The fourth quarter 2025 U.S. Hotel Construction Pipeline Trend Report by Lodging Econometrics reported 6,146 hotel projects, down 3.6% from the same period in 2024. The number of rooms in the pipeline totaled 720,089, decreasing 3.6% from 2024. Projects in the early stages decreased 2.9% from Q4 2024 to 2,883, with 331,959 rooms. Q4 hotel renovations, including conversions, rose 6.1% from 2024 to 2,118 projects with 278,628 rooms. See Lodging Econometrics
