Document:

NUMBER                                                                     UNITS

U-

     SEE REVERSE FOR
   CERTAIN DEFINITIONS

                     KEY HOSPITALITY ACQUISITION CORPORATION

                                                            CUSIP ______________

                               UNITS CONSISTING OF
                          ONE SHARE OF COMMON STOCK AND
                ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

THIS CERTIFIES THAT                                       is the owner of
                                                                          Units.

Each Unit (collectively, the "Units") consists of one (1) share of common stock,
par value $.001 per share ("Common Stock"), of Key Hospitality Acquisition
Corporation, a Delaware corporation (the "Company"), and one warrant
(collectively, the "Warrants"). Each Warrant entitles the holder to purchase one
(1) share of Common Stock for $6.00 per share (subject to adjustment). Each
Warrant will become exercisable on the later of (i) , 2006 or (ii) the earlier
of the Company's completion of a merger, capital stock exchange, asset
acquisition or other similar business combination or the distribution of funds
held by that certain trust account for the benefit of the Company's public
stockholders, and will expire unless exercised before 5:00 p.m., New York City
Time, on , 2009, or earlier upon redemption (the "Expiration Date"). The Common
Stock and Warrants comprising the Units represented by this certificate are not
transferable separately prior to , 2005, subject to earlier separation in the
discretion of Maxim Group LLC. The terms of the Warrants are governed by a
Warrant Agreement, dated as of , 2005, between the Company and Continental Stock
Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of
this certificate consents to by acceptance hereof. Copies of the Warrant
Agreement are on file at the office of the Warrant Agent at 17 Battery Place,
New York, New York 10004, and are available to any Warrant holder on written
request and without cost.

This certificate is not valid unless countersigned by the Transfer Agent and
Registrar of the Company. Witness the facsimile seal of the Company and the
facsimile signature of its duly authorized officers.

By                   Key Hospitality Acquisition Corporation

                                    CORPORATE
                                    DELAWARE
--------------------------            SEAL          ----------------------------
  Chairman of the Board               2005                   Secretary

                     Key Hospitality Acquisition Corporation

<PAGE>

The Company will furnish without charge to each stockholder who so requests, a
statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the
Company and the qualifications, limitations, or restrictions of such preferences
and/or rights.

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>
<S>          <C>                                            <C>                            <C>
TEN COM -    as tenants in common                           UNIF GIFT MIN ACT -            Custodian
TEN ENT -    as tenants by the entireties                                   (Cust)            (Minor)
JT TEN -     as joint tenants with right of survivorship    under Uniform Gifts to Minors Act
             and not as tenants in common
                                                                                  ----------------------
                                                                                          (State)
</TABLE>

Additional Abbreviations may also be used though not in the above list.

For value received,                        hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

                                                                           Units

represented by the within Certificate, and do hereby irrevocably constitute and
appoint

                                                                        Attorney

to transfer the said Units on the books of the within named Company will full
power of substitution in the premises.

Dated _____________________

                            ----------------------------------------------------
                            Notice: The signature to this assignment must
                                    correspond with the name as written upon the
                                    face of the certificate in every particular,
                                    without alteration or enlargement or any
                                    change whatever.

Signature(s) Guaranteed:

----------------------------------------------------------------------------
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
S.E.C. RULE 17Ad-15).322010-1

NUMBER                                                       SHARES

 [SYMBOL]

                     KEY HOSPITALITY ACQUISITION CORPORATION
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
                                  COMMON STOCK
                                 SEE REVERSE FOR
                                                             CERTAIN DEFINITIONS

This Certifies that                                      CUSIP _________________

 is the owner of

   FULLY PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $.001 EACH OF THE
                                COMMON STOCK OF

                     Key Hospitality Acquisition Corporation

  transferable on the books of the Corporation in person or by duly authorized
attorney upon surrender of this certificate properly endorsed. This certificate
 is not valid unless countersigned by the Transfer Agent and registered by the
 Registrar. Witness the seal of the Corporation and the facsimile signatures of
                         its duly authorized officers.

 Dated:

                    Key Hospitality Acquisition Corporation

                                    CORPORATE
                                      SEAL
                                      2005

---------------------------------------      -----------------------------------
CHAIRMAN                                     SECRETARY
                                             DELAWARE

<PAGE>

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 TEN COM -      as tenants in common
 TEN ENT -      as tenants by the entireties
 JT TEN -       as joint tenants with right of survivorship
                and not as tenants in common

 UNIF GIFT MIN ACT                  Custodian
                          (Cust)                (Minor)
                         under Uniform Gifts to Minors Act

                                           (State)

      Additional Abbreviations may also be used though not in the above list.

                     Key Hospitality Acquisition Corporation

The Corporation will furnish without charge to each stockholder who so requests
the powers, designations, preferences and relative, participating, optional or
other special rights of each class of stock or series thereof of the Corporation
and the qualifications, limitations, or restrictions of such preferences and/or
rights. This certificate and the shares represented thereby are issued and shall
be held subject to all the provisions of the Certificate of Incorporation and
all amendments thereto and resolutions of the Board of Directors providing for
the issue of shares of Preferred Stock (copies of which may be obtained from the
secretary of the Corporation), to all of which the holder of this certificate by
acceptance hereof assents.

For value received, hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

                                     shares

   of the capital stock represented by the within Certificate, and do hereby
                       irrevocably constitute and appoint

                                    Attorney

  to transfer the said stock on the books of the within named Corporation will
                  full power of substitution in the premises.

 Dated

         ----------------------------

                                                 -------------------------------
                                                 Notice: The signature to this
                                                 assignment must correspond with
                                                 the name as written upon the
                                                 face of the certificate in
                                                 every particular, without
                                                 alteration or enlargement or
                                                 any change whatever.

 Signature(s) Guaranteed:

 -------------------------------------------------------------------------------
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
 (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
 MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
 S.E.C. RULE 17Ad-15).

The holder of this certificate shall be entitled to receive funds from the trust
fund only in the event that the holder seeks to convert his respective shares
into cash upon a business combination which he voted against and which is
actually completed by the Company. In no other circumstances shall the holder
have any right or interest of any kind in or to the trust fund.

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