Document:

As of October 13, 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 (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.

      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.

                                       2
<PAGE>

                                     Alan S. Parsow
                                     -------------------------------------------
                                     Print Name of Special Advisor

                                        /s/Alan S. Parsow
                                     -------------------------------------------
                                     Signature

                                     Elkhorn Partners Limited Partnership
                                     -------------------------------------------
                                     Print Name of Stockholder

                                     /s/  Elkhorn Partners Limited Partnership

                                      Alan S. Parsow, as G.P.
                                     -------------------------------------------
                                     Signature

                                       3MODIFICATION TO SALE AND PURCHASE AGREEMENT

which has been entered into by and between

1. MARIVAUX INVESTMENTS LIMITED (registered seat: 256 Makarios Avenue, Eftapaton
Court, CY3105 Limassol, Cyprus; Inc.no. 160815) ("Vendor 1");

2. GRAETON HOLDINGS LIMITED (registered seat: 256 Makarios Avenue, Eftapaton
Court, CY3105 Limassol, Cyprus; Inc.no. 160814) ("Vendor 2");

3. EUROWEB INTERNET SZOLGALTATO RESZVENYTARSASAG (registered seat: 1138
Budapest, Vaci ut 141., Hungary; registration number: Cg. 01-10-044965)
("Purchaser 1"); and

4. EUROWEB INTERNATIONAL CORP. (business address: 1065 Avenue of the Americas,
21st Floor, New York, NY 10018, USA; IRS NUMBER: 133696015) ("Purchaser 2")

(Vendor 1 and Vendor 2 will be referred to collectively as "Vendors" and
individually each as "Vendor, and Purchasers 1 and Purchasers 2 will be referred
to collectively as "Purchasers" and individually each as "Purchaser"; while the
Vendors and the Purchasers will be referred to collectively as the "Parties" and
individually each as a "Party")

on the date indicated below, subject to the following terms and conditions.

1.    The Parties entered into a Sale and Purchase Agreement dated as of 21 July
      ("SPA") regarding the sale and purchase of shares in Navigator Informatika
      Uzleti Szolgaltato es Kereskedelmi Reszvenytarsasag (registered seat:
      H-1097 Budapest, Konyves Kalman krt. 5/b., Hungary; registration number:
      Cg. 01-10-044621) (the "Company").

      Any capitalized terms not otherwise defined herein shall have the same
      respective meaning attributed thereto in the SPA.

2.    The Purchasers hereby inform the Vendors and represent that no approval of
      the Competition Office is needed to the transaction contemplated in the
      SPA. Therefore, by entering into this Modification Agreement, the Parties
      agree to modify the SPA as follows:

      2.1   The condition referenced in section 5.1(a)(i) shall be deleted.

      2.2   The first paragraph of Section 5.2 shall be deleted.

      2.3   Section 6.2 ("Representations and Warranties of the Purchasers")
            shall be supplemented with a paragraph (f), reading as follows:

            "(f) No Approval Needed No filing must be made with and consent or
            approval must be sought from any third party to the transaction
            contemplated in this Agreement, including - among others - the
            approval of the Competition Office; and the Purchasers have no
            obligations whatsoever with this regard."

<PAGE>

      2.4   Any provision of the SPA not expressly modified herein shall remain
            valid without modification.

IN WITNESS WHEREOF, the Parties hereto have caused this Modification Agreement
to be executed as set forth herein, on the day and year first above written.

                  Marivaux Investments Limited:
                  Name (print): Ferenc Ferber
                  Signature:

                  Graeton Holdings Limited:
                  Name (print): Ferenc Ferber
                  Signature:

                  EUROWEB Internet Szolgaltato Reszvenytarsasag.
                  Name (print): Csaba Toro
                  Signature:

                  EUROWEB International Corporation
                  Name (print): Csaba Toro
                  Signature:

                                       2

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