Dallas continues to top Q1 U.S. hotel pipeline
Phoenix records double-digit under-construction growth
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Five gateway markets have 234+ companies driving 1,200+ hotel projects worldwide
Dallas, Atlanta, Los Angeles, Washington, DC and Chicago are driving significant activity
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LE: China’s pipeline sees record brand conversion activity
Upscale and upper-midscale drive growth at Q4
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LE: Pipeline growth continues across Latin America
13% project increase at 2025 year-end close
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