Group 1 - The U.S. accounted for 39% of the global hotel construction pipeline with 6,146 projects, totaling 720,089 rooms, while China followed with 23% and 3,608 projects, totaling 644,938 rooms [3][7] - The cities with the highest number of projects in Q4 were Dallas (193), Atlanta (159), and Chengdu, China (136) [3] - The luxury hotel segment reached a record of 1,328 projects, or 252,544 rooms, representing an 8% increase in projects and a 4% increase in rooms year over year [4] Group 2 - Both Hyatt and Marriott International plan to expand their luxury pipelines in 2026, driven by performance gains in the luxury segment during Q4 [5] - The global conversion pipeline reached a record 2,815 projects in Q4, marking a 13% year-over-year increase, with conversions being crucial for Hilton's growth in 2025 [6] - The total global hotel construction pipeline hit a record high of 15,922 projects, representing approximately 2.4 million rooms, with a 1% year-over-year increase [7]