Hotel points are not created equal — and the difference in value per point is larger than most travellers realise

Every hotel loyalty programme denominates its currency in “points”, but the word describes very different things depending on where you earned them. One Hyatt point and one IHG point are not comparable in the way that one pound and one euro are at least within a predictable range. The programmes behind them are structured differently, their redemption mechanics work differently, and the real-world value they deliver per point differs by a factor of three or more across the main UK-accessible schemes.

Understanding what your points are actually worth — and what drives that value up or down — is the foundation of any coherent hotel loyalty strategy. This article covers how to value points, what the current benchmarks are across the major programmes, and what each programme’s structure means for how you should hold and deploy your balance.

How to value hotel points: the methodology

The standard approach to valuing hotel points is to calculate the implied pence-per-point value of specific redemptions and look at what that number is across a representative range of properties and dates. This gives a central estimate with an upside and downside range — not a guarantee, but a working framework.

The calculation is straightforward: take the cash price of the room on the same dates as the award, divide by the points required, and multiply by 100 to express in pence. A hotel room costing £200 cash and 40,000 points delivers 0.5p per point (£200 ÷ 40,000 = £0.005 = 0.5p). Do this across many redemptions at different properties and date types, and a central value emerges.

Several adjustments matter. First, compare against the cash rate you would actually have paid — the refundable flexible rate at the same hotel, not the cheapest possible non-refundable rate that no sensible traveller would choose on a trip they value. Second, factor in any mandatory fees the points save you (resort fees at Hilton and Hyatt) or do not save you (Marriott, IHG — see the resort fees guide for detail). Third, account for the points you would have earned if you had paid cash instead — though most published valuations deliberately exclude this adjustment to keep the calculation clean.

The resulting valuations are estimates, not facts — except in two programmes where the value is fixed by design rather than estimated from redemptions.

Programme by programme: benchmark valuations and what drives them

World of Hyatt: approximately 1.2p per point. Hyatt points are the most valuable in the mainstream hotel loyalty universe, and the valuation is notably hard to underperform. Analysis of Hyatt redemptions across the portfolio finds it is virtually impossible to get less than 1.2p per point in the current hotel market, even at mid-market properties. The Hyatt Regency in Stratford, East London prices at 9,000 points off-peak — as long as the cash rate is above £108 (essentially certain), you exceed 1.2p. The Hyatt Place at Heathrow runs to 6,500 points off-peak; a cash rate above £78 beats the benchmark. At the top end, a Park Hyatt New York room that sold for close to $2,000 cash has been available for 40,000 points — a valuation far exceeding 1.2p.

Three features of Hyatt’s programme drive this consistently high value. The published award chart caps points costs per category, preventing the runaway dynamic pricing that characterises Marriott and IHG at peak dates. The Standard Rate guarantee means unlimited rooms are available on points whenever a standard room is available at Standard Rate cash — there is no fixed award inventory to exhaust. And from May 2026, the five-tier pricing structure (Lowest/Low/Moderate/Upper/Top) within each category allows strategic date selection using the Points Calendar to identify cheaper-pricing windows. Hyatt points are best held for quality redemptions rather than spent on routine stays — the published chart means there is always a target worth saving for.

Marriott Bonvoy: approximately 0.5p per point, with a range of 0.5–1.5p on peak luxury redemptions. Marriott’s switch to fully dynamic pricing in 2022 removed the old award chart and tied points cost more directly to cash rate. The central valuation of 0.5p per point reflects what most straightforward redemptions deliver across the Marriott portfolio. Caps still exist at some properties — Marriott retains points caps set at a higher level than Hilton’s — meaning that on genuinely peak dates at luxury properties, it is still possible to extract 1.0–1.5p per point where cash rates are very high but points costs have not scaled proportionally. A JW Marriott Resort & Spa Venice at 1.0p per point, or an Al Maha desert resort Dubai at 1.5p, represent the upper end of realistic Marriott redemption value.

The fifth-night-free mechanic amplifies value on five-night stays — the cheapest night in a qualifying block is free, which at a resort charging 60,000–80,000 points per night returns 60,000–80,000 points effectively. On five-night resort stays, the effective per-point value of the whole booking lifts. Marriott points are not well suited to routine hotel stays at budget-to-mid brands where dynamic pricing tracks cash closely and the per-point value rarely exceeds the 0.5p benchmark. They earn their keep at peak resort properties on longer stays where the cap and duration mechanic both work in the member’s favour.

Hilton Honors: approximately 0.33p per point, with meaningful upside at capped peak-date properties. Hilton’s base valuation of 0.33p per point is lower than Marriott and significantly lower than Hyatt, reflecting a programme where points are easier to earn (via Amex MR at 1:2, via the Hilton debit cards, via back-to-back promotions) but deliver less per point at typical redemptions. The cap structure is the key variable. Each Hilton property has a maximum points price, and when cash rates spike above what the cap implies, the effective per-point value rises sharply. Waldorf Astoria New York, for example, is capped at around 150,000 points despite cash rates of $1,500–2,000 per night — delivering well over 1p per point on those dates. Across all 7,000 Hilton properties the average remains 0.33p, but for members targeting luxury or peak-city redemptions the cap creates genuine leverage.

