That's also my methodology for cities where Priceline is prevalent: in the case of my 100k ALON at HWV in 2002, I know I could have had the room for $130/nt. because I saw people Priceline for that on about my dates. Add in the taxes, fees, etc. and you get about $900. I rounded it off at a grand with the upgrade and breakfast. (This was back when HWV treated Golds on ALONs very well. I understand that the upgrade/breakfast has been cut back somewhat.)

In the case of your $200/nt. GLON, would you have been able to secure a decent room anywhere in that neighborhood for less money? If not, then I'd say you hit a home run with the HHonors program and I certainly can't question that "value". In my experience, as a Gold/Silver, if the rates everywhere are that high, I probably can't get an award room to begin with - especially in the big European cities. (This brings us back to the value of doing all your stays at qualifying rates if you can reach Diamond - then, award rooms open up nicely at the premium locations.)

I have to admit I don't have a good methodology for valuing int'l awards for two reasons: (1) whenever I've tried to get award rooms in places like Paris and London, there is no availability, and (2) we generally prefer boutique hotels vs. the big American chains abroad anyway. So beyond an initial rate quote for the Hiltons (which usually yields absurd rates), we pursue other avenues.

I guess my point isn't to question how everyone does their valuation - it's just to not get carried away if there is an opportunity cost to getting the points (e.g., paying a higher-than-necessary qualifying rate, doing business with a more expensive-than-necessary partner to earn points/miles, etc.)

I'm even questioning my own decisions to participate in iDine for Miles - are 10 air miles that might get redeemed years down the road worth more than 20 cents that I can invest next month? Six months ago I would have said "Gimmie the miles!" Now I'm leaning towards switching to good old cash.