Document:

As of May 12, 2005

Key Hospitality Acquisition Corporation
1775 Broadway, Suite 604
New York, New York 10019

Maxim Group LLC
405 Lexington Ave.
New York, New York 10174

Re: Initial Public Offering

Gentlemen:

      The undersigned stockholder, officer and director of Key Hospitality
Acquisition Corporation ("Company"), in consideration of Maxim Group LLC
("Maxim") entering into a letter of intent, dated April 22, 2005 ("Letter of
Intent") to underwrite an initial public offering of the securities of the
Company ("IPO") and embarking on the IPO process, hereby agrees as follows
(certain capitalized terms used herein are defined in paragraph 11 hereof):

      1. If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders of
the IPO Shares.

      2. In the event that the Company fails to consummate a Business
Combination within 18 months from the effective date ("Effective Date") of the
registration statement relating to the IPO (or 24 months under the circumstances
described in the prospectus relating to the IPO), the undersigned will take all
reasonable actions within the undersigned's power to cause the Company to
liquidate as soon as reasonably practicable. In such event, the undersigned
hereby waives any and all right, title, interest or claim of any kind in or to
any liquidating distributions by the Company, including, without limitation, any
distribution of the Trust Fund (as defined in the Letter of Intent) as a result
of such liquidation with respect to his Insider Shares ("Claim") and hereby
further waives any Claim the undersigned may have in the future as a result of,
or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Fund for any reason whatsoever.

      3.In order to minimize potential conflicts of interest which may arise
from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, prior to the undersigned's exploitation of that opportunity
in any way or the presentation to any other person or entity, any suitable
opportunity to acquire an operating business or any real property or related
assets, until the earlier of the consummation by the Company of a Business
Combination, the liquidation of the Company or until such time as the
undersigned ceases to be an officer or director of the Company, but subject, in
each case, to any pre-existing fiduciary obligations the undersigned might have.

      4. The undersigned acknowledges and agrees that the Company will not
consummate any Business Combination which involves a company which is affiliated
with any of the Insiders unless the Company obtains an opinion from an
independent investment banking firm reasonably acceptable to Maxim Group LLC
that the business combination is fair to the Company's stockholders from a
financial perspective.

<PAGE>

      5. Neither the undersigned, any member of the family of the undersigned,
nor any Affiliate of the undersigned will be entitled to receive and will not
accept any compensation for services rendered to the Company prior to the
consummation of the Business Combination; provided that the undersigned shall be
entitled to reimbursement from the Company for his out-of-pocket expenses
incurred in connection with seeking and consummating a Business Combination.

      6. The undersigned agrees that neither the undersigned, any member of the
family of the undersigned, or any Affiliate of the undersigned will be entitled
to receive or accept, and the undersigned, on behalf of the undersigned and the
aforementioned parties, hereby waives any rights to a finder's fee or any other
compensation in the event the undersigned, any member of the family of the
undersigned or any Affiliate of the undersigned originates a Business
Combination.

      7. The undersigned will escrow his Insider Shares for the three year
period commencing on the Effective Date subject to the terms of a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

      8.The undersigned agrees to be a member of the Board of Directors of the
Company until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company. The undersigned's biographical
information furnished to the Company and Maxim and attached hereto as Exhibit A
is true and accurate in all respects, does not omit any material information
with respect to the undersigned's background and contains all of the information
required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated
under the Securities Act of 1933. The undersigned's Questionnaire furnished to
the Company and Maxim and annexed as Exhibit B hereto is true and accurate in
all respects. The undersigned further represents and warrants to the Company and
Maxim that:

      (a)he is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any
jurisdiction;

      (b)he has never been convicted of or pleaded guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person, or (iii) pertaining to any dealings in any securities
and he is not currently a defendant in any such criminal proceeding; and

      (c)he has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

      9.The undersigned has full right and power, without violating any
agreement by which the undersigned is bound, to enter into this letter agreement
and to serve as a member of the Board of Directors of the Company.

      10.The undersigned authorizes any employer, financial institution, or
consumer credit reporting agency to release to Maxim and its legal
representatives or agents (including any investigative search firm retained by
Maxim) any information they may have about the undersigned's background and
finances ("Information"). Neither Maxim nor its agents shall be violating the
undersigned's right of privacy in any manner in requesting and obtaining the
Information and the undersigned hereby releases them from liability for any
damage whatsoever in that connection.

      11. As used herein, (i) a "Business Combination" shall mean an acquisition
by merger, capital stock exchange, asset or stock acquisition, reorganization or
otherwise and as otherwise described in the registration statement relating to
the IPO, of an operating business or real property assets in the hospitality and
related industries selected by the Company; (ii) "Insiders" shall mean all
officers, directors and stockholders of the Company immediately prior to the
IPO; (iii) "Insider Shares" shall mean all of the shares of Common Stock of the
Company owned by an Insider prior to the IPO; and (iv) "IPO Shares" shall mean
the shares of Common Stock issued in the Company's IPO.

