According the to company's prospectus, the firm's objective is to acquire an operating business in the hospitality industry, but that business has not yet been determined. "We do not have any specific merger, capital stock exchange, asset acquisition or other similar business combination under consideration or contemplation and we have not, nor has anyone on our behalf, contacted any potential target business or had any discussions, formal or otherwise, with respect to such a transaction," the company says in its SEC filing.

"We believe that the hospitality industry is an attractive area in which to seek a merger or acquisition, as well as to operate and grow a business," the prospectus continues. Although not limited to one particular area, the firm intends to focus on hotels, condo-hotels/fractional time-shares/destination clubs, golf, spa and gaming destinations as well as related amenity or service businesses. Key is exploring national and international opportunities.

Of the net proceeds, nearly $43.5 million, or $7.25 per unit, will be deposited into a trust account at JPMorgan Chase NY Bank maintained by Continental Stock Transfer & Trust Co. acting as trustee. Maxim Group LLC is the lead underwriter. Maxim has a 45-day option to purchase up to an additional 900,000 units at the IPO price less the underwriting discount. The units will trade on the OTC Bulletin Board under the symbol "KHPAU."