Lodging Econometrics: Dallas Continues to Lead the U.S. Hotel Construction Pipeline
🏨 Dallas, Texas, led U.S. hotel construction in Q4 2025 with 193 projects/23,720 rooms. Atlanta, Phoenix, Nashville, and Austin followed. Phoenix led under-construction with 35 projects/4,829 rooms. Dallas slated 74 projects/8,202 rooms in 2026. Q4 also saw 285 new project announcements, Phoenix leading with 12 projects/1,347 rooms. Forecasts for 2026 and 2027 predict Phoenix and Dallas as top markets with significant hotel openings. Hotel renovation/conversion was strong, led by Houston and Atlanta.
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