Core Insights - The U.S. hotel construction pipeline remained stable year over year in Q3 2025, with brand conversions reaching record-high project totals [1][2] Construction Pipeline Overview - The total national project pipeline consisted of 6,205 projects, maintaining stability compared to last year's Q3, which had an all-time high [2] - The number of rooms in the pipeline grew by 1% to 728,416 rooms [2] - 490 new hotels with 57,479 rooms opened in the U.S. through Q3 2025, with an additional 202 projects or 22,368 rooms expected to open by year-end [2] Year-over-Year Comparison - The hotel construction pipeline in Q3 2025 decreased from the previous two quarters, which had 6,376 projects (749,561 rooms) in Q1 and 6,280 projects (737,036 rooms) in Q2 [3] Current Construction Status - At the end of Q3, there were 1,118 projects (137,620 rooms) under construction [4] - There are 2,234 projects (258,973 rooms) scheduled to start construction in the next 12 months, and 2,853 projects (331,823 rooms) in early planning stages [4] New Projects and Renovations - There were 230 new projects (28,951 new rooms) announced in Q3, with 566 renovation projects (123,142 rooms) reported for the period [5] Brand Conversions - Brand conversion activity reached 1,477 projects (148,035 rooms), marking an 18% increase in projects and a 22% increase in rooms year over year [6] - The combined total of renovation and brand conversion projects in the U.S. stands at 2,043 projects (271,177 rooms), up 4% in projects and 3% in rooms year over year [6] Market Highlights - The Washington, D.C. area led in renovations and conversions with 37 projects (4,745 rooms), followed by Houston with 34 projects (5,360 rooms), and Atlanta with 33 projects (3,988 rooms) [7] - Dallas topped the hotel construction pipeline with 197 projects (24,310 rooms), followed by Atlanta (160 projects, 18,239 rooms), Nashville (130 projects, 17,183 rooms), Phoenix (125 projects, 16,481 rooms), and Austin (124 projects, 14,486 rooms) [8]