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New Hospitality Company Prices IPO

NEW YORK CITY-Newly formed Key Hospitality Acquisition Corp. prices its IPO of six million units at $8 each. The locally based firm hopes to raise $48 million through the offering.

By Barbara Jarvie | Updated on October 25, 2005

NEW YORK CITY-A newly formed blank check company, which was formed to effect a merger, capital stock exchange, asset acquisition or other business combination with an operating business in the hospitality sector, has priced its initial public offering. Key Hospitality Corp. is offering six million units–consisting of one share of common stock and one warrant–for the price of $8 per unit. The company expects to raise $48 million in the offering.

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.

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