Three important caveats on Hilton. First, Hilton has devalued its top-tier properties three times in 12 months during 2024–2025, raising some luxury property caps to 250,000 points from the 50,000–95,000 points they cost a decade ago. The direction of travel at Hilton’s top end is unfavourable, and members targeting Waldorf Astoria and Conrad properties should redeem existing balances before further changes. Second, Hilton’s base valuation of 0.33p is a portfolio average — many routine redemptions at Hampton Inn, Hilton Garden Inn or Doubletree will sit at or slightly below this. The cap matters mainly at full-service and luxury properties. Third, resort fees are waived on Hilton award stays (for 100% points bookings), which adds value at US resort properties not captured in the headline per-point figure.

IHG One Rewards: approximately 0.4p per point, with a realistic ceiling of 0.6p. IHG’s near-full conversion to dynamic pricing has produced a programme where redemption value is unusually consistent — and unusually limited in its upside. Getting significantly more or less than 0.4p per point is difficult, the lack of a pricing cap at the upper end means luxury redemptions at InterContinental properties on peak dates deliver no better value than an off-peak Holiday Inn Express, and if you find 0.6p per point you should take it because you are unlikely to do better. IHG’s programme does not reward patience or accumulation in the way Hyatt and Marriott do. There is no sweet spot at the top end to save towards.

The practical implication for IHG point management: redeem when the cash rate is elevated enough to push value above the 0.4p floor (typically at Crowne Plaza, InterContinental or Kimpton properties on genuinely high-demand dates), do not save points for luxury redemptions where dynamic pricing will neutralise any apparent value, and register for the regular IHG double-points promotions that are the programme’s main mechanism for delivering above-average earning. IHG points are a consistent but modest currency — neither exciting nor dangerous, just limited in what they can deliver.

Fixed-value programmes: Accor and Radisson

Accor Live Limitless: exactly €0.02 per point (approximately 1.7p). Accor’s is the only Big Six programme where valuation is not an estimate — it is a mathematical fact. One Accor point reduces your room bill by exactly two Euro cents, always, at every property from an Ibis budget to the Raffles Maldives. There is no award chart to work, no peak-date leverage to find, no sweet spot to save towards. The fixed value is both the programme’s strength (complete transparency, no devaluation risk on redemptions) and its weakness (you can never beat the system, there is no reason to accumulate). Earn and burn is the logical strategy, since holding points creates no future advantage and exposes you to the 12-month inactivity expiry rule.

The 1.7p per point figure expressed in sterling is higher than Hilton and IHG on a headline basis, but this requires calibration: Accor properties are priced in euros, the exchange rate affects the sterling-equivalent value, and the fixed rate means every marginal point earned or spent delivers exactly the same return. There is no compounding, no leverage point, and no reason to prefer one redemption date or property over another for value purposes. Accor points are most useful as a consistent discount tool rather than as a vehicle for high-leverage redemptions.

Radisson Rewards: 0.15p–0.22p per point, depending on redemption structure. Like Accor, Radisson moved to a fixed-value model in October 2022 following a sweeping overnight devaluation that cut point values by approximately 40% with no notice. Unlike Accor’s perfectly clean fixed rate, Radisson’s value per point follows a sliding scale based on the percentage of the room rate paid with points: paying 100% of a room in points delivers approximately 0.22p per point, while using points to cover a small fraction of a cash stay drops the rate toward 0.15p. The optimal Radisson strategy is therefore to accumulate enough points to pay entirely or nearly entirely for a stay, rather than applying small point balances as a partial discount.

The Avios transfer route from Radisson closed in September 2025, removing what had been the most useful alternative deployment for Radisson points. With transfer options now limited and the underlying value firmly in the 0.15–0.22p range, Radisson points should be treated as a discount currency for the Radisson network only — useful for members staying regularly at Radisson Blu, Park Plaza or art’otel properties in European cities, but not a programme to build significant balances in speculatively. Earn and burn applies with even more force here than at Accor.

What drives valuations up and down

Pricing structure is the single biggest variable. Hyatt’s published award chart with category caps is the primary reason Hyatt points consistently deliver 1.2p or more — the chart prevents points costs from tracking cash prices at peak dates in the way dynamic programmes do. Marriott’s caps (higher than Hilton’s, less consistently enforced) provide partial protection and explain why Marriott luxury resort redemptions still occasionally deliver 1.0–1.5p even under dynamic pricing. Hilton’s per-property caps deliver peak-date leverage at specific properties. IHG’s near-total dynamic pricing with no meaningful caps is the primary reason its ceiling sits at 0.6p.

Resort fee treatment compounds the difference. At Hilton and Hyatt, resort fees are waived on 100% points bookings — adding $30–60 per night in avoided cash at US resort properties on top of the room rate the points replace. At Marriott and IHG, fees are charged regardless of booking method. A Hilton redemption and a Marriott redemption at nominally the same per-point value deliver different total cash savings at a US resort. See the resort fees guide for the full analysis.

