The "reasonable" value depends upon many personal factors, including but not limited to whether you hold elite status with a hotel, what your alternatives are, and whether the stay is discretionary or necessary. There's a simple way to equalize all of this: consider what you'd *actually be willing to pay in cash* if you didn't have points to spend.

For example, spending 10K points from one program to obtain a room that you'd *have to* spend $200 for if you didn't have points (for a key conference you are attending, for example) is most certainly getting you 2 cents per point (CPP). However, 10K points getting you a room listed at $300 but for which you have alternatives, or perhaps don't even need at all (a discretionary trip) shouldn't necessarily be seen as a superior 3 CPP value. Instead, you should ask yourself, what would I *actually pay* for this trip, if it weren't for the points. Maybe you'd only be willing to shell out $100 for the second example, and if so, you should view it as a 1 CPP value. Going back to the first example where 10K points is saving you $200 you'd definitely be spending otherwise... what if one option gives you perks and a nicer room because of status you hold with that chain, while another option at the same price point does not? Again, think "how much *more* would I pay to include the perks?" and factor that in.

As you're dealing with Marriott, let me give you an example of how I deal with my points. As they don't expire, I tend to hold them fairly close to the vest, redeeming only when I can leverage multiple promotions that really give me a high value (according to the aforementioned logic - not just the "ask price" of the hotel). For example, I knew that I was *definitely* going to take a 7-night trip over spring break with my wife and kids this year. If I didn't have points to use, I'd be paying a hefty sum for a nice room at a beach hotel, as it's an important trip to us. I know that Marriott offers Travel Packages, whereby I can redeem 270,000 Marriott Rewards Points (MRPs) for 7 nights at a Category 5 hotel, plus get 120K airline miles to boot. There was a hotel I like offering rooms for $300/night during the week we need, but I'd only pay $150/night or so cash if I didn't have status. With my Platinum status and the lounge access, room upgrade, free internet, and other perks I know I'll get, I'd be willing to pay $250/night in cash. Therefore, I calculate 7x$250=$1,750 in value here. As Delta was offering a 50% point conversion bonus at the time, my 120K miles would actualy convert to 180K miles, and I saw that my Diamond status with Delta would enable me to snag five 25K awards (small market on RJs where upgrades didn't matter, especially as I'm travling with young kids), and still have 55K miles left over. I would have been willing to pay $400/each for those flights otherwsie (as that was the best price I could find otherwise, and we need to fly to get there), so that's anther 5x$400=$2,000 in value, plus the 2 CPM for my 55K (another $1,100) remainder miles, as this is my typical valuation for future use. All in, I calculate that I'm saving myself $4,850 that I would have spent otherwise on my family, had I not had the points to use. It took 270,000 MRPs to enable that, giving me an end value of 1.8 CPP. This is higher than most people value them, but as you can see from all the detail I gave, I'm also more skilled than most people in maximizing their use. Probably way more detail than you wanted, but I hope it helps you.