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<TABLE>
FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
WASHINGTON, D.C. 20549 OMB NUMBER: 3235-028
[ ] Check this box if no longer Expires: May 31, 1994
subject to Section 16. Form 4 Estimate average burden
or Form 5 obligations may hours per response..... 0.5
continue. See Instructions 1(b)
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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(f) of the Investment Company Act of 1940
(Print or Type Responses)
1.Name and Address of Reporting Person* 2. Issuer Name and Ticker 6. Relationship of Reporting Person to Issuer
Gotham Partners, L.P./Gotham Partners or Trading Symbol (Check all applicable)
II, L.P./Section H Partners, L.P./ Allstar Inns, Inc.
William Ackman/David Berkowitz Trading Symbol: ALST Director X 10% Owner
----- -----
Officer (give Other
(Last) (First) (Middle) 3. IRS or Social Security 4. Statement for ----- title below) ----- (specify
c/o Gotham Partners, L.P. Number of Reporting Month/Year below)
Person (voluntary) August, 1996
--------------------------------
(Street) 5. If Amendment, 7. Individual or Joint/Group Filing
237 Park Avenue, 9th Floor Date of Original (check Applicable Lines)
(Month/Year) Form Filed by One Reporting Person
---
(City) (State) (Zip) Form Filed by More than One
New York, New York 10017 --- Reporting Person
<CAPTION>
TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action (A)or Disposed of (D) Securities ship of
Date Code Benefic- Form: Indirect
(Instr. 8) (Instr. 3, 4 and 5) ially Direct Bene-
(Month/ Owned at (D) or ficial
Day/ Code V Amount (A) or Price End of Indirect Owner-
Year) (D) Month (I) ship
(Instr. 3 (Instr. (Instr.
and 4) 4) 4)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock* 8/29/96 P 1,472 A $22.25/share 120,529 D
Common Stock** 8/29/96 P 28 A $22.25/share 3,002 D
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person, see Instructions 4(b)(v) SEC 1474 (7-96)
</TABLE>
<TABLE>
<CAPTION>
TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
1.Title of 2.Conver- 3.Trans- 4.Transac- 5.Number of 6.Date Exer- 7.Title 8.Price 9.Number 10.Owner- 11.Na-
Derivative sion or action tion Code Derivative cisable and Amount of of Deriv- ship ture
Security Exercise Date (Instr. 8) Securities and Expir- of Under- Deriv- ative Form of In-
(Instr. 3) Price (Month/ Acquired (A) ation Date lying ative Secur- of De- direct
of Day/ or Disposed (Month/ Securities Secur- ities rivative Bene-
Deriva- Year) of (D) Day/Year) ity Bene- Secu- ficial
tive (Instr. 3, (Instr. 3 (Instr. ficially rity; Own-
Security 4, and 5) and 4) 5) Owned Direct ership
at End (D) or (Instr
Amount of Indi- . 4)
Date Expir- or Month rect (I)
Exer- ation Title Number (Instr. (Instr.
cisa- Date of 4) 4)
Code V (A) (D) ble Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GOTHAM PARTNERS, L.P. AND GOTHAM PARTNERS II, L.P.
By: Section H Partners, L.P., its general partner
By: KARENINA CORPORATION
general partner of Section H Partners, L.P.
Explanation of Responses:
* Shares acquired or owned by Gotham Partners, L.P.
** Shares acquired or owned by Gotham Partners II, L.P. /s/ William A. Ackman September 4, 1996
*** Intentional misstatements or omissions of facts -------------------------------------------- -----------------
constitute Federal Criminal Violations. ***Signature of Reporting Person Date
See 18 U.S.C. 1001 and 15. U.S.C. 78ff(a).
By: DPB CORPORATION
general partner of Section H Partners, L.P.
/s/ David P. Berkowitz September 4, 1996
-------------------------------------------- -----------------
***Signature of Reporting Person Date
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 Page 2
required to respond unless the form displays a currently valid OMB Number SEC 1474 (7-96)
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