<PAGE>

      12. The undersigned hereby agrees that any action, proceeding or claim
against the undersigned arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the
United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The undersigned hereby waives any objection to such exclusive jurisdiction and
that such courts represent an inconvenience forum.

                                    Stephen B. Siegel
                                    ---------------------------
                                    Print Name of Stockholder

                                    /s/ Stephen B. Siegel
                                    ---------------------------
                                    Signature

                                    EXHIBIT A

      Stephen B. Siegel has been a member of our board of directors since
inception. Mr. Siegel is Chairman of Global Brokerage Services of CB Richard
Ellis, one of the world's premier full service real estate companies. Prior to
its merger with CB Richard Ellis, Mr. Siegel was the Chairman and Chief
Executive Officer of Insignia/ ESG, Inc., one of the premier commercial real
estate companies in the United States, with significant international operations
in the United Kingdom, Europe, Asia and Latin America. Mr. Siegel became the
President and Chief Executive Officer of Insignia/ ESG, Inc.'s predecessor
company, Edward S. Gordon Company ("ESG"), in 1992. Prior to joining ESG, Mr.
Siegel spent more than 27 years at Cushman & Wakefield, ascending to Chief
Executive Officer. Mr. Siegel left Cushman & Wakefield in late 1988 and entered
a joint venture with the Chubb Corporation where he worked for several years to
develop and acquire investment-grade office buildings throughout the United
States. Since May 1995, Mr. Siegel has served as a trustee of the Liberty
Property Trust (NYSE: LRY), a self-administered and self-managed real estate
investment trust. Mr. Siegel is also involved in a number of charitable and
civic affairs. He is the General Chairman of the Association for the Help of
Retarded Children. He is also Chairman of the YMCA's Capital Campaign. In
addition, Mr. Siegel is a board member for both the City Center 55th Street
Theater Foundation and the Greater New York Council of the Boy Scouts of
America, and he serves as Vice Chairman of the Board of the Benjamin N. Cardozo
School of Law.As of May 12, 2005

Key Hospitality Acquisition Corporation
1775 Broadway, Suite 604
New York, New York 10019

Maxim Group LLC
405 Lexington Ave.
New York, New York 10174

Re: Initial Public Offering

Gentlemen:

      The undersigned stockholder, officer and director of Key Hospitality
Acquisition Corporation ("Company"), in consideration of Maxim Group LLC
("Maxim") entering into a letter of intent, dated April 22, 2005 ("Letter of
Intent") to underwrite an initial public offering of the securities of the
Company ("IPO") and embarking on the IPO process, hereby agrees as follows
(certain capitalized terms used herein are defined in paragraph 11 hereof):

      1. If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders of
the IPO Shares.

      2. In the event that the Company fails to consummate a Business
Combination within 18 months from the effective date ("Effective Date") of the
registration statement relating to the IPO (or 24 months under the circumstances
described in the prospectus relating to the IPO), the undersigned will take all
reasonable actions within the undersigned's power to cause the Company to
liquidate as soon as reasonably practicable. In such event, the undersigned
hereby waives any and all right, title, interest or claim of any kind in or to
any liquidating distributions by the Company, including, without limitation, any
distribution of the Trust Fund (as defined in the Letter of Intent) as a result
of such liquidation with respect to her Insider Shares ("Claim") and hereby
further waives any Claim the undersigned may have in the future as a result of,
or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Fund for any reason whatsoever.

      3. In order to minimize potential conflicts of interest which may arise
from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, prior to the undersigned's exploitation of that opportunity
in any way or the presentation to any other person or entity, any suitable
opportunity to acquire an operating business or any real property or related
assets, until the earlier of the consummation by the Company of a Business
Combination, the liquidation of the Company or until such time as the
undersigned ceases to be an officer or director of the Company, but subject, in
each case, to any pre-existing fiduciary obligations the undersigned might have.

      4. The undersigned acknowledges and agrees that the Company will not
consummate any Business Combination which involves a company which is affiliated
with any of the Insiders unless the Company obtains an opinion from an
independent investment banking firm reasonably acceptable to Maxim Group LLC
that the business combination is fair to the Company's stockholders from a
financial perspective.

<PAGE>

      5. Neither the undersigned, any member of the family of the undersigned,
nor any Affiliate of the undersigned will be entitled to receive and will not
accept any compensation for services rendered to the Company prior to the
consummation of the Business Combination; provided that the undersigned shall be
entitled to reimbursement from the Company for her out-of-pocket expenses
incurred in connection with seeking and consummating a Business Combination.

