Hotel rooms under construction measure pipeline rooms tied to hotel projects that have reached a physical construction or issuer-defined equivalent stage.
They are usually a subset of Hotel Development Pipeline Rooms.
Construction status narrows the pipeline
The full hotel pipeline can include early-stage projects that are signed, approved, or planned but have not started construction.
Rooms under construction generally represent projects that have moved further toward opening.
Marriott reported nearly 265,000 pipeline rooms under construction at year-end 2025, or about 43% of its pipeline. Hilton said almost half of its 520,500 pipeline rooms were under construction. Wyndham said 36% of its new-construction pipeline had broken ground.
The labels are similar, but the underlying scope still requires issuer-specific review.
Conversions complicate the definition
Some operators include hotels being converted from another brand or system in the under-construction category even when the project is not a ground-up build.
Marriott explicitly includes hotels in the process of converting to its system within rooms under construction.
That means the metric is better understood as a project-stage indicator than a pure measure of new physical hotel construction.
Why investors track it
Moving rooms from early pipeline stages into construction can increase confidence that projects are progressing, but it does not eliminate opening risk.
Financing, permitting, construction delays, owner decisions, brand changes, and macroeconomic conditions can still affect completion.
The measure is most useful beside Hotel Conversion Room Additions and Net Rooms Growth.
Primary-source examples
Hotel rooms under construction are most useful as a narrower execution-stage view of the pipeline, not as a promise that every room will open on schedule.
Part of the Hotel Operating Model
See It in Company Research
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