Document:

As of June 27, 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:

         This letter replaces the letter addressed to the parties named above
dated as of May 12, 2005. 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 (i) vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders of
the IPO Shares and (ii) vote any shares of common stock acquired following the
IPO in favor of the Business Combination.

         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 the Co-Chairman 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 Co-Chairman 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.

                                       W. Thomas Parrington
                                       -----------------------------------------
                                       Print Name of Stockholder

                                       /s/ W. Thomas Parrington
                                       -----------------------------------------
                                       Signature

                                    EXHIBIT A

         W. Thomas Parrington has been co-chairman of our board of directors
since our inception. Mr. Parrington has been involved in the lodging industry
for over 30 years. Since June 2003, Mr. Parrington has served as president and
chief executive officer of Lodgian, Inc. (AMEX:LGN), one of the largest
independent owners and operators of full-service hotels in the United States,
following service as its interim chief executive officer from May 2003 until
that date, and has been a director since November 2002. Lodgian currently
manages a portfolio in excess of 80 hotels with over 15,000 rooms located
throughout the United States and Canada and generated in excess of $300 million
in revenue for fiscal 2004. Lodgian manages hotels with nationally recognized
hospitality brands such as Intercontinental Hotels Group, Marriot and Holiday
Inn. From December 1998 until May 2003, Mr. Parrington focused on real estate
investments (primarily hotels) and hotel consulting. During such time, he was
not associated with any particular entity. From June 1981 until December 1998,
Mr. Parrington was employed by Interstate Hotels & Resorts, Inc. (NYSE:IHR), a
publicly traded company that merged with Wyndham Hotels in June 1998, where he
ultimately served as president and chief executive officer. During his 17-year
tenure with Interstate, Mr. Parrington also served as chief financial officer
and chief operating officer. Mr. Parrington received a bachelor's degree in
business administration from Georgetown University.As of June 27, 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:

         This letter replaces the letter addressed to the parties named above
dated as of May 12, 2005. 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 (i) vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders of
the IPO Shares and (ii) vote any shares of common stock acquired following the
IPO in favor of the Business Combination.

         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 our
inception. Mr. Siegel is chairman of Global Brokerage Services of CB Richard
Ellis, a full service real estate company. Prior to its merger with CB Richard
Ellis, Mr. Siegel was the chairman and chief executive officer of Insignia/ESG,
Inc., a 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, or 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.

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