      6. The undersigned agrees that neither the undersigned, any member of the
family of the undersigned, or any Affiliate of the undersigned will be entitled
to receive or accept, and the undersigned, on behalf of the undersigned and the
aforementioned parties, hereby waives any rights to a finder's fee or any other
compensation in the event the undersigned, any member of the family of the
undersigned or any Affiliate of the undersigned originates a Business
Combination.

      7. The undersigned will escrow her Insider Shares for the three year
period commencing on the Effective Date subject to the terms of a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

      8.The undersigned agrees to be the Secretary and a member of the Board of
Directors of the Company until the earlier of the consummation by the Company of
a Business Combination or the liquidation of the Company. The undersigned's
biographical information furnished to the Company and Maxim and attached hereto
as Exhibit A is true and accurate in all respects, does not omit any material
information with respect to the undersigned's background and contains all of the
information required to be disclosed pursuant to Section 401 of Regulation S-K,
promulgated under the Securities Act of 1933. The undersigned's Questionnaire
furnished to the Company and Maxim and annexed as Exhibit B hereto is true and
accurate in all respects. The undersigned further represents and warrants to the
Company and Maxim that:

      (a)she is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any
jurisdiction;

      (b)she has never been convicted of or pleaded guilty to any crime (i)
involving any fraud or (ii) relating to any financial transaction or handling of
funds of another person, or (iii) pertaining to any dealings in any securities
and he is not currently a defendant in any such criminal proceeding; and

      (c) she has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

      9.The undersigned has full right and power, without violating any
agreement by which the undersigned is bound, to enter into this letter agreement
and to serve as Secretary and a member of the Board of Directors of the Company.

      10.The undersigned authorizes any employer, financial institution, or
consumer credit reporting agency to release to Maxim and its legal
representatives or agents (including any investigative search firm retained by
Maxim) any information they may have about the undersigned's background and
finances ("Information"). Neither Maxim nor its agents shall be violating the
undersigned's right of privacy in any manner in requesting and obtaining the
Information and the undersigned hereby releases them from liability for any
damage whatsoever in that connection.

      11. As used herein, (i) a "Business Combination" shall mean an acquisition
by merger, capital stock exchange, asset or stock acquisition, reorganization or
otherwise and as otherwise described in the registration statement relating to
the IPO, of an operating business or real property assets in the hospitality and
related industries selected by the Company; (ii) "Insiders" shall mean all
officers, directors and stockholders of the Company immediately prior to the
IPO; (iii) "Insider Shares" shall mean all of the shares of Common Stock of the
Company owned by an Insider prior to the IPO; and (iv) "IPO Shares" shall mean
the shares of Common Stock issued in the Company's IPO.

<PAGE>

      12. The undersigned hereby agrees that any action, proceeding or claim
against the undersigned arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the
United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The undersigned hereby waives any objection to such exclusive jurisdiction and
that such courts represent an inconvenience forum.

                                    Glyn F. Aeppel
                                    ---------------------------------
                                    Print Name of Stockholder

                                    /s/ Glyn F.  Aeppel
                                    ---------------------------------
                                    Signature

                                    EXHIBIT A

      Glyn F. Aeppel has been our secretary and a member of our board of
directors since inception. Ms. Aeppel has over 18 years of hotel acquisition and
development experience, financing over $500 million in hotel properties with
major hotel chains. Since April 2004, Ms. Aeppel has been, and currently is, a
principal of Aeppel and Associates, a hospitality advisory development company.
From July 2002 until April 2004, Ms. Aeppel served as the Executive Vice
President, Business Development, Americas of Le Meridien Hotels and Resorts.
From April 2001 to July 2002, Ms. Aeppel was the Executive Vice President,
Business Development and Acquisitions for Interstate Hotels Company and from
1995 to 1998 was the Vice President, Development for Interstate Hotels Company.
From 1998 to 2001, she was Senior Vice President, Acquisitions and Development
for FFC Hospitality, LLC, a private equity fund founded by the co-founder and
former chairman of Interstate Hotels Company. From 1993 to 1995 she was a
partner in Lodging Evaluation Group, a hotel development and finance consulting
company she co-founded. From 1990 to 1993 she was the Director of Development,
Germany and Austria for Holiday Inn Worldwide in Wiesbaden, Germany. From 1988
to 1989 she was an international management consultant to Marriott Corporation
in Bonn, West Germany. From 1986 to 1988 she was a Senior Project Finance
Analyst, Treasury Department for Marriott Corporation. Ms. Aeppel received an
M.B.A. from the Harvard Graduate School of Business Administration and a B.A.
from Principia College.

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