U.S. markets with the greatest number of projects already under construction at Q1 are Dallas with 37 projects/4,111 rooms, Phoenix with 36 projects/5,096 rooms and New York with 26 projects/4,636 rooms. Miami follows with 24 projects/5,317 rooms, and Atlanta has 20 projects/2,008 rooms under construction. Phoenix stands out with particularly strong momentum, posting year-over-year gains of 19% in projects and 11% in rooms under construction.
Dallas also has the most projects scheduled to start within the next 12 months (SN12), with 68 projects/7,909 rooms. Following Dallas are Atlanta with 61 projects/6,748 rooms, Austin with 56 projects/6,097 rooms, the Inland Empire with 47 projects/4,939 rooms and Nashville with 46 projects/6,583 rooms. In the SN12 project stage, Austin recorded an increase of 19% in projects and 14% in rooms year-over-year.
At the end of Q1, Dallas again leads the U.S. with the largest number of projects in early planning at 79 projects/10,841 rooms. Atlanta follows with 77 projects/8,768 rooms, then Nashville with 57 projects/7,993 rooms, the Inland Empire with 54 projects/5,266 rooms and Phoenix with 52 projects/6,957 rooms. Phoenix had notable growth in this project stage, with year-over-year increases of 13% in projects and 28% in rooms.
In the top 50 U.S. markets, a total of 75 new projects, accounting for 12,137 rooms, were announced during 2026’s first quarter. The leading markets for new project announcements include Phoenix with 9 projects/901 rooms and Tampa with 6 projects/694 rooms. New York, Nashville, Chicago, Atlanta, Inland Empire and Indianapolis each recorded four new project announcements.
Renovation and brand conversion activity remained robust throughout the U.S. at Q1. Houston leads with the largest count of combined renovation and conversion projects at 35 projects/5,336 rooms. Dallas, Atlanta and Washington, DC each follow with 31 projects, accounting for 5,430 rooms, 3,836 rooms and 3,757 rooms, respectively. San Antonio has 30 projects/2,881 rooms under renovation or conversion at the close of the first quarter.
In the 2027 forecast, LE analysts expect Dallas to lead new hotel openings with 27 new hotels/2,484 rooms, followed by Atlanta with 24 new hotels/2,199 rooms, then Phoenix with 17 new hotels/2,076 rooms. Indianapolis and the Inland Empire round out the top markets with 16 forecasted new hotel openings each, accounting for 2,246 and 1,410 rooms, respectively.