Steady Pipeline at Q4 2025 Close, as Brand Conversions Hit New Record
🏨 Hotel construction in the U.S. closed Q4 2025 with 6,146 projects and 720,089 rooms. Under construction: 1,088 projects with 134,380 rooms. Early planning: 2,883 projects and 331,959 rooms. Upper midscale leads: 2,275 projects, 218,526 rooms. New Q4 projects: 285 with 32,358 rooms. Brand conversions hit a record: 1,497 projects, 148,981 rooms, 12% YOY increase. 2025 saw 640 new hotels, 74,079 rooms, 1.3% census growth. 2026 forecast: 708 new hotels, 80,034 rooms, 1.4% growth.
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