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 and special advisor 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. As a special advisor to the Company, the undersigned agrees to assist
the Company in identifying, seeking, and consummating a Business Combination,
including providing strategic advice to the Company.

      2. 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.

      3. 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 Trust Fund (as
defined in the Letter of Intent) to be liquidated and distributed to the holders
of the IPO Shares. The undersigned hereby further waives any and all right,
title, interest or claim of any kind in or to any distribution of the Trust Fund
as a result of such distribution with respect to his Insider Shares ("Claim")
and hereby 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.

      4. 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 a special advisor of the Company, but subject, in each
case, to any pre-existing fiduciary obligations the undersigned might have.

      5. 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 that the
business combination is fair to the Company's stockholders from a financial
perspective.

<PAGE>

      6. 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,
including first class air travel.

      7. 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.

      8. 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.

      9. The undersigned agrees to be a special advisor to the Company, on a
nonexclusive basis, until the earlier of the consummation by the Company of a
Business Combination or the distribution of the Trust Fund. The undersigned's
biographical information furnished to the Company and Maxim 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, as amended. 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.

      10. 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 special advisor to the Company.

      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.

                                    Robert Chefitz
                                    -------------------------
                                    Print Name of Stockholder

                                    /s/ Robert Chefitz
                                    -------------------------
                                    SignatureAs 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 and special advisor 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. As a special advisor to the Company, the undersigned agrees to assist
the Company in identifying, seeking, and consummating a Business Combination,
including providing strategic advice to the Company.

      2. 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.

      3. 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 Trust Fund (as
defined in the Letter of Intent) to be liquidated and distributed to the holders
of the IPO Shares. The undersigned hereby further waives any and all right,
title, interest or claim of any kind in or to any distribution of the Trust Fund
as a result of such distribution with respect to his Insider Shares ("Claim")
and hereby 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.

      4. 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 a special advisor of the Company, but subject, in each
case, to any pre-existing fiduciary obligations the undersigned might have.

<PAGE>

      5. 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 that the
business combination is fair to the Company's stockholders from a financial
perspective.

      6. 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,
including first class air travel.

      7. 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.

      8. 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.

      9. The undersigned agrees to be a special advisor to the Company, on a
nonexclusive basis, until the earlier of the consummation by the Company of a
Business Combination or the distribution of the Trust Fund. The undersigned's
biographical information furnished to the Company and Maxim 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, as amended. 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.

      10. 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 special advisor to the Company.

      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.

                                    Burton Koffman
                                    -------------------------------
                                    Print Name of Stockholder

                                    /s/ Burton Koffman
                                    -------------------------------
                                    Signature

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