The Q4 2025 Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) found that the Dallas, Texas, market continued to lead the U.S. hotel construction pipeline with 193 projects totaling 23,720 rooms. Atlanta, Georgia, followed with 159 projects/17,804 rooms, then Phoenix, Arizona, with 124 projects/16,303 rooms, Nashville, Tennessee, with 120 projects/15,983 rooms, and Austin, Texas, with 120 projects/14,120 rooms, complete the top five markets.
In the under-construction stage of the pipeline, Phoenix led with 35 projects accounting for 4,829 rooms, followed by Dallas with 34 projects/3,663 rooms, New York with 29 projects/5,689 rooms, Miami, Florida, with 24 projects/4,843 rooms, and Atlanta, Georgia, with 21 projects/2,206 rooms.
Key Findings
Dallas continued to lead with the largest number of planned construction starts anytime within the next 12 months, with 74 projects/8,202 rooms. Atlanta followed with 58 projects/6,658 rooms, then Austin with 51 projects/5,499 rooms, while the Inland Empire and Nashville had 44 projects/4,467 rooms and 42 projects/5,981 rooms, respectively.
The early planning stage further demonstrated Dallas’ market strength, with 85 projects/11,855 rooms. Atlanta was next with 80 projects/8,940 rooms in early planning, while Nashville, with 59 projects/7,648 rooms, the Inland Empire, with 59 projects/5,908 rooms, and Orlando, Florida, with 51 projects/10,777 rooms rounded out the top five.
New Projects and Forecast
LE’s latest report also found steady hotel renovation and conversion activity across the U.S. at the end of Q4 2025. Houston, Texas, and Atlanta led, each with 35 projects and 5,411 and 4,314 rooms, respectively, while Washington D.C. stood at 34 projects/3,963 rooms. Chicago, Illinois, followed with 29 projects/5,397 rooms, and New York completed the top five with 28 projects/7,293 rooms.
The fourth quarter saw 285 new project announcements nationwide, with Phoenix emerging as the leader with 12 projects/1,347 rooms, followed by Atlanta with eight projects/854 rooms and Saint Louis, Missouri, with seven projects/725 rooms. Tampa and the Inland Empire rounded out the top markets for new announcements with six projects/664 rooms and five projects/535 rooms, respectively.
Looking ahead to 2026, Phoenix was forecast to maintain a top position, opening 23 new hotels/3,326 rooms. New York was projected to open 22 hotels/3,795 rooms, while Dallas was forecast to open 19 hotels/2,295 rooms, Austin 13 hotels/1,738 rooms, and the Inland Empire 12 hotels/1,024 rooms.
LE’s extended forecast showed continued growth with new hotels projected to open in 2027. Dallas was expected to lead 2027 openings with 37 new hotels/3,198 rooms, followed by Atlanta with 28 hotels/2,554 rooms, the Inland Empire with 18 hotels/1,693 rooms, Phoenix with 17 hotels/2,078 rooms, and Los Angeles, California, with 15 hotels/1,769 rooms.
