I have also seen room rates rise (quite a bit depending on the week) in many large US cities as of late.
While I could see that as a justification to raise redemption levels by any hotel loyalty program, isn't the flip side of rising room rates that there is now more revenue to bring back perks that were cut during the recession due to lower room rates? (And by that, I mean reopening the lounges at FS properties on the weekends!)