A FlyerTalk Posting Legend
Join Date: Jul 2002
Location: MCI
Programs: AA Gold 1MM, AS MVP, UA Silver, WN A-List, Marriott LT Titanium, HH Diamond
Posts: 52,575
HH points definitely aren't worth 1.25 cents each, but if you are at 99,000 points and need to order your ALON cert today, then this is a great deal.
I'd say at the absolute max HH points are worth about .7 or .8 cents each. That's being liberal and assuming that you are doing ALONs and GLONs. It might be tempting to value them for more if you do a GLONP at the Hilton Paris when the rack rate is $500/night. But if you can get a decent hotel room in central Paris for $125/night, I would find it difficult to value the points any higher than about three-fourths of a cent apiece.