I can easily out earn the miles and points I can actually spend in a year. I started collecting hotel points recently because I amassed such a huge quantity of airline miles.

Rather than focus on the value/pt for hotel redemptions, I focus on spending $0 out of pocket, so I have no problem redeeming for low-mid tier hotels.

The other thing to consider is that most of the high value per points you see quoted are using a hotels list price. You can usually stay in an equivalently rated hotel for much cheaper through Priceline, so I consider these values to be generally inflated. Even if you don't want to consider Priceline, you can always get 17% off hotel list price through hotels.com, top cash back, and credit card cash back.