And in Europe we have to pay perhaps $800 for that first class ticket (in taxes), hotels are still completely free. You don't often see an airline running a promo for 50k points for 25 flights either (that you'd take anyway), ala the Marriott megabonus! The value propositions differ as its easier to earn 1 Marriott point than 1 airmile (typically), and so your 40k points are being used for a room that might retail at perhaps $300 - the rack rate is probably double that if it helps you with your value comparison (not that a hotel would typically sell many rooms at rack rate, the same as first class tickets for an airline )