Nina Patel’s entry into the hospitality industry sounds very familiar. A second-generation hotelier, she is the daughter of immigrants who came to the U.S. from Surat, Gujarat, India, in 1970. “Like many children of hoteliers, I spent my early years helping with the family business.”
But after college, her path veered away from that family business as she pursued a career in investment banking on Wall Street. Patel further honed her skills on Wall Street with JPMorgan Chase while pursuing her MBA. But her hospitality roots drew her back in.
“After finishing my MBA and leaving Wall Street, I knew I wanted to start my own business. My husband [Adam Patel] and I decided to launch our own company, Steel Hospitality. I decided to dive into hospitality, beginning with my first IHG hotel. Since I was new to the industry, I partnered with an experienced management company to learn the ropes—everything from daily operations to the right tools and strategies for running a successful property.”
The Owner's Perspective
After that first property, Patel was enamored. “What hooked me was the combination of working with a strong brand while also seeing the business from an owner’s perspective," she said. "Every day is different, whether it’s interacting with guests, solving challenges with my team, or working with lenders, contractors and other partners. I also love the development side, turning ideas into real projects.
When the Patels first started Steel Hospitality, they were focused on that single IHG property, learning the ropes of the hotel operations. Over time, they expanded the company’s portfolio to include multiple brands, such as Marriott, Hyatt, IHG, Hilton and Choice—each bringing new challenges and opportunities.
“Each brand brings its own operating systems, technology platforms and performance metrics which presents many opportunities,” Patel said. “What many might see as a challenge, we've transformed into our competitive advantage. By immersing ourselves in each brand's systems and practices, we've developed the ability to cross-train best practices while maintaining brand integrity.”
The operational agility the company has gained from this diversity makes its team members “sharper operators and more strategic decision-makers,” she continued. “At its core, this multibrand approach demands flexibility, but it's precisely what keeps our team innovating and growing.”
Technology has been instrumental in Steel Hospitality's growth by driving operational efficiency and enabling data-driven decisions—especially with revenue management. “We utilize all property-management systems, revenue-management tools and the variety of devices to streamline operations and reduce costs," Patel said. "Ultimately, technology empowers us to operate smarter, compete effectively and deliver consistent results across our hotel portfolio.”
One of the company’s biggest milestones was earning the ability to self-manage its hotels, Patel remembers. “Through programs like Marriott’s Excellence Program and Hyatt’s rigorous training, we built an in-house team capable of running properties at the highest level without relying on third-party management. This gave us greater control over quality, culture, and profitability.”
As the company grew, it diversified beyond traditional hotels into triple net-lease (NNN) assets, which added “stability and long-term value to our portfolio,” Patel said. “Working with all the major brands such as Wawa and 7-11 has been a rewarding challenge. Each has its own standards, systems and expectations, but that variety keeps us sharp and adaptable. Also, we started purchasing land and selling to various developers such as Guardian Storage and other nationally recognized brands.”
Nina is the chief executive officer and Adam is principal of Steel Hospitality. Nina drives strategies on business growth and staying ahead of economic trends while Adam focuses on the long-term vision, development and new construction.
Patel credits the partnership she has with her husband in creating a prosperous company. “He has been instrumental in shaping our vision—he’s the strategic force behind many of our biggest decisions and the driving factor in building a legacy for our family and team. Together, we’ve grown this company into what it is today.”
What Makes Steel Hospitality Unique
At Steel Hospitality, the Patels specialize in finding overlooked hotel properties, those with strong potential but in need of strategic renovations and more dynamic management. “Many owners and investors see value-add hotels as problems; we see them as opportunities,” she said.
“Our sweet spot is that we bridge the gap between underperforming assets and their full potential. Unlike large institutional players, we move fast and operate with an owner’s mindset, because we are owners. And unlike passive investors, we roll up our sleeves, whether it’s rebranding a property, retraining staff or rebuilding a hotel’s reputation in its market. We turn value-add properties into thriving assets—for our portfolio, our partners, and the brands we work with. That’s the gap we fill, and it’s what keeps us excited about this business.”
Patel believes longevity sets Steel Hospitality apart from many others in the industry. “In an industry known for turnover, we’ve built a team that stands the test of time,” she said. “Our executive vice president has been with us for over 16 years, our vice president of sales for more than 10 years and our chief engineer for an incredible 20-plus years. That kind of loyalty isn’t accidental—it’s the result of trust, respect and a shared commitment to excellence.”
Right now, the company is focused on making sure its current hotels are running smoothly, especially with so much uncertainty in the market. “Instead of rushing into new deals, we’re taking this year to really tighten things up, work on efficiency and make sure we’re in the best possible position for the future,” Patel said.
However, Patel emphasized that the company is definitely not standing still. “Over the next five years, we will have 10 hotels in the pipeline that we are adding to our portfolio. Currently, we are laying the groundwork for a smooth transition into building those hotels in the next five years.”
A Day in a Life as a Hotel Owner
As many hoteliers, every day is a mix of big-picture strategy and hands-on operations for Patel. She oversees a team of more than 100 people across multiple hotels under brands. A big part of her job is making sure the company’s current properties run smoothly, which could involve working with the executive vice president to improve guest experiences, reviewing financials or working with the equity team.
At the same time, Patel is always scouting new opportunities. This means researching potential markets, analyzing deals and working with developers and brands to explore growth. “Some days, I’m deep in spreadsheets. Others, I’m walking a construction site or meeting with our team to brainstorm ideas,” she said. “The best part is that no two days are the same. One minute I’m talking to our EVP about staffing, the next I’m on a call with a brand exec about a new project or speaking to a realtor about purchasing land for a new deal. It keeps things interesting, and I wouldn’t have it any other way.”
Not only did Patel grow up in the industry, she grew up with people who are active in the industry now. Jagruti Panwala, president and CEO of Wealth Protection Strategies and a former AAHOA chairwoman, was a childhood friend of Patel’s. Panwala encouraged Patel to become more active in the industry by joining the associations. This past spring, Patel received the AAHOA Outstanding HerOwnership Award of Excellence, recognizing a woman hotelier for strong leadership, a commitment to lodging excellence and significant contributions to the industry and community.
“This was a huge achievement—not just for me but for all the women entrepreneurs and hoteliers out there that hustle day in and day out,” she said. “This award opened up many doors for me. I plan on writing a book about my experiences rising as a female CEO in the hospitality field as well.”
Patel is also an assistant professor of business at Cedar Crest College, where she teaches the MBA program and within the hospitality program as well, focusing on women in leadership and gender negotiations.
Patel is an active mentor in the industry as well—someone she wishes she would have had 20 years ago. “It would have been nice to have a mentor, someone to look up to, to [learn] what you go through to rise up. So if I can help anyone to jump through a few hurdles and get to [a] higher point in their life, that's what I want to do. It just means a lot to me to help others.”
Today, Steel Hospitality is more than just a hotel operator, Patel said. “We’re developers, asset managers and brand partners. Every step of this journey has been about learning, adapting and pushing ourselves to operate at the highest level.”
Steel Hospitality
Headquarters: Philadelphia
Structure: Owner and operator
Portfolio: 10 assets; 8 hotels
This article was originally published in the June edition of Hotel Management magazine. Subscribe here.