PAC PPTYS INC COM 444097109 10,833 314,733 SH   SOLE   314,733 0 0
ISTAR INC COM 45031U101 2,060 244,700 SH   SOLE   244,700 0 0
LEXINGTON REALTY TRUST COM 529043101 6,129 676,521 SH   SOLE   676,521 0 0
NEW SR INVT GROUP INC COM 648691103 5,723 1,050,067 SH   SOLE   1,050,067 0 0
NEW SR INVT GROUP INC COM 648691103 1,323 242,800 SH Call SOLE   242,800 0 0
PARAMOUNT GROUP INC COM 69924R108 10,952 771,785 SH   SOLE   771,785 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 11,189 1,466,385 SH   SOLE   1,466,385 0 0
SPIRIT MTA REIT COM SHS BEN IN 84861U105 1,088 167,594 SH   SOLE   167,594 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 18,016 453,471 SH   SOLE   453,471 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 1,824 126,700 SH   SOLE   126,700 0 0
TRINITY MERGER CORP COM CL A 89653L106 3,634 355,565 SH   SOLE   355,565 0 0
VORNADO RLTY TR SH BEN INT 929042109 17,376 257,658 SH   SOLE   257,658 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 17,590 351,868 SH   SOLE   351,868 0 0