Duration mechanics at Hilton and Marriott. Hilton’s fifth-night-free (the fifth night itself is free) and Marriott’s fifth-night-free (the cheapest night in the block is free) both add effective points back to multi-night stays, raising the per-point value of the whole booking above what a nightly calculation would suggest. A five-night Marriott resort stay where the cheapest night costs 50,000 points effectively delivers those 50,000 points for free — raising the whole stay’s per-point value proportionally. Neither Hyatt nor IHG has an equivalent duration mechanic for standard award stays.

Programme stability and devaluation risk. A currency’s value also depends on whether it will still be worth the same amount when you come to use it. Accor’s fixed-value model has been stable since its launch — the points never delivered more than €0.02, but they have never delivered less either. Radisson devalued sharply in 2022 with no notice, and the pre-devaluation value of points held in anticipation of a big redemption was permanently destroyed. Hilton has raised caps three times in 12 months at its luxury properties. IHG’s shift to dynamic pricing effectively devalued its historic award chart over several years. Hyatt has maintained its chart since its last major revision in 2021, though the May 2026 five-tier expansion introduces wider pricing ranges that increase top-end costs at genuinely high-demand properties.

The implication for balance management: programmes with stable redemption structures (Hyatt chart, Accor fixed rate) are safer to accumulate in than programmes with dynamic pricing or a pattern of cap increases (IHG, Hilton luxury tier). Sitting on a large IHG balance waiting for an aspirational redemption that will never beat 0.6p per point is a poor use of accumulated loyalty currency. Sitting on a Hyatt balance awaiting a specific Park Hyatt or Grand Hyatt redemption at a target date is a reasonable strategy.

Points accumulation: how each valuation interacts with earning

Valuation and earning are the two sides of the points equation, and they interact differently by programme. Hyatt points are valuable at 1.2p but hard to earn in the UK — no UK credit card, no Amex MR transfer route, limited property footprint outside major cities. A UK traveller who stays primarily in European city hotels may spend several years before accumulating enough Hyatt points for a meaningful redemption. The high per-point value is real but the earning rate makes it difficult to build large balances.

Hilton points at 0.33p are much easier to acquire. Amex MR transfers at 1:2 mean a 30,000 MR balance (reachable from a single Amex Preferred Rewards Gold welcome bonus) becomes 60,000 Hilton points — enough for a solid mid-tier city hotel or a contribution toward a peak-date capped luxury property. Back-to-back Hilton promotions mean on-stay earning is frequently doubled or better. The combination of accessible earning and cap-driven leverage at specific property types makes Hilton the programme most suited to UK readers wanting to hold hotel points in reserve for peak-date flexibility.

Marriott sits between them. Points are transferable from Amex MR at 1:1.5, earning is consistent at qualifying cash properties, and the fifth-night-free plus cap-driven luxury resort value make the programme most useful for members who travel to luxury resort properties and can target longer stays. The elevated status thresholds (Platinum at 50 nights) mean most UK leisure travellers will not unlock the full programme benefits unless Marriott is their primary chain.

IHG points are easy to earn proportionally — the programme has historically run aggressive promotions — but the limited upside in redemption value means the earning rate and the redemption value roughly cancel out. The effective return from IHG loyalty is more consistent but less exciting than the other Big Four programmes, which is an honest reflection of a programme that has traded towards simplicity and broad accessibility at the cost of high-leverage redemptions.

Why nominal point counts mislead

Headline points balances are not comparable across programmes without adjusting for per-point value. 100,000 Hilton points and 100,000 IHG points are not equivalent. At these valuations, 100,000 Hilton points are worth approximately £330, while 100,000 IHG points are worth approximately £400 — but the difference in what those balances can actually buy is more nuanced. 100,000 Hilton points can cover a peak-date capped Conrad or Waldorf Astoria stay where the cash rate is £500+, delivering far more than the 0.33p average valuation. 100,000 IHG points at a peak-date InterContinental may deliver exactly the 0.4p average — neither less nor more.

The same issue applies when comparing across programmes and evaluating the cost of building a balance. Amex MR points transferred to Hilton at 1:2 create points worth approximately 0.33p each, meaning each MR point effectively buys 0.66p of hotel value at Hilton’s average. The same MR point transferred to Marriott at 1:1.5 creates a Marriott point worth 0.5p, so each MR point buys 0.75p of hotel value at Marriott’s average. At IHG — not an Amex MR partner — there is no transfer route at all. At Radisson via Amex MR at 1:3, each MR point creates three Radisson points worth 0.45–0.66p in total — matching Hilton’s average only at best-case Radisson (paying 100% of a stay in points), and well below Marriott at better ones. The Radisson best case requires accumulating enough points to cover a full stay, which is a more constrained condition than it first appears.

The framework is always the same: value per point times points required equals cash equivalent. Apply this calculation before deciding whether to transfer, whether to redeem, and whether to keep accumulating or deploy now.