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LE: U.S. pipeline hits record 6,378 projects in Q4

Hotel construction remained strong across all stages

U.S. hotel pipeline
U.S. hotel construction hit record levels in the fourth quarter of 2024, with 6,378 projects and 746,986 rooms in the pipeline, reflecting 7 percent growth in projects and 8 percent in rooms year-over-year, according to Lodging Econometrics.
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U.S. HOTEL CONSTRUCTION reached record levels in the fourth quarter of 2024, with 6,378 projects and 746,986 rooms in the pipeline, according to Lodging Econometrics’ latest Hotel Construction Pipeline Trend report. This reflects 7 percent year-over-year growth in projects and an 8 percent increase in rooms.

The U.S. hotel pipeline showed strong activity across all stages, LE said.


Projects under construction totaled 1,149, with 142,238 rooms, a significant year-over-year increase, the report said. Furthermore, 2,259 projects with 259,108 rooms are scheduled to break ground in the next 12 months. Early planning reached a record high with 2,970 projects and 345,640 rooms, marking 15 percent growth in projects and a 19 percent rise in rooms compared to the previous year.

Upper-midscale hotels led the pipeline with 2,354 projects and 227,845 rooms, setting a new record, the report found. Upscale hotels followed with 1,471 projects and 182,474 rooms. The midscale segment reached a record 957 projects and 80,436 rooms, while upper-upscale hotels closed the quarter with 338 projects.

In 2024, new project announcements added 459 projects and 58,123 rooms to the pipeline. Brand conversions remained strong, with a record 1,336 projects and 128,736 rooms by year-end. Renovation activity saw a slight decline but remained robust, with 661 projects and 127,080 rooms. Together, renovation and conversion projects accounted for 1,997 projects and 255,816 rooms, representing a significant portion of overall activity.

The U.S. hotel industry expanded its supply in 2024 with 583 new openings and 67,995 rooms, a 1.2 percent increase, the report found.

LE projects continued growth, with 730 new hotels and 82,538 rooms expected in 2025, representing a 1.5 percent supply increase. Growth is forecast to accelerate in 2026, with 904 new hotels and 97,328 rooms, adding 1.7 percent to national supply.

The U.S. pipeline totaled 6,211 projects and 722,821 rooms in the third quarter of 2024, up 9 percent and 7 percent year-over-year. Projects under construction at the time numbered 1,185, with 148,716 rooms, reflecting 11 percent growth in projects and a 6 percent increase in rooms year-over-year.

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