At the close of Q4 2025, 6,140 projects accounting for 1,058,945 rooms were under construction worldwide. Projects scheduled to begin construction within the next 12 months totalled 3,845 projects with 553,140 rooms, reflecting a 3% increase in rooms year-over-year. Projects in early planning reached a record 5,937 projects and 825,269 rooms, rising 4% by projects and 3% by rooms compared to the previous year.
The luxury chain scale pipeline reached record levels with 1,328 projects and 252,544 rooms, increasing 8% by projects and 4% by rooms year-over-year. The upper upscale segment also achieved record highs with 1,883 projects and 391,391 rooms, up 9% by projects and 4% by rooms year-over-year. The upscale and upper midscale segments combined represent the largest share, with 8,358 projects and 1,227,133 rooms, reflecting a 1% increase in both projects and rooms year-over-year.
By country, the United States leads with 6,146 projects and 720,089 rooms, accounting for 39% of the global pipeline. China follows with 3,608 projects and 644,938 rooms, representing 23% of the total. Together, these two markets account for 62% of global pipeline projects. India recorded significant growth, reaching 906 projects and 118,334 rooms, up 31% by projects and 35% by rooms year-over-year. Saudi Arabia also reached record levels with 394 projects and 106,521 rooms, increasing 25% by projects and 28% by rooms year-over-year.
Among cities, Dallas leads with 193 projects and 23,720 rooms, followed by Atlanta with 159 projects and 17,804 rooms. Chengdu ranks third with 136 projects and 24,216 rooms, followed by Guangzhou with 126 projects and 25,329 rooms, and Phoenix with 124 projects and 16,303 rooms.
The global conversion pipeline reached record highs at 2,815 projects and 341,006 rooms, rising 13% by projects and 14% by rooms year-over-year. Combined renovations and conversions totalled 3,777 projects and 540,459 rooms, increasing 9% by projects and 10% by rooms year-over-year.
Regional record highs were also reported in Asia Pacific excluding China, with 2,323 projects and 433,241 rooms, up 11% by projects and 5% by rooms year-over-year. The Middle East recorded 710 projects and 176,402 rooms, increasing 15% by projects and 13% by rooms year-over-year, while Africa reached 312 projects and 47,395 rooms, up 11% by projects and 9% by rooms year-over-year.
During 2025, 2,371 new hotels opened globally, representing 325,985 rooms. Analysts at Lodging Econometrics forecast 2,617 new hotels with 389,175 rooms to open in 2026, followed by 2,630 new hotels with 384,955 rooms in 